kscarbel2 Posted December 3, 2018 Share Posted December 3, 2018 NEW YORK, Dec. 3, 2018 /PRNewswire/ -- Cerberus Capital Management today announced a definitive agreement with Navistar International Corporation under which certain affiliates of Cerberus will acquire a 70% interest in Navistar's defense business, Navistar Defense, LLC. 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. Quote Link to comment Share on other sites More sharing options...
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