Wabash Sells Aviation and Truck Equipment Business
Wabash National Corp., a producer of semi-trailers, truck bodies and liquid transportation systems, announced the immediate sale of its aviation and truck-equipment business to Garsite Progress.
Garsite Progress is an entity formed by AFI Partners, a New York-based private equity firm.
AVTE, based in Kansas City, Kan., was added to Wabash National’s diversified products group via the acquisition of Walker Group Holdings in 2012. AVTE includes the Progress Tank brand of truck-mounted tanks for fuels, oil and waste, as well as Garsite-branded aircraft refueling equipment.
Both businesses will continue operations under ownership of AFI Partners.
The sale reflects the company’s commitment to maintaining a portfolio of businesses that align with its growth strategy, Wabash CEO Brent Yeagy said in a statement.
“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,” Yeagy said.
AFI makes control and noncontrol investments in small- and middle-market companies undergoing change, according to the company. — Transport Topics
