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Wabash National to sell non-core assets

Wabash National Corp and Jefferies Capital Partners, a private equity firm associated with Jefferies Group Inc, have announced a definitive agreement for the sale of substantially all of the assets of Wabash’s trailer leasing/rental and wholesale aftermarket parts distribution businesses to Aurora Trailer Holdings LLC.

The transaction is expected to close during third-quarter 2003 and is subject to lender approval, buyer financing, and Federal Trade Commission approval under the Hart-Scott-Rodino Act.

Lafayette IN-based Wabash expects total consideration from the sale of these assets and the retained assets to be about $65 million to $70 million, of which $55 million will be paid in cash upon closing. In connection with the transaction, Wabash and Aurora have entered into long-term arrangements for Aurora’s supplying parts to Wabash factory-owned branches and Wabash’s supplying Aurora new and used trailers and maintenance services.

Aurora is a company formed by Jefferies Capital Partners and former and current members of the business’ management teams. Derek Nagle, who most recently served as president of several Wabash businesses—including the two businesses being acquired—will serve as president and chief executive officer of Aurora.

TAGS: Vehicles
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