ADL sold to Canadian manufacturer
ADL will retain its own brand and Chief Executive Colin Robertson and Chief Financial Officer, Michael Stewart, will continue to lead ADL. They will also be tasked with driving NFI’s international growth ambitions.
The transaction creates an independent global bus and coach manufacturer with market leading positions in the UK, North America and Hong Kong plus a growing footprint elsewhere in Asia Pacific, Latin America and Europe. ADL’s products and track record of entering and growing new markets is expected to complement NFI’s product offering, diversify its business model and create a platform for international growth, accelerated technology development and innovation.
ADL and NFI have worked together previously in a joint venture in North America. The objective of the transaction is not to cut jobs or rationalise, but to focus on collaboration and best practice sharing. ADL is to continue pursuing its strategic plans.
NFI has over 6,300 team members, operating from facilities across Canada and the United States. Brands under the American company’s umbrella include: New Flyer (heavy-duty transit buses), ARBOC (low-floor cutaway and medium-duty buses), MCI (motor coaches) and NFI Parts (parts, support and service).
ADL’s primary shareholders, including Colin Robertson and Michael Stewart, retain an equity interest the business, having been issued shares in NFI Group Inc. as part of the transaction.
ADL Chief Executive, Colin Robertson, said: “We are incredibly proud of the growth and success we’ve had building Alexander Dennis over the past 15 years, and I’m excited to have the ADL team join NFI – one great bus company joining another. We believe our consolidated businesses will enhance NFI’s market leading position in North America, while improving NFI’s offering through combined engineering expertise, supplier partnerships, electric vehicle know-how and aftermarket platforms. I look forward to continuing our solid progress at ADL and also championing further international growth for NFI in coordination with Paul and his leadership team.”