Varnum Represents Spartan Motors in ER Segment Sale to REV Group
Charlotte, Michigan-based Spartan Motors, Inc., the North American leader in specialty vehicle manufacturing and assembly for the commercial and retail vehicle industries, announced the sale of its Emergency Response (ER) segment to Wisconsin-based REV Group, Inc. effective February 1, 2020. REV Group paid approximately $55 million in cash at closing, subject to a post-closing net working capital adjustment, and assumed certain liabilities of the ER segment.
The divestiture of the ER business marks an important step in Spartan’s business transformation by allowing it to further focus on accelerating growth in commercial, fleet, delivery and specialty vehicle markets.
Varnum represented Spartan Motors in the transaction, negotiating the purchase agreement and all other transaction documents, as well as advising Spartan Motors on numerous other transaction-related items, including transaction structure, post-closing transition plan and the transfer of multiple facilities located in four different states.
Varnum’s deal team was led by Kim Baber and Chris George. The team also included Ethan Beswick and Andy Newton (corporate), Stacey George (real estate), Matt Eugster and Justin Ooms (environmental), John Arendshorst (employee benefits), Mary Kay Shaver (finance) and Erin Klug (intellectual property).