Lafayette-based Wabash National Corp. (NYSE: WNC) has divested of its Aviation and Truck Equipment business. Financial terms of the sale to Kansas-based Garsite Progress LLC were not disclosed.
AVTE is based in Kansas City, Kansas and was added to Wabash National’s Diversified Products Group portfolio in 2012 following an acquisition. Garsite Progress is an entity recently formed by New York-based private equity firm AFI Partners.
AVTE includes the Progress Tank brand of truck-mounted tanks for fuels, oils and waste, as well as Garsite branded aircraft refueling equipment. Wabash National says both businesses will continue under the ownership of AFI Partners.
"Today’s announcement reflects our ongoing commitment to assuring we maintain a portfolio of businesses that align with our growth strategy," said Brent Yeagy, chief executive officer of Wabash National. "After an extensive evaluation of our AVTE business, the divestiture will create value for investors by streamlining our portfolio and giving us increased financial flexibility to strengthen our balance sheet, return capital to shareholders and pursue future strategic M&A."
Wabash National did not state whether any jobs would be affected by the sale.