Alexander Dennis bus company bought by NFI Group Inc

Business / Thu 30th May 2019 am31 08:40am

A COACH and bus operator with a base in Harlow has been acquired for £320m by a company listed on the Toronto Stock Exchange reports Insider Media.

Alexander Dennis Ltd (ADL) has been acquired by NFI Group Inc (NFI).

ADL has more than 31,000 vehicles in service in the UK, Europe, Hong Kong, Singapore, New Zealand, Mexico, Canada and the US, sold under the Alexander Dennis and Plaxton brands.

In 2018, the company generated consolidated revenue of £631m, with 2,533 buses supplied to customers.

NFI employs more than 6,300 people across Canada and the United States.

Colin Robertson, chief executive of ADL, has been appointed to lead NFI’s international operations from Scotland. He said: “This is an exciting day for our company and people. We can be proud of the transformation of our company from a traditional UK bus builder to a global leader with annual revenue in 2018 exceeding £630m.

“We look forward to becoming an important part of NFI while retaining our identity. This partnership is a complementary fit for both parties, allowing sharing of best practice and technology development, to form one of the largest independent bus and coach manufacturers in the world.”

NFI president and chief executive Paul Soubry added: “ADL is the UK’s number one bus manufacturer and the number one global producer of double-deck buses, with an established international presence and is recognised as a leader known for innovative products and a commitment to quality and service.

“We’re thrilled to have ADL join the NFI family and to be investing in such a great engineering and manufacturing success story, and a company we already know so well. ADL is an outstanding company with a strong track record and we look forward to working with the whole team to build more success on those solid foundations.”

ADL’s primary shareholders, including Colin Robertson and Michael Stewart, have retained an equity interest the business, having been issued shares in NFI Group as part of the transaction.

The group has its head office in Larbert, Scotland as well as UK sites in Falkirk, Guildford, Scarborough, Sheffield, Skelmersdale and Harlow.

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