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Souter Investments exits bus manufacturer Alexander Dennis

Private equity firm Souter Investments Ltd. sold bus and coach manufacturer Alexander Dennis Ltd. to NFI Group Inc.

Financial terms of the deal were not disclosed.

NFI is a Canada-based bus manufacturer listed on the Toronto Stock Exchange.

Souter Investments was issued shares in NFI Group as part of the transaction and will retain an equity stake in both manufacturers.

Lazard was financial adviser for certain shareholders of Alexander Dennis; Deloitte and Roland Berger provided vendor due diligence services; and CMS, Dickson Minto and Pinsent Masons were legal advisers.