Press Releases

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Federal Signal Executes Agreement to Acquire Truck Bodies and Equipment International

OAK BROOK, Illinois, May 8, 2017 — Federal Signal Corporation (NYSE:FSS) (“the Company”), a leader in environmental and safety solutions, today announced the signing of a definitive agreement to acquire Truck Bodies and Equipment International (“TBEI”), a leading U.S. manufacturer of dump truck bodies and trailers, for $270 million, subject to post-closing adjustments. This represents a multiple of 7.2x TBEI’s EBITDA for the twelve-month period ending March 31, 2017, before accounting for synergies.

The acquisition will enable the Company to strengthen its market position as a specialty vehicle manufacturer in maintenance and infrastructure markets. This transaction will also allow the Company to leverage its expertise in building chassis-based vehicles, significantly expand its exposure to higher growth industrial end-markets and balance the mix of revenues it generates from municipal and industrial markets. The transaction is expected to be immediately accretive to the Company’s margins and earnings per share (“EPS”), excluding transaction costs and before giving effect to anticipated synergies.

TRANSACTION HIGHLIGHTS

- TBEI is expected to be combined with the businesses within the Company’s Environmental Solutions Group (“ESG”) to create a single platform providing municipal and industrial customers with a complete suite of maintenance and infrastructure equipment and supporting solutions. This platform will expand the Company’s leadership position in these markets and will provide a springboard for future organic growth and M&A
- The transaction diversifies the Company’s current end markets through an expanded focus on infrastructure, construction, waste, rendering and other industrial end markets
- The Company expects the acquisition to be modestly accretive to EPS in 2017, increasing to an annual run rate of between $0.07-$0.12 per share and $0.12-$0.17 per share by the second and third anniversary of the acquisition, respectively
- The Company intends to apply its 80/20 principles to TBEI’s operations to further optimize an already strong business
- Annual run-rate synergies are anticipated to be between $3-4 million, phased in over three years. Supply chain, cross-selling products from both ESG and the Safety and Security Systems Group through the TBEI distribution channel, leveraging our existing parts and distribution business and sharing of manufacturing best practices will drive the synergies
- The Company intends to fund the acquisition through a combination of available cash and borrowings available under its existing credit agreement. Upon closing, the Company anticipates a debt to EBITDA ratio of approximately 2.7x
- With the healthy combined cash flow from its legacy businesses and TBEI, the Company expects a rapid reduction in debt levels

TBEI has successfully built a portfolio of strong brands, which currently occupy premier market share positions in their respective product categories, through a combination of an intense focus on operational excellence, a comprehensive distribution strategy, and continuous attention to its customers’ primary requirements for a high- quality product and short lead times.

During the twelve-month period ending March 31, 2017, TBEI generated revenues of $206 million and an EBITDA margin of approximately 18%. TBEI operates 5 manufacturing facilities throughout the U.S. and employs approximately 850 people.

“The TBEI business is a strong strategic fit with our ESG businesses and allows us to broaden our focus on maintenance and infrastructure markets. With its large industrial customer base, TBEI will accelerate the achievement of our long-standing objective of balancing the mix of revenue streams between municipal and industrial. This acquisition is consistent with our disciplined capital deployment strategy, which targets the acquisition of high performing businesses that grow and compound our cash flow,” said Jennifer L. Sherman, President and Chief Executive Officer. “TBEI is an outstanding company with clear leadership positions in its end markets, a strong financial profile and a management team that will thrive as part of Federal Signal. This acquisition also represents a significant step towards the attainment of our strategic goal of profitably growing our revenues to over $1 billion.”

TBEI’s President and Chief Executive Officer, Robert Fines, an executive with over 35 years of industry experience, including a variety of management positions within General Electric and Avery Dennison, will be joining Federal Signal’s management team.

“We are excited to join the Federal Signal family and add TBEI’s six established brands to Federal Signal’s portfolio of market-leading businesses,” said Mr. Fines. “There are many similarities between TBEI’s operations and those of Federal Signal and we are confident in our ability to cross-pollinate manufacturing practices, leverage our distribution networks and create a leading platform to serve the needs of our customers.”

Pending customary closing conditions and regulatory approvals, the transaction is expected to close within the next 90 days.

CONFERENCE CALL

Federal Signal will conduct a conference call to discuss the transaction at 10:00 a.m. Eastern Time today. The call may be accessed over the internet through Federal Signal’s website at federalsignal.com or by dialing phone number 1-800-231-9012 and entering the pin number 1170237. A replay will be available on Federal Signal’s website shortly after the call.

About Federal Signal
Federal Signal Corporation (NYSE: FSS) provides products and services to protect people and our planet. Founded in 1901, Federal Signal is a leading global designer, manufacturer and supplier of products and total solutions that serve municipal, governmental, industrial and commercial customers. Headquartered in Oak Brook, Ill., with manufacturing facilities worldwide, the Company operates two groups: Environmental Solutions and Safety and Security Systems. For more information on Federal Signal, visit: www.federalsignal.com.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995

This release contains various forward-looking statements as of the date hereof and we undertake no obligation to update these forward-looking statements regardless of new developments or otherwise. Statements in this

release that are not historical are forward-looking statements. Such statements are subject to various risks and uncertainties that could cause actual results to vary materially from those stated. Such risks and uncertainties include but are not limited to: economic conditions in various regions; product and price competition; supplier and raw material prices; risks associated with acquisitions such as integration of operations and achieving anticipated revenue and cost benefits; foreign currency exchange rate changes; interest rate changes; increased legal expenses and litigation results; legal and regulatory developments and other risks and uncertainties described in filings with the Securities and Exchange Commission.

TBEI executive Tina Albright elected to NTEA board of trustees

Tina AlbrightLake Crystal, Minn. (April 26, 2017) – Truck Bodies & Equipment International, Inc. (TBEI) is pleased to announce the election of Tina Albright, vice president of human relations, TBEI, to the NTEA board of trustees. Albright’s election to the board was announced at the President’s Breakfast and NTEA Annual Meeting held in conjunction with The Work Truck Show® 2017.

Established in 1964, the NTEA is the association for the Work Truck Industry and represents 1,900 companies that manufacture, distribute, install, sell and repair commercial trucks, truck bodies, truck equipment, trailers and accessories.

“I am proud to have served in the work truck industry for over 20 years, and I look forward to serving on the board of trustees on behalf of TBEI,” said Albright. “There is a great concern with the lack of millennials joining the skilled trade industry. We must find ways to partner with community colleges and high schools to address the needs of the work truck industry, and I hope that through my time on the board I can help lead the NTEA to tackle this workforce challenge.”

Albright joined TBEI in 1995 and worked for 10 years at Rugby Manufacturing in production management, sales/marketing and HR. In her current position, she is responsible for coordinating TBEI HR policies and programs, and managing the company’s health, safety and welfare plans. Albright has been instrumental in helping TBEI tackle the modern channels of employee management, from the changing health care standards to recruiting and developing the next generation of leaders.

“As a member for almost 50 years, TBEI is a proud supporter of the work the NTEA does for the industry,” said Bob Fines, president, TBEI. “Tina worked both in the plant and in sales before moving to her role as VP of human relations — this allows her to bring a unique perspective that covers the customer, the plant floor and the board room. She will be a great addition to the NTEA board of trustees.”

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About Truck Bodies and Equipment International
Truck Bodies and Equipment International (TBEI) is a leading national and international designer, manufacturer and installer of medium- and heavy-duty dump bodies, platforms, and related truck body accessories. TBEI brands include Crysteel®, Ox Bodies®, Rugby®, DuraClass®, J-Craft® and Travis®.

TBEI Acquires Travis Body & Trailer, Inc.

Travis Logo Flat RGB 1New York, NY, October 3, 2016 -- GenNx360 Capital Partners (“GenNx360”) is pleased to announce that its portfolio company, Truck Bodies & Equipment International Inc. ("TBEI"), has acquired Travis Body & Trailer Inc. (“Travis”) on September 30, 2016. Travis, based in Houston, Texas, is a manufacturer of aluminum end dumps, bottom dumps and transfer trailers to the construction, waste and recycling, rendering and agriculture end markets.  Terms of the transaction were not disclosed.

“This acquisition is consistent with our expansion into the dump trailer market, an expansion that began in 2013 when TBEI entered this market with a line of steel dump trailers designed, manufactured and marketed under the Ox Trailer brand. TBEI is excited to bring together two of the most trusted brands in the industry,” stated Bob Fines, President and Chief Executive Officer of TBEI.

“This acquisition further strengthens the GenNx360 truck body and trailer platform bringing expertise in aluminum dump trailers and dump bodies, expansion into the southwest, a strong and loyal dealer network and a leading position in the trailer market. Travis will be structured as a standalone division within TBEI which continues to focus on high levels of service, continuous improvement and a commitment to quality,” said Ron Blaylock, a Founder and Managing Partner of GenNx360.

About GenNx360 Capital Partners

GenNx360 Capital Partners is a private equity firm focused on investing in industrial manufacturing and business services companies in the middle market. It applies years of Fortune 50 operational and leadership experience to these investments to help drive growth and value creation. The firm primarily focuses on opportunities in the industrial machinery and components, industrial services, oil and gas, logistics and supply chain solutions, agricultural, specialty chemicals, and aerospace sectors. GenNx360 was founded in 2006 and is headquartered in New York City.  For more information about GenNx360, please visit: www.gennx360.com

About Truck Bodies & Equipment International Inc.

Truck Bodies & Equipment International Inc. is a Minnesota-based corporation that manufactures dump bodies, landscape bodies, grain bodies, platforms, hoists, and truck and trailer equipment and accessories. TBEI is an industry-leading company driven by a strong management team. It operates with six major brands with 800+ distributors and dealers, across North America. For more information about TBEI, please visit: www.tbei.com 

TBEI Lake Crystal Welcomes New General Manager

StephenHueser PRPhotoLake Crystal, MN (May 18, 2016) – Truck Bodies & Equipment International, Inc. (TBEI) is pleased to announce the hiring of Stephen (Steve) Hueser as the new General Manager of the TBEI Lake Crystal facility. As General Manager, Hueser will be in charge of all operations for the TBEI Lake Crystal facility, which produces the Crysteel®, J-Craft® and Ox SuperDump brands of products.

“Steve brings a new level of excitement to the TBEI Lake Crystal facility,” said Bob Fines, TBEI President & CEO. “Steve’s proven leadership abilities with companies such as Caterpillar and Terex make him a tremendous asset to our already outstanding management team at TBEI.”

Hueser comes to TBEI with over 26 years of leadership experience in production, engineering, sales and marketing, most recently as General Manager at ESCO in Portland, OR, where he managed operations at 4 global facilities. He began his career in the industry as Senior Systems Supervisor of Engineering Design and Analysis with Caterpillar, eventually becoming a Director / General Manager at Genie Industries / Terex in Washington; SANY America in Georgia; and Business Unit Leader at FW Murphy in Oklahoma. Hueser holds a BS from the University of Nebraska-Lincoln, and a MBA from the University of Washington.

“I am thrilled with the opportunity to join the TBEI team,” said Hueser. “The entire TBEI Lake Crystal team is top notch, and I look forward to working together to make the Lake Crystal facility even better every day.”

TBEI encompasses five leading manufacturers of dump truck bodies, hoists and truck & trailer equipment. TBEI brands include Crysteel®, Rugby®, DuraClass®, J-Craft® and Ox Bodies®.

For Media Inquiries, Contact:
Nikki Kyle, TBEI Marketing Manager at 507-726-4311

TBEI Lake Crystal Achieves ISO 9001:2015 Certification

TBEILakeCrystal FacilityPhotoLake Crystal, MN (May 2, 2016) – Truck Bodies & Equipment International, Inc. (TBEI) has announced that its Lake Crystal facility has achieved ISO 9001:2015 Certification. The recognition makes the TBEI Lake Crystal facility one of the only dump body manufacturers in the United States to achieve this level of Certification. The certification comes just three years after the facility was awarded the ISO 9001:2008 certification. The TBEI Lake Crystal facility manufactures the Crysteel®, J-Craft® and Ox SuperDump products.

“This is truly a significant accomplishment, magnified by the fact that the facility achieved ISO 9001:2008 certification only three years ago,” said Bob Fines, TBEI President & CEO. “To achieve this next level of certification is very impressive. Less than one percent of companies in the United States are ISO certified, and as one of the only dump body manufacturers in the country to obtain this level of certification, we are extremely proud of our Lake Crystal facility and pleased to continue providing our customers with the highest quality products.”

The International Organization for Standardization, or ISO, is an independent, non-governmental organization headquartered in Geneva, Switzerland. ISO has members in 161 countries around the world. The ISO 9001:2015 Certification is a quality management certification that ensures that all manufacturing systems are documented, trained to, followed, audited and repeatable.

TBEI encompasses five leading manufacturers of dump truck bodies, hoists and truck & trailer equipment. TBEI brands include Crysteel®, Rugby®, DuraClass®, J-Craft® and Ox Bodies®.

For Media Inquiries, Contact:
Nikki Kyle, TBEI Marketing Manager at 507-726-4311

NEW SR-4016 Truck Hoist from Rugby Manufacturing

Rugby SR 4016Hoist1Rugby, ND (March 2, 2016) — Rugby® Manufacturing, a leading manufacturer of truck hoists, is pleased to announce the release of the SR-4016 subframe scissor hoist for trucks. This innovative new hoist is up to 20 percent lighter than comparable hoists, providing greater fuel efficiency and payload capacity. It is available for a wide variety of work trucks with body lengths from 8- to 14-feet.

The new SR-4016 model was designed as an alternative to two popular Rugby subframe scissor hoists, the Rugby HR520 and the HR540. Dealers can now stock one hoist instead of two, reducing inventory requirements. The SR-4016 also delivers a greater lifting capacity than the HR520 and can be installed 10 to 15 percent faster.

“The SR-4016 was designed with both the installer and customer in mind,” said Jeff Duchscher, general manager of Rugby Manufacturing. “Rugby used our more than 47 years of experience in hoist engineering and extended life cycle testing to develop a hoist that would reduce installation time, reduce shop inventory, and still provide the quality and durability our customers demand. The SR-4016 does all of this, and weighs less than a traditional Rugby hoist.”

As with all Rugby hoists, each SR-4016 subframe scissor hoist is lifecycle tested at full-rated capacity (7.7 to 17 ton range). It is available with a single or double-acting electric pump or a direct-mount gear pump. Each SR-4016 comes standard with a new integrated body prop.

For more information about the new SR-4016 subframe scissor hoist, contact your local Rugby distributor, visit www.rugbymfg.com or call (701) 776-5722. Connect with Rugby Manufacturing on Facebook at www.facebook.com/RugbyMfg.

For Media Inquiries, Contact:
Nikki Kyle, TBEI Marketing Manager at 507-726-4311

NEW Aluminum Landscape Body Line from Crysteel Manufacturing

AluminumLandscapeLake Crystal, MN (March 2, 2016) — Crysteel® Manufacturing, one of the world’s leading dump body and hoist manufacturers, introduces the Aluminum Landscape line. The new Aluminum Landscape bodies combine the strength and convenience of Crysteel’s proven Landscape Tipper with the lightweight efficiency and durability provided by aluminum construction.

Crysteel’s Aluminum Landscape bodies offer up to 13 percent more payload capacity than comparable steel bodies. They also have lower maintenance costs and greater durability, since aluminum doesn’t require painting and won’t rust.

“Our new Aluminum Landscape line is a great choice for contractors in the landscaping, refuse/waste and recycling industries who need a reliable body to take on the toughest jobs,” says Joe Paulsen, general manager of Crysteel Manufacturing. “Crysteel Aluminum Landscape bodies are lightweight and corrosion resistant, so they haul more, use less fuel, last longer and cost less to maintain than other landscape bodies. And they look good, too.”

The Crysteel Aluminum Landscape line is available in 9-foot and 12-foot body lengths. Each comes standard with a two-piece barn door in the rear for easy loading and unloading and a 50-inch side door for accessibility. Options include a full cabshield, bolt-on pull-out ladder kit, pull tarp and plastic fenders.

To save customers time and money, Crysteel’s Lo-Boy® hoist (p/n LB510) is mounted to every Aluminum Landscape body at the factory. The standard Lo-Boy hoist includes a full-length subframe for added strength and a factory-installed body prop for added safety.

For more information about the new Aluminum Landscape line of bodies, contact your local Crysteel distributor, go online to www.crysteel.com or call (800) 533-0494. Connect with Crysteel on Facebook at www.facebook.com/CrysteelMfg.

For Media Inquiries, Contact:
Nikki Kyle, TBEI Marketing Manager at 507-726-4311

TBEI Welcomes New North Central Territory Manager

DouglasStreet loresLake Crystal, MN (April 22, 2016) – Truck Bodies & Equipment International, Inc. (TBEI) is pleased to welcome Douglas Street as the new North Central Territory Manager for the Crysteel®, DuraClass®, and Rugby® brands.

Douglas comes to TBEI with over 24 years of experience within the industry, starting as Commercial Truck Sales Rep for Central Truck of Wisconsin where his focus was on the heavy and medium duty market. As Sales Manager for Quality Truck Care Center in Fond du Lac and Director of Sales at Sioux City Truck Sales in Sioux City, he was responsible for all aspects of the sales department including customer service, prospecting, personnel, chassis ordering, determining the values of used trucks, and developing growth plans for the departments.

Most recently, Douglas served as the Chassis Pool Representative for Palfleet-Council Bluffs, where he managed the ordering of the Ford, Chevrolet, GMC, Dodge and Freightliner pool chassis for sales to OEM dealer groups. Douglas brings to TBEI his extensive knowledge of the heavy and medium duty truck markets.

“Douglas brings several things to this position that greatly impressed me,” said Henry Bell, VP of Sales and Marketing at TBEI. “He has an extensive knowledge of the class 8 truck market, a fiercely competitive nature and he has worked in our space with our kinds of customers throughout his career. I think his fresh perspective in this territory will be a significant change for TBEI and our valued distributors.”

As North Central Territory Manager, Douglas will cover the states of ND, SD, MN, WI and MI in the United States and SK and MB in Canada for Crysteel, DuraClass and Rugby. 

For more information: contact Nikki Kyle, TBEI Marketing Manager at 507-726-4311.

TBEI Welcomes New Central Territory Manager

JasonStansbury loresLake Crystal, MN (April 22, 2016) – Truck Bodies & Equipment International, Inc. (TBEI) is pleased to welcome Jason Stansbury as the new Central Territory Manager for the Crysteel®, DuraClass® and Rugby® brands.

Jason has extensive knowledge of and experience in the industry, starting as the Office Manager at the United Rentals location in Jefferson City, MO. He then moved to Knapheide as Logistics Manager, where he expanded his expertise by becoming the manager of multiple departments at 2 locations, including the Parts Department, Production / Installation Scheduling, Inventory and Transportation.

Most recently, Jason was the General Manager of the Palfleet-Council Bluffs location. As General Manager, Jason was responsible for leading the business and operations activities for the facility, including final assembly, finishing, and the wholesale / retail portion of the business. Jason holds a Bachelor of Science and a MBA from Columbia College.

“The addition of Jason to this territory is a significant boost for TBEI and our valued distributor partners,” said Henry Bell, VP of Sales and Marketing at TBEI. “Having served as a G.M., Jason has an appreciation for what it takes to be successful from the perspective of a P&L leader. I know this knowledge will serve to help Jason relate to the challenges our distributors face every day in their markets. We feel fortunate to have recruited someone of Jason’s background and experience and look forward to continued growth in his territory.”

As Central Territory Manager for TBEI, Jason will cover the states of NE, KS, IA, MO, IL and IN, for the Crysteel, DuraClass and Rugby brands. 

For more information: contact Nikki Kyle, TBEI Marketing Manager at 507-726-4311.

NEW TB-12 & TB-14 Trailer Hoists from Rugby Mfg

Rugby TB12 TB14 PressReleasePhoto 02 11 2016Rugby, ND (Feb 11, 2016) – Rugby® Manufacturing recently unveiled the all-new
TB-12 and TB-14 Trailer Hoists at the 2016 NATM Show in Las Vegas, Nev.

Rugby Manufacturing is an industry leader in the design and testing of trailer hoists – each Rugby hoist is engineered and tested for an extended lifecycle at full-rated capacity. The TB-12 and TB-14 scissor hoists are designed for 10- to 16-foot trailers with capacities ranging from 6.9 tons to 15.7 tons. Some of the benefits of the new TB-12 and TB-14 Trailer hoists include:

• Weight savings of almost 100 lbs
• New body prop incorporated into the hoist with no installation required
• 3-year warranty

Rugby Manufacturing is the leading designer and manufacturer of Class 3–7 dump bodies, landscape bodies, platforms, truck and trailer hoists and related truck equipment & accessories.Rugby Manufacturing is part of the Truck Bodies and Equipment International, Inc. (TBEI) family of companies. TBEI brands include Crysteel®, Rugby®, DuraClass®, J-Craft® and Ox Bodies®.