BLBD · Blue Bird Corporation

Blue Bird Corporation has successfully completed the acquisition of the remaining 50% stake in its Micro Bird joint venture from the Girardin Group, consolidating full ownership of the enterprise. The transaction, valued at approximately $201.8 million, strategically integrates Micro Bird's Type A school and commercial bus operations under Blue Bird's sole leadership. The deal structure involved a mix of cash (approximately 30%) and equity (approximately 70%), with the equity portion issued as Exchangeable Shares to optimize tax outcomes for the Canadian sellers. These shares are subject to a contractual lock-up with a staggered release schedule extending to April 2029, aligning seller interests with long-term shareholder value. To accommodate the equity structure, Blue Bird created a Special Voting Preferred Stock, ensuring Exchangeable Share holders receive voting rights equivalent to common stockholders. Concurrent with the closing, Steve Girardin joined the Board of Directors as a Class III Director, reinforcing governance ties with the former partner. This acquisition enhances Blue Bird's market position by expanding its addressable market to include Buy America-compliant shuttle buses and broadening its product portfolio across diesel, gasoline, propane, and electric powertrains.