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Federal Signal to make facility drawdown to fund $270 million buyout
By Susanna Moon
Chicago, May 8 – Federal Signal Corp. plans to draw under its credit agreement to fund its planned acquisition of Truck Bodies and Equipment International.
Federal Signal signed a definitive agreement to acquire Truck Bodies for $270 million, which represents a multiple of 7.2 times Truck Bodies' EBITDA for the 12 months ended March 31, before accounting for synergies, according to a company press release.
The deal also will be funded using available cash and is expected to close within the next 90 days.
After the deal closes, the company expects a debt-to-EBITDA ratio of about 2.7x.
Federal Signal is an Oak Brook, Ill.-based provider of environmental and safety solutions.
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