NEW YORK, Dec. 3, 2018 /PRNewswire/ -- Cerberus Capital
Management, L.P. ("Cerberus") today announced a definitive
agreement with Navistar International Corporation (NYSE: NAV)
("Navistar") under which certain affiliates of Cerberus will
acquire a 70% interest in Navistar's defense business, Navistar
Defense, LLC ("Navistar Defense").
Headquartered in Lisle,
Illinois, Navistar Defense is a leading tactical wheeled
vehicle original equipment manufacturer serving military, law
enforcement, and government agencies worldwide. Navistar Defense
provides a complete portfolio of both tactical and commercial
off-the-shelf military vehicles, as well as custom-tailored
lifecycle support solutions to a global customer base. Since 2004,
Navistar Defense has delivered approximately 37,000 vehicles across
28 countries and has access to Navistar's global dealer network
across 90 countries.
"We are excited to partner with Navistar to build upon Navistar
Defense's leadership position in the defense vehicle industry and
support its large installed base," said Michael Sanford, Co-Head of Private Equity and
Senior Managing Director of Cerberus. "We look forward to
leveraging our financial and operational expertise to execute on
strategic initiatives focused on expanding the reach of its
industry-leading portfolio and support services."
"Today's announcement is a strategic milestone for Navistar
Defense as it provides the business with a well-established,
long-term partner that is focused on making crucial growth
investments in the business," said Persio
Lisboa, Chief Operating Officer, Navistar. "Navistar Defense
strategically complements Cerberus' existing portfolio and we look
forward to collaborating with, and supporting, the business as it
enters its next phase of synergistic growth."
The transaction is subject to customary closing conditions and
is expected to close in 2018.
Kirkland & Ellis LLP acted as legal counsel to Cerberus and
Navistar. Renaissance Strategic Advisors acted as strategic advisor
to Navistar on the transaction.
About Cerberus
Founded in 1992, Cerberus is a global leader in alternative
investing with over $35 billion in
assets across complementary credit, private equity, and real estate
strategies. We invest across the capital structure where our
integrated investment platforms and proprietary operating
capabilities create an edge to improve performance and drive
long-term value. Our tenured teams have experience working
collaboratively across asset classes, sectors, and geographies to
seek strong risk-adjusted returns for our investors. For more
information about our people and platforms, visit us at
www.cerberus.com.
About Navistar
Navistar International Corporation (NYSE: NAV) is a holding
company whose subsidiaries and affiliates produce International®
brand commercial and military trucks, proprietary diesel engines,
and IC Bus® brand school and commercial buses. An affiliate also
provides truck and diesel engine service parts. Another affiliate
offers financing services. Additional information is available at
www.Navistar.com.
Media Contact
Torrey Leroy
Cerberus Corporate Communications
(646) 885-3029
tleroy@cerberuscapital.com
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SOURCE Cerberus