KPS Capital Partners has agreed to sell Motor Coach Industries International (MCI) to New Flyer Industries (TSX: NFI) for a cash consideration of $455 million. The price represents an implied purchase multiple of about 6x the estimated 2015 adjusted EBITDA of the company. MCI, backed by KPS since 2010, manufactures intercity coaches for the tour, charter, line-haul, commuter and transit markets. The New Flyer transaction is expected to close by the end of 2015. The Bank of Nova Scotia and BMO Capital Markets provided a fully committed underwriting for the acquisition financing and are serving as co-lead arrangers and joint book runners on the new senior credit facilities.