Freightliner Sells American LaFrance To Investment Company

Posted on December 15, 2005

Freightliner LLC said it has reached an agreement to transfer ownership of its American LaFrance fire and emergency vehicles business unit to the New York-based investment firm Patriarch Partners, LLC. Financial terms were not disclosed.

American LaFrance is the nation’s fifth-largest producer of fire and emergency apparatus including chassis, aerials, ambulances, pumpers, rescues and tankers. In addition to the purchase of all operating assets, Patriarch will maintain American LaFrance's manufacturing facilities and corporate-owned dealer locations across the US. However, the company’s Ladson, S.C., corporate office building and assembly facility is not part of the sale. DaimlerChrysler recently announced it will be dedicating the 460,000 sq. ft. facility to assembly of the next generation Dodge Sprinter van in response to growing demand in the North American markets. American LaFrance will continue activities at Ladson until 2007.

Patriarch Partners is an investment fund based in New York and Charlotte, N.C., that provides portfolio management services to eight leveraged funds and a private equity fund, which funds own and manages a diverse portfolio of international companies and credit facilities with an aggregate asset value of approximately $5 billion,. It maintains equity ownership positions in more than 65 companies.