Blue Bird, Hennessy combine businesses

Houston Investment firm Hennessy Capital Acquisition Corp. completed its previously announced acquisition of Blue Bird, which makes and sells propane-powered school buses. As part of the transaction, Hennessy changed its name to Blue Bird Corp.

The deal is reportedly worth about $500 million and makes Blue Bird a publicly traded company. This deal also makes Blue Bird the first independent school bus company to go public, the company reports.

With the acquisition, Blue Bird will have a new board of directors that will bring in six members of the company’s existing board. Phil Horlock, Blue Bird’s president and CEO, will also continue to serve in those roles and will hold a seat on the new board of directors.