Spartan Motors Inc. sold its Road Rescue ambulance business for $8 million to a subsidiary of Allied Specialty Vehicles (ASV), which owns a number of ambulance brands, as well as fire apparatus manufacturer E-ONE.
Spartan said ASV received substantially all of Road Rescue’s assets, including the trade names and intellectual property. The transaction was effective Sept. 20.
John Sztykiel, Spartan’s president and CEO, said: “We are pleased to come to an agreement to sell the assets of Road Rescue to a company dedicated to the ambulance business. We can now look forward to what the future holds for Spartan Motors as we focus on emergency response and leverage the strengths of our two great brands, Crimson Fire and Spartan Chassis.”
ASV, which has annual revenues of about $1 billion, was created in August by American Industrial Partners Capital Fund IV, L.P. (AIP), a private equity firm. ASV was formed through the combination of four existing portfolio companies of AIP – E-ONE Inc., Collins Industries Inc., Halcore Group Inc., and Fleetwood RV Inc.
ASV offers a full line of ambulances under the Horton, Wheeled Coach, American Emergency Vehicles and Leader Emergency Vehicles brand names.