LIMA — Accubuilt Inc. and its two brands, S&S Coach Co. and Superior Coaches, have been acquired by Kansas-based SPV Coach Co., which will perform business under the name Armbruster Stageway.
Accubuilt, located at 2550 Central Point Parkway, is a manufacturer of funeral vehicles, including coaches and limousines with Cadillac and Lincoln chassis. The company is one of the industry’s largest producers, completing more than 425 vehicles in 2016. Accubuilt operates out of an 180,000-square-foot facility in Lima, and employs more than 90 people. Employees have been notified that operations will continue after the acquisition, according to a statement from the company.
Armbruster Stageway, of Kansas City, Kansas, has been in the funeral car industry for more than 100 years, and has the distinction of building the first combustion-engine limousine. With the acquisition, it is believed that Armbruster Stageway now controls more than 50 percent of the funeral vehicle market.
“I am pleased we were able to acquire Accubuilt and its two iconic brands, S&S and Superior,” said Sean Myers, president of Armbruster Stageway. “We look forward to working with the employees in Lima to continue manufacturing premier vehicles and serve the customer base they have successfully built over the years. We believe our collective team is the best in the industry and we are excited to carry on the long, rich history of the Accubuilt brands.”
Rob Hubbard, chairman of the board and chief restructuring officer for Accubuilt, described the acquisition as a “great fit for all.”
“Sean’s vision and Accubuilt’s manufacturing capabilities make the combined company the benchmark for all other industry players,” Hubbard said. “Armbruster is getting a tremendous operation with great people, and I know they will have continued success with it.”
In November, Accubuilt retained Equity Partners HG as the exclusive broker for the company. Under Hubbard’s leadership, the company completed a three-year restructuring process to review operational practices and institute cost-saving measures to the manufacturing process. Seeing significant improvement from those efforts, ownership felt it was the appropriate time to pursue a sale of the company.
“Our task was to maximize value and find the right buyer for Accubuilt,” said Matt LoCascio, managing director for Equity Partners HG. “As we explored the market and considered the options available, it was clear Armbruster Stageway presented the best fit for the long term success of Accubuilt, its employees, customers, and vendors. We are very pleased with the outcome.”
Reach John Bush at 567-242-0456 or on Twitter @Bush_Lima.