New Flyer Industries, Ltd.
  • Business

    New Flyer Industries, Ltd. (“New Flyer”) was a leading manufacturer of heavy-duty transit buses in the United States and Canada. New Flyer held the number one market share position in both the United States and Canada based on installed buses and annual deliveries.

  • Harvest Partners Investment

    In February 2004, Harvest purchased New Flyer with the existing management team. To fund the acquisition Harvest arranged the debt financing, which included a senior credit facility and a mezzanine note. In addition, Harvest arranged equity co-investment capital for the transaction. Harvest completed an IPO of New Flyer on the Toronto Stock Exchange in August 2005 and realized investment proceeds through dividends received after the IPO and the sale of shares on the open market.

  • Investment Thesis

    • Market leader
    • Attractive business model and significant free cash flow generation
    • Replacement-driven industry with favorable product trends