NFI Group

This article is about the parent company of several bus manufacturers. For the manufacturer and brand, see New Flyer.
NFI Group Inc.
Company typePublic
TSX: NFI
IndustryBus manufacturing
PredecessorNew Flyer Industries
FoundedJune 16, 2005; 19 years ago (2005-06-16)
HeadquartersWinnipeg, Canada
Area served
Worldwide
Key people
Paul Soubry (CEO)
ProductsMotorcoaches and transit buses
RevenueIncreaseUS$2,685 million[1] (2023)
IncreaseUS$−21.3 million[1] (2023)
IncreaseUS$−136.2 million[1] (2023)
OwnerMarcopolo (10.8%)
Number of employees
8,500[2]
Subsidiaries
Websitenfigroup.com
Footnotes / references
[3]

NFI Group Inc. is a Canadian multinational bus manufacturer, based in Winnipeg, Canada. The company employs 8,500 people[2] across 50 facilities in nine countries. NFI Group owns Alexander Dennis, ARBOC Specialty Vehicles, Motor Coach Industries, New Flyer, Plaxton, NFI Parts, and Carfair Composites. The company is listed on the Toronto Stock Exchange under the symbol NFI, and is a constituent of the S&P/TSX Composite Index.

History

NFI Group was created on June 16, 2005, as the holding company of New Flyer Industries so it could be publicly traded on the Toronto Stock Exchange.[4]

In October 2008, NFI Group. was named one of Canada's Top 100 Employers, which was announced in The Globe and Mail newspaper, and the company was featured in Maclean's newsmagazine. Later that month, New Flyer was also named one of Manitoba's Top Employers, which was announced by the Winnipeg Free Press newspaper.[5]

The company converted to a corporate structure from a trust-like structure in October 2011.

Brazilian bus manufacturer Marcopolo S.A. acquired a 19.99% stake of New Flyer on January 23, 2013, for $116 million, the maximum it could acquire without offering to buy out other shareholders.[6] Marcopolo would later reduce its stake in the company to 10.8% on September 22, 2016, although it remains the largest individual shareholder.[7]

Mergers and acquisitions

Since 2013, the NFI Group has completed several mergers and acquisitions that have expanded the company beyond its original focus on heavy-duty transit buses for the North American market and into on several other bus types and markets.

As competing manufacturer Daimler exited the North American market in 2013, New Flyer purchased the aftermarket parts business for its Orion brand of heavy-duty transit buses for US$29 million.[8] Under the agreement, New Flyer acquired the Orion parts inventory, the company's accounts, licence to use proprietary part designs and agreed to provide parts for customer warranty support.[9]

On June 21, 2013, New Flyer agreed to acquire competing heavy-duty transit bus manufacturer, North American Bus Industries (NABI) for US$80 million.[10][11] Upon completion of NABI's outstanding orders, New Flyer converted the former NABI factory in Anniston, Alabama into a fourth facility to produce the Xcelsior heavy-duty transit bus.[12]

On November 10, 2015, New Flyer agreed to acquire motorcoach manufacturer Motor Coach Industries from KPS Capital Partners for US$459 million,[13] with the deal closing on December 18, 2015.[14][15]

On December 1, 2017, NFI acquired Middlebury, Indiana-based small cutaway and medium duty bus manufacturer ARBOC Specialty Vehicles for US$95 million.[16]

On May 28, 2019, NFI Group purchased British bus and coach manufacturer Alexander Dennis, including its subsidiary Plaxton, for £320 million (US$438.36 million).[17]

Subsidiaries

The company owns several subsidiaries that produce various kinds of buses:

  • Alexander Dennis – Heavy-duty transit buses and double-deck transit buses
  • ARBOC Specialty Vehicles – Medium-duty transit buses and cutaway buses
  • Motor Coach Industries – Motorcoaches
  • New Flyer – Heavy-duty transit buses
  • Plaxton – Motorcoaches for the European market

The company also owns a few companies that produce parts for buses:

  • Alexander Dennis double-deck transit bus
    Alexander Dennis double-deck transit bus
  • ARBOC cutaway van chassis transit bus
    ARBOC cutaway van chassis transit bus
  • Motor Coach Industries motorcoach
    Motor Coach Industries motorcoach
  • New Flyer heavy-duty transit bus
    New Flyer heavy-duty transit bus
  • Plaxton motorcoach
    Plaxton motorcoach

References

  1. ^ a b c "2023 Q4 Financial Report". Retrieved November 27, 2024.
  2. ^ a b "NFI Group 2024 Annual Information Form".
  3. ^ "NFI Group Inc. Financials & Filings". TMX Money. Retrieved 2022-06-23.
  4. ^ "MRAS Business Registry Search". beta.canadasbusinessregistries.ca. Retrieved 2021-01-16.
  5. ^ Yerema, Richard; Leung, Kristina. "Top Employer: NFI Group Inc". reviews.canadastop100.com.
  6. ^ The Canadian Press (January 23, 2013). "Brazilian bus maker loads up stake in New Flyer Industries". The Globe and Mail. Retrieved 2017-07-13.
  7. ^ Markets, CIBC World (2016-09-22). "Marcopolo Sells a Portion of Its Shares of New Flyer and Confirms Ongoing Commercial Cooperation Initiatives". GlobeNewswire News Room (Press release). Retrieved 2020-01-28.
  8. ^ "New Flyer buys Orion parts business of Daimler Bus". The Globe and Mail. 2013-03-01. Retrieved 2013-04-22.
  9. ^ "New Flyer buys the Orion aftermarket parts business of Daimler Bus for US$29M". Global News. 1 March 2013. Retrieved 17 December 2020.
  10. ^ "New Flyer confirms the successful closing of North American Bus Industries, Inc. acquisition and related financial transactions" (PDF) (Press release). New Flyer Industries. June 21, 2013. Archived from the original (PDF) on January 24, 2014. Retrieved 2017-07-13.
  11. ^ "Welcome to New Flyer!". Archived from the original on 2013-06-26. Retrieved 2013-06-30.
  12. ^ Konrad, Tom (24 June 2013). "New Flyer Nabs NABI: Transit Bus Leader Advances". Forbes. Retrieved 17 December 2020.
  13. ^ "New Flyer buys Motor Coach Industries for $604M Cdn". CBC News. November 10, 2015. Retrieved 2017-07-13.
  14. ^ "New Flyer Industries Investor Presentation" (PDF). www.newflyer.com. January 14, 2016. Retrieved August 8, 2017.[dead link‍]
  15. ^ "KPS Capital Partners to Sell Motor Coach Industries for $480 Million". Paul Weiss. 10 November 2015. Retrieved 16 November 2020.
  16. ^ "New Flyer acquires ARBOC Specialty Vehicles". New Flyer Industries. December 1, 2017. Retrieved 2018-06-03.
  17. ^ "NFI Group Inc. Announces Acquisition of Alexander Dennis Limited". Business Insider. May 28, 2019. Archived from the original on December 6, 2021. Retrieved 2019-05-28.