Motor Coach Industries International (MCI), a manufacturer of intercity highway coaches in North America and a unit of KPS Capital Partners, has entered into a strategic partnership with Daimler in North America.
As per the transaction, Daimler will receive a minority ownership position in MCI, while MCI will become the exclusive distributor of Setra motor coaches and aftermarket parts in the US and Canada.
The company has not disclosed the financial terms of the transaction.
The partnership will further strengthen MCI by adding the luxury Setra motor coach to its product portfolio.
Additionally, MCI will get access to Daimler's engineering and manufacturing capabilities and advanced technologies.
The deal will also see Setra and Daimler share MCI's sales, distribution and service infrastructure across the US and Canada.
KPS partner Jay Bernstein said," The investment by Daimler validates MCI's transformation under KPS' ownership and accelerates the company's growth trajectory."