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The Morning Leverage: KPS Takes Motor Coach Industries to the Exit Ramp

by blogs.wsj.com posted 4years ago 1092 views
From this morning&rsquo;s LBO Wire:&nbsp;KPS Capital Partners has found the exit route for its investment in Motor Coach Industries International Inc.&nbsp;<a href="http://pevc.dowjones.com/Article?an=DJFLBO0120151110ebbaqhjoi&amp;cid=&amp;ctype=&amp;from=Search?mod=WSJBlogs">The New York firm has agreed to sell the bus maker to&nbsp;</a><a href="http://www.wsj.com/public/quotes/main.html?type=djn&amp;symbol=NFI.T">New Flyer Industries</a>&nbsp;Inc.<a href="http://blogs.wsj.com/public/quotes/main.html?type=djn&amp;symbol=NFI.T?mod=inlineTicker" target="">NFI.T&nbsp;+4.98%</a>&nbsp;for $480 million, our new staffer Braden Kelner reports. KPS has owned the company since 2010, when it had a $12 million loss before interest, taxes, depreciation and amortization, a person familiar with the matter told LBO Wire. Five years later, and the company has annual Ebitda of about $75 million, a return of roughly three times KPS&rsquo;s invested capital, the person added.

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