Groupe Autobus Girardin Acquires 7.88% Stake in Blue Bird Corp via Micro Bird Acquisition

On April 1, 2026, Groupe Autobus Girardin Ltee (GAG) and its principals, Steve, Dave, and Andre Girardin, acquired a significant stake in Blue Bird Corp (BLBD) following the closing of a Share Purchase Agreement. Under the agreement, Blue Bird acquired 100% of the equity of Micro Bird Targets for an aggregate purchase price of approximately $201.8 million. GAG received 30% of the consideration in cash and 70% through the issuance of 2,702,180 non-voting exchangeable shares of MB Exchangeco Inc., which are exchangeable one-to-one for Blue Bird common stock. This represents a 7.88% ownership stake. In connection with the acquisition, Steve Girardin was appointed to the Blue Bird Board of Directors as a Class III director. The exchangeable shares are subject to a multi-year contractual lock-up period, with the first 17.9% release scheduled for October 1, 2026, and final release in April 2029. GAG also entered into a Board Election Agreement and an Exchange and Support Agreement to ensure voting alignment and economic equivalence with common stockholders.