Transaction of non-core asset provides increased financial flexibility
Progress Tank and Garsite businesses will continue operations under AFI Partners as Garsite Progress, LLC
LAFAYETTE, Ind. - Wabash National Corporation (NYSE: WNC), a diversified industrial manufacturer and a leading producer of semi-trailers, truck bodies and liquid transportation systems, today announced it is selling its Aviation and Truck Equipment (AVTE) business to Garsite Progress, LLC, an entity formed by AFI Partners, a New York-based private equity firm, with the transaction effective today.
AVTE, based in Kansas City, Kansas, was added to Wabash National’s Diversified Products Group portfolio via the acquisition of Walker Group Holdings in 2012. AVTE includes the Progress Tank brand of truck-mounted tanks for fuels, oil and waste, as well as Garsite branded aircraft refueling equipment. Both businesses will continue operations under ownership of AFI Partners.
“Today’s announcement reflects our ongoing commitment to assuring we maintain a portfolio of businesses that align with our growth strategy,” said Brent Yeagy, president and chief executive officer. “After an extensive evaluation of our AVTE business, the divestiture will create value for investors by streamlining our portfolio and giving us increased financial flexibility to strengthen our balance sheet, return capital to shareholders and pursue future strategic M&A.”
