Blue Bird Corporation entered into a Share Purchase Agreement dated February 15, 2026, to acquire the remaining 50% interest in the Micro Bird joint venture from Girardin Group sellers for $198.2 million (30% cash, 70% exchangeable shares), resulting in 100% ownership of Micro Bird's Type A bus business. The transaction includes a $16.5 million Plattsburgh, NY facility purchase and is expected to close in H1 2026, subject to regulatory approvals.
Key takeaways
Share Purchase Agreement dated February 15, 2026, for 100% equity securities of Girardin Minibus JV Inc. (Québec) and Girardin Minibus JV 2 USA Inc. (Delaware)
Aggregate purchase price of $198,237,010 subject to closing adjustments; 30% cash ($59.5M), 70% stock consideration (2,702,180 MB ExchangeCo exchangeable shares valued at $138.8M)
Post-closing, Blue Bird owns 100% of Micro Bird Holdings Inc. (Canada) and Micro Bird USA Holding LLC
Concurrent $16.5M acquisition of Plattsburgh, NY manufacturing facility from Girardin Group
Sellers subject to 5-year non-compete on bus manufacturing; Steve Girardin joins Blue Bird Board as Class III director until 2029 annual meeting
Closing expected later of March 30, 2026 or 3 business days after conditions met, including HSR clearance