Holden-based Ferrara Fire Apparatus has been sold to a Wisconsin specialty vehicle manufacturer for undisclosed amount.
The REV Group, a $2 billion manufacturer of ambulances, buses, terminal trucks and other emergency vehicles, closed on the acquisition April 25.
In a statement, the REV Group says it refinanced its debt facilities to include a new $350 million asset-based lending revolving credit facility and a $75 million 5-year term loan. Both were reported in REV’s recent SEC filings.
“We are extremely pleased to have Ferrara Fire Apparatus join our team at REV,” REV Group CEO Tim Sullivan said in a statement. “Ferrara further strengthens our brand offering of fire apparatus vehicles and market presence, adding a diverse product portfolio that is complementary to our line of great American-made specialty vehicles.”
The acquisition of Ferrara adds to REV Fire Group’s national footprint, dealer sales network, service and aftermarket parts revenue, REV says in a news release, adding that Ferrara had a more robust line of custom chassis and aerial products for multiple market segments.
“The Ferrara brand has a long history of product innovation built around a commitment to heavy duty vehicle construction,” REV Fire Group President Dan Peters said in a separate statement. “The addition of Ferrara to the REV Fire Group enables a number of new growth opportunities including expansion of our reach nationwide and adding new geographical regions and key accounts. We look forward to building upon the success of the Ferrara brand with an emphasis on driving new product innovation and exceeding customers’ expectations.”
At the time of the acquisition, Ferrara had 450 employees and annual revenue of $140 million, according to the investment bank that handled the deal. For nearly four decades, the Livingston Parish company grew under the direction of its namesake, Chris Ferrara, who founded it in the early 1980s with $1,800. By 2013, Ferrara Fire Apparatus was one of the top five fire truck manufacturers in the nation, delivering the apparatus worldwide.
The company landed contract to build fire trucks for the New York City Fire Department as well as the city of Newark, New Jersey, among others. The company also produced the world’s highest pumping capacity fire engine, a Guinness World Record titleholder.
In an April 25 statement posted to Ferrara’s website, Chris Ferrara said after 36 years it was time for him to step back from the company. He will remain involved in the business in an advisory role.
“Rest assured, Ferrara will still be the same company and continue to make the same reliable, heavy-duty Ferrara products,” Ferrara said. “I believe this is a great step for the company and will provide for more resources, funds and a larger customer base to move the business forward in a positive direction.”
Long-time employee Bert McCutcheon took on Ferrara’s role in the company.
