Cerberus Capital Managerment purchases 70 percent controlling stake in Navistar International Defense division

Dec. 5, 2018: New York-based private equity company Cerberus Capital Management has agreed to purchase a 70 percent controlling stake in Navistar International’s Defense business for an undisclosed sum. Michael Sanford, the co-director of Private Equity and the Senior Managing Director of Cerberus, said in a statement released on Monday, Dec. 3, 2018, that the company plans to leverage its operational and financial experience to build up Navistar Defense’s presence in the defense vehicle sector and services portfolio. Lisle, Ill.-based Navistar Defense produces tactical vehicles and offers lifecycle support services to military, government and law enforcement agencies worldwide and has delivered about 37,000 vehicles since 2004 through its dealer network in ninety countries. Both companies expect to close the transaction this year, 2018, subject to customary closing conditions.

Attribution: GovConWire

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