Federal Signal Corp. (NYSE:FSS) has agreed to acquire Truck Bodies and Equipment International (TBEI), a manufacturer of dump truck trailers, from private equity firm GenNx360 Capital Partners for $270 million. The deal follows the target’s add-on acquisition of Travis Body & Trailer Inc. to expand in the southwest U.S.
TBEI makes aluminum truck bodies and equipment using a variety of brands, including: Crysteel, Ox Bodies, Rugby, DuraClass, J-Craft and Travis Body and Trailer. The Minnesota-based target was acquired by GenNX360 in September 2015. Federal Signal’s acquisition of TBEI is expected to accelerate the company’s mix of revenue streams between municipal and industrial clients. Harris Williams & Co. is serving as adviser to TBEI.