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Rev Group interviews investment banks for IPO - sources

| Sept 20

Sept 20 Rev Group Inc, a U.S. manufacturer of emergency and specialty vehicles, is interviewing investment banks for an initial public offering (IPO) that could value it at more than $1 billion, including debt, according to people familiar with the matter.

Rev Group's IPO, which the sources said could come as early as this year, would be the U.S. industrial sector's second IPO of the year, as receding market volatility and a buoyant stock market make such offers more feasible.

The Orlando, Florida-based company expects to report earnings before interest, tax and depreciation this year of well over $100 million, according to the sources. It has roughly $2 billion in annual sales, according to its website.

The sources asked not to be identified because the deliberations are confidential.

Rev Group and its private equity owner, American Industrial Partners, did not respond to requests for comment.

REV makes emergency and specialty vehicles that include ambulances, fire trucks and motor homes. It manufactures more than 20,000 vehicles for its 26 brands, which include Champion Bus and Federal Coach.

Rev, previously known as Allied Specialty Vehicles Inc, was formed when private equity firm American Industrial Partners combined four of its portfolio companies in 2010.

American Industrial has made a series of bolt-on acquisitions since its formation of Rev, including most recently Kovatch Mobile Equipment Corp, whose products include fire trucks and military vehicles.

This week is expected to be the most active for IPO issuance this year, with six deals due to price and total expected proceeds totaling $1 billion, according to market intelligence firm Ipreo.

Of the 63 IPOs that have priced this year, there has only been one other industrial IPO. TPI Composites Inc, whose products include electric buses and parts for military vehicles, raised $69 million in July. (Reporting by Greg Roumeliotis and Lauren Hirsch in New York, editing by G Crosse)

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