Blue Bird school bus maker to be sold

Blue Bird Corp., the Fort Valley-based school bus maker, will be acquired by the Houston investment firm Hennessy Capital Acquisition Corp. in a deal valued at nearly $500 million.

Hennessy said it is acquiring Blue Bird from Traxis Group for $255 million in cash and shares of Hennessy stock, and the assumption of $235 million in Blue Bird debt.

The deal also will make Blue Bird, which employs more than 1,500 workers, a publicly traded company.