US-based OEM, Wabash National, is selling its Aviation and Truck Equipment (AVTE) business to Garsite Progress – an entity formed by private equity firm, AFI Partners.
AVTE, based in Kansas City, Kansas, was added to Wabash National’s Diversified Products Group portfolio via the acquisition of Walker Group Holdings in 2012. AVTE includes the Progress Tank brand of truck-mounted tanks for fuels, oil and waste, as well as Garsite branded aircraft refueling equipment. Both businesses will continue operations under ownership of AFI Partners.
“Today’s announcement [22 January] reflects our ongoing commitment to assuring we maintain a portfolio of businesses that align with our growth strategy,” Wabash National President and CEO, Brent Yeagy.
“After an extensive evaluation of our AVTE business, the divestiture will create value for investors by streamlining our portfolio and giving us increased financial flexibility to strengthen our balance sheet, return capital to shareholders and pursue future strategic M&A,” he said.