Allied Specialty Vehicles Inc. (ASV), a portfolio company of American Industrial Partners (AIP), today (Sept. 21) announced that it has purchased ambulance manufacturer Road Rescue from Spartan Motors Inc. in an asset transaction for $8 million. Road Rescue is a manufacturer of premium Type I and Type III ambulances.
AIP is parent company of Fleetwood RV Inc.
“We’re excited to add the Road Rescue brand to our portfolio of ambulance companies. For many years, Road Rescue has been regarded as one of the leading high-end builders of modular ambulances, and under ASV, we anticipate further enhancing that reputation,” Randall Swift, president and CEO of Winter Park, Fla.-based ASV, stated in a news release.
ASV, with revenue of approximately $1 billion, is a market leader in three industry segments: Fire & Emergency, Recreational Vehicles, and Bus & Industrial. The company was formed on August 25, 2010, through the combination of four existing portfolio companies of AIP: E-ONE Inc., Collins Industries Inc., and Halcore Group Inc.; with Fleetwood RV Inc. to be combined in the fourth quarter of this year.
American Industrial Partners is an operationally focused middle market private equity firm comprised primarily of multidisciplined engineers and experienced operators which makes control investments in North-American based industrial businesses and implements strategies to grow the earnings of those businesses. AIP has managed three prior funds which totaled over $1 billion and is currently investing its fourth fund, $405.5 million American Industrial Partners Capital Fund IV LP.