1. Name of Reporting Person.
Spitfire Capital LLC
I.R.S. Identification Nos. of above persons (entities only).
51-0629606
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b)
3. SEC Use Only
4. Source of Funds (See Instructions) WC/OO
5. Check if Disclosure of Legal Proceeding Is Required Pursuant to Items
2(d) or 2(e)
6. Citizenship or Place of Organization Delaware, USA
7. Sole Voting Power 1,523,601*
8. Shared Voting Power 0
9. Sole Dispositive Power 1,523,601*
10. Shared Dispositive Power 0
11. Aggregate Amount Beneficially Owned by Each Reporting Person 1,523,601*
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
13. Percent of Class Represented by Amount in Row (11) 7.3%*+
14. Type of Reporting Person (See Instructions)
IA
* As of July 25, 2016, The Spitfire Fund L.P. (“Spitfire”), The Spitfire
Qualified Fund L.P. (“Spitfire QF”), Saunwin Domestic Equities Fund LLC
(“Saunwin”) and ABA Stocks LLC (“ABA Stocks”) owned in the aggregate 1,523,601
shares of Common Stock of the Issuer (“Shares”). Spitfire Capital LLC
(“Spitfire Capital”) is the investment manager of Spitfire and Spitfire QF as
well as the investment manager of separate investment accounts maintained by
each of Saunwin and ABA Stocks in which such entities’ respective Shares
referred to above are held. As a result of the foregoing, Spitfire Capital
possesses the power to vote and dispose or direct the disposition of all the
Shares owned by Spitfire, Spitfire QF, Saunwin and ABA Stocks that are referred
to above. Thus, for purposes of Rule 13d-3 under the Act, Spitfire Capital may
be deemed to beneficially own a total of 1,523,601 Shares.
+ Based on a total of 20,995,709 Shares outstanding as of May 20, 2016, as set
forth in the Issuer’s most recent Form 10-Q, filed May 23, 2016.
1. Name of Reporting Person.
Julian A.L. Allen
I.R.S. Identification Nos. of above persons (entities only).
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b)
3. SEC Use Only
4. Source of Funds (See Instructions) WC/OO
5. Check if Disclosure of Legal Proceeding Is Required Pursuant to Items
2(d) or 2(e)
6. Citizenship or Place of Organization USA
7. Sole Voting Power 1,523,601*
8. Shared Voting Power 0
9. Sole Dispositive Power 1,523,601*
10. Shared Dispositive Power 0
11. Aggregate Amount Beneficially Owned by Each Reporting Person 1,523,601*
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
13. Percent of Class Represented by Amount in Row (11) 7.3%*+
14. Type of Reporting Person (See Instructions)
IN, HC
* As of July 25, 2016, The Spitfire Fund L.P. (“Spitfire”), The Spitfire
Qualified Fund L.P. (“Spitfire QF”), Saunwin Domestic Equities Fund LLC
(“Saunwin”) and ABA Stocks LLC (“ABA Stocks”) owned in the aggregate 1,523,601
shares of Common Stock of the Issuer (“Shares”). Spitfire Capital LLC
(“Spitfire Capital”) is the investment manager of Spitfire and Spitfire QF as
well as the investment manager of separate investment accounts maintained by
each of Saunwin and ABA Stocks in which such entities’ respective Shares
referred to above are held. Mr. Allen is the sole member of Spitfire Capital.
Mr. Allen is also the sole member of Spitfire Fund GP LLC, the general partner
of Spitfire and Spitfire QF. As a result of the foregoing, Mr. Allen possesses
the power to vote and dispose or direct the disposition of all the Shares
owned by Spitfire, Spitfire QF, Saunwin and ABA Stocks that are referred to
above. Thus, for purposes of Rule 13d-3 under the Act, Mr. Allen may be deemed
to beneficially own a total of 1,523,601 Shares.
+ Based on a total of 20,995,709 Shares outstanding as of May 20, 2016, as set
forth in the Issuer’s most recent Form 10-Q, filed May 23, 2016.
Item 1. Security and Issuer
The title of the class of equity security to which this statement on
Schedule 13D relates is the Common Stock, par value $0.0001 per share (the
“Common Stock”) of Blue Bird Corporation, a Delaware corporation (the
“Issuer”). The address of the Issuer’s principal executive offices is
402 Blue Bird Boulevard, Fort Valley, Georgia 31030.
Item 2. Identity and Background
a) This Schedule 13D is being filed by Spitfire Capital LLC, a Delaware
limited liability company (“Spitfire Capital”) and Julian A.L. Allen, a
United States citizen. Spitfire Capital and Mr. Allen are collectively
referred to herein as the “Reporting Persons”.
Spitfire Capital is an investment adviser to the following entities
(each an “Investment Vehicle” and collectively the “Investment Vehicles”):
The Spitfire Fund L.P.;
The Spitfire Qualified Fund L.P.;
Saunwin Domestic Equities Fund LLC; and
ABA Stocks LLC.
Mr. Allen is the Managing Member of Spitfire Capital. Each of the Reporting
Persons is party to that certain Joint Filing Agreement, as further described
in Item 6. Accordingly, the Reporting Persons are hereby filing a joint
Schedule 13D.
b) The principal business address for each of the Reporting Persons is:
c/o Spitfire Capital LLC
222 Front Street, Suite 401
San Francisco, CA 94111
c) The principal business of Spitfire Capital is the performance of
investment management and advisory services. The principal business of Mr.
Allen is serving as the Managing Member and sole owner of Spitfire Capital.
d) None of the Reporting Persons have, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
e) None of the Reporting Persons have, during the last five years, been a
party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a
judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, federal or state securities laws or
finding any violations with respect to such laws.
f) Spitfire Capital LLC is a Delaware limited liability company. Mr. Allen is
a United States citizen.:
Item 3. Source and Amount of Funds or Other Consideration
The Shares to which this statement relates were acquired by the Reporting
Persons using the working capital of each Investment Vehicle as follows:
The Spitfire Fund L.P.: $6,761,247
The Spitfire Qualified Fund L.P.: $10,812,481
Saunwin Domestic Equities Fund LLC: $479,125
ABA Stocks LLC: $493,821
The Investment Vehicles have invested an aggregate amount of approximately
$18,546,674 in the Shares, including brokerage commissions.
Item 4. Purpose of Transaction
The Shares covered by this statement were originally acquired in the ordinary
course of business solely for investment purposes and not for the purposes
of participating in or influencing the management of the Issuer.
On July 20, 2016, American Securities LLC submitted a non-binding indication
of interest letter to the special committee of the board of directors of the
Issuer for the acquisition by ASP BB Holdings LLC (“Holdings”) of all of the
outstanding fully-diluted equity of the Issuer not currently owned by Holdings
and its affiliates (the “Transaction”). The Reporting Persons currently intend
to oppose the Transaction, and such opposition may result in any of the
actions specified in Items 4(a) through 4(j) to the Schedule 13D general
instructions.
In addition, as investors in the Issuer, the Reporting Persons have had and
may continue to have general discussions with representatives of the Issuer
regarding various matters relating to the business and operations of the
Issuer. The Reporting Persons have also had and may continue to have
conversations with other stockholders of the Issuer. In the course of such
conversations with members of management, the board of directors and other
stockholders, the Reporting Persons may suggest actions that could result
in, among other things: (a) the acquisition by the Reporting Persons of
additional securities of the Issuer, or the disposition of securities of
the Issuer; (b) an extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the Issuer or any of its
subsidiaries; (c) a sale or transfer of a material amount of assets of the
Issuer or any of its subsidiaries; (d) changes in the present board of
directors or management of the Issuer; (e) a material change in the present
capitalization or dividend policy of the Issuer; (f) any other material
change in the Issuer’s business or corporate structure; (g) changes in the
Issuer’s certificate of incorporation or bylaws or other actions which may
impede the acquisition of control of the Issuer by any person; (h) causing
any class of the Issuer’s securities to be delisted from a national
securities exchange or to cease to be authorized to be quoted in an
inter-dealer quotation system of a registered national securities
association; (i) a class of equity securities of the Issuer becoming
eligible for termination of registration pursuant to Section 12(g)(4) of
the Securities Exchange Act of 1934, as amended; or (j) any action similar
to those enumerated above.
In addition, the Reporting Persons also intend to review their investment
in the Issuer on a continuing basis. Depending on various factors,
including, without limitation, the Issuer’s financial position and
strategic direction, the outcome of the discussions and actions referenced
above, actions taken by the Issuer’s board of directors, changes to the
composition of the board of directors, price levels of the Common Stock and
other securities, other investment opportunities available to the Reporting
Persons, conditions in the securities market and general economic and
industry conditions, the Reporting Persons may in the future take such
actions with respect to their investment in the Issuer as they deem
appropriate including, without limitation, (i) purchasing additional
securities of the Issuer in open market or privately negotiated
transactions; (ii) selling all or part of the securities of the Issuer
owned by such Reporting Person in open market or privately negotiated
transactions; and/or (iii) one or more combinations of the foregoing.
Any open market or privately negotiated purchases or sales, acquisition
recommendations or proposals or other transactions may be made at any time
without prior notice.
Item 5. Interest in Securities of the Issuer
(a) The aggregate percentage of Shares reported owned by each person named
herein is based on 20,995,709 shares of Common Stock outstanding as of
May 20, 2016, which is the total number of shares of Common Stock outstanding
as reported in the Issuer’s Quarterly Report on Form 10-Q, filed with the
Securities and Exchange Commission on May 23, 2016.
As of the close of business on the date hereof, Spitfire Capital, as the
investment adviser to the Investment Vehicles, may be deemed to beneficially
own the 1,523,601 Shares owned in the aggregate by the Investment Vehicles,
constituting approximately 7.3% of the shares of Common Stock outstanding.
Mr. Allen, as the Managing Member of Spitfire Capital, may be deemed to
beneficially own the 1,523,601 Shares owned in the aggregate by the
Investment Vehicles, constituting approximately 7.3% of the shares of Common
Stock outstanding.
(b) The Reporting Persons possess the sole power to vote and to direct the
disposition of the securities held by the Reporting Persons.
(c) No Reporting Person has, during the past sixty days, engaged in any
transactions in the securities of the Issuer.
(d) No person other than the Reporting Persons is known to have the right
to receive, or the power to direct the receipt of dividends from, or
proceeds from the sale of, the Shares.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer
On July 25, 2016, the Reporting Persons entered into a Joint Filing Agreement
in which the Reporting Persons agreed to the joint filing on behalf of each of
them of statements on Schedule 13D with respect to securities of the Issuer,
to the extent required by applicable law. A copy of this agreement is
attached hereto as Exhibit A and is incorporated herein by reference.
Other than as described herein, there are no contracts, arrangements,
understandings or relationships among the Reporting Persons, or between the
Reporting Persons and any other person, with respect to the securities of
the Issuer.
Item 7. Material to Be Filed as Exhibits
Exhibit A Joint Filing Agreement, dated July 25, 2016.
