REV Group, who earlier this year set plans to exit the bus manufacturing business, intends to use the net proceeds from the sale to pay down outstanding borrowings under the company’s ABL credit facility.
REV Group, Inc. has finalized the sale of ElDorado National (California), Inc. (ENC) to Rivaz, Inc. for a purchase price of approximately $52 million. REV Group, who earlier this year set plans to exit the bus manufacturing business, intends to use the net proceeds from the sale to pay down outstanding borrowings under the company’s ABL credit facility.
“ENC has a long history with five decades in the mass transit industry, so we are delighted the brand is set to continue under Rivaz. I want to thank our customers, as well as ENC employees and dealers, for their support during this period of transition,” said Mark Skonieczny, president and CEO, REV Group.
