KPS sold New Flyer Industries, Ltd. To Harvest Partners Fund IV, L.P. in February 2004. KPS returned more than 7.5x its invested capital in New Flyer to its Investors in connection with the sale transaction.

New Flyer Industries, Ltd. ("New Flyer") is the market-share leader in transit bus manufacturing in North America, serving most major municipalities and transit agencies. New Flyer designs and manufactures transit buses and provides parts and aftermarket sales and services for the North American market.

In March 2002, KPS completed a change-of-control transaction and recapitalization of New Flyer as part of a multi-stakeholder restructuring of the Company. The KPS sponsored out-of-court restructuring of New Flyer resulted in KPS’s ownership of a significant majority of New Flyer's common equity. The balance of New Flyer's common equity was owned by the Company's founder and former sole owner along with senior management.

The investment was successful because of contributions by numerous important stakeholders, including the Province of Manitoba through its Manitoba Development Corporation; New Flyer's key suppliers, customers and lenders; all of its employees and the leadership of its two unions - the Canadian Auto Workers Union (CAW) in Winnipeg and the Communications Workers of America (CWA) in Crookston; as well as the federal government of Canada through its Western Economic Development Fund.

www.newflyer.com


NEWS ARTICLES:

March 2, 2004
KPS Special Situations Fund, L.P. Completes Sale of New Flyer to Harvest Partners

January 12, 2004
Alternative Universe
"Bus Manufacturer Sale Arrives Right on Time"

January 5, 2004
BUYOUTS (published by Venture Economics)
"KPS Drops Off Bus Co."

December 17, 2003
THE DAILY DEAL
"Harvest opts to take the (New Flyer) bus"

March 18, 2002
KPS Special Situations Fund, L.P. Makes A Controlling Investment In Transit Bus Manufacturer, New Flyer Industries, Ltd.


© Copyright 2017, KPS Capital Partners, LP.  485 Lexington Avenue, 31st Floor, New York, NY 10017  |  www.kpsfund.com  |  Contact Us

The information set forth in the materials on this site does not purport to be a complete summary of KPS or its investments. No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions contained in such materials. No reliance may be placed for any purpose on the information and opinions contained in such materials or their accuracy or completeness and nothing in such materials may be relied upon in making any investment decision. Certain information on or linked to from this site is furnished by or is derived from materials furnished by outside sources. KPS does not assume responsibility for independent verification of such information and has relied on such information being complete and accurate in all material respects. Any information presented by outside sources represents the understandings and opinions of such outside sources, which may differ from those of KPS.  Any performance information included in any document on or linked to from this site is presented for illustrative purposes only and is not indicative of the future returns of any of the funds managed by KPS and there can be no assurance that such funds will achieve comparable results, be able to avoid losses or be able to implement their investment strategies.