M&A Deal Summary

Daimler Acquires Thomas Built Buses

On October 7, 1998, Daimler acquired manufacturer Thomas Built Buses from Berkshire Partners

Acquisition Highlights
  • This is Daimler’s 1st transaction in the Manufacturing sector.
  • This is Daimler’s 2nd transaction in the United States.
  • This is Daimler’s 1st transaction in North Carolina.

M&A Deal Summary
Date 1998-10-07
Target Thomas Built Buses
Sector Manufacturing
Buyer(s) Daimler
Sellers(s) Berkshire Partners
Deal Type Add-on Acquisition

Target

Thomas Built Buses

High Point, North Carolina, United States
Thomas Built Buses, Inc. manufactures buses for school and day care transportation, and commercial applications.

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Buyer(S) 1

Buyer

Daimler

Stuttgart, Germany
Category Company
Founded 1886
Sector Automotive
Employees289,643
Revenue 50.9B EUR (2022)
DESCRIPTION

Daimler with its businesses Mercedes-Benz Cars, Daimler Trucks, Daimler Financial Services, Mercedes-Benz Vans and Daimler Buses, is a global producer of passenger cars and heavy-and medium-duty trucks and buses. Daimler was founded in 1886 and is based in Stuttgart, Germany.

DEAL STATS #
Overall 2 of 8
Sector (Manufacturing) 1 of 1
Type (Add-on Acquisition) 1 of 3
State (North Carolina) 1 of 1
Country (United States) 2 of 4
Year (1998) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1998-05-07 Chrysler Group

Auburn Hills, Michigan, United States

Chrysler Group LLC is an American automobile manufacturer headquartered in Auburn Hills, Michigan. It is a wholly owned subsidiary of the Italian multinational Fiat S.p.A.

Buy $36.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-11-21 MTU Aero Engines

Munich, Germany

MTU Aero Engines is a manufacturer and maintenance services for civil and military aero engines and industrial gas turbines. MTU Aero Engines was founded in 1913 and is based in Munich, Germany.

Sell €1.5B

Seller(S) 1

SELLER

Berkshire Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1984
PE ASSETS 16.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Berkshire Partners is a private equity firm focused on investing in businesses with strong management and that lead their respective markets. Berkshire will consider investments in both public and private companies. Prospective transactions for private companies include leveraged buyouts, recapitalizations, growth capital financings, and privatizations. Public company transactions include take-privates, PIPEs, and equity stakes. Berkshire generally looks to invest $150 to $500 million of equity capital per transaction in companies valued up to $2 billion. Sectors of interest include industrial manufacturing, consumer products, retailing, transportation, communications and business services. Berkshire Partners was formed in 1984 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 6 of 61
Sector (Manufacturing) 1 of 3
Type (Add-on Acquisition) 2 of 20
State (North Carolina) 1 of 2
Country (United States) 6 of 52
Year (1998) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1998-07-31 Sterling Collision Centers

Tustin, California, United States

Sterling Collision Centers, Inc. is a multi-state auto collision repair company established to re-engineer the repair process from supply chain management to the insurer interface. Sterling operates 62 collision-repair facilities in 16 states and has 1,200 employees.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1998-10-08 Miami Cruiselines

Florida, United States

Operator of duty free stores and provider of media programs to the cruise line industry.

Buy -
Mergr

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