The Shyft Group Has Acquired Independent Truck Upfitters
THE TRANSACTION
On July 25, 2024, The Shyft Group, Inc. (“Shyft”), the North American leader in specialty vehicle manufacturing, assembly, and upfit for the commercial, retail, and service markets, announced it acquired Independent Truck Upfitters (“ITU”), a leading vocational service body upfitter based in the Midwest.
The ITU acquisition aligns with Shyft’s Specialty Vehicles infrastructure focused growth strategy. ITU serves utility, construction, and fleet management companies with custom solutions, including bodies, crane packages, liftgates, and aftermarket accessories for commercial work trucks. Specializing in larger vehicles and complex service body upfitting, ITU enables Shyft to enter new markets and capture a greater share of higher class-sized products.
Donnelly Penman & Partners acted as the exclusive investment banking advisor to Shyft.
Our Client
THE SHYFT GROUP
The Shyft Group, (NASDAQ: SHYF), is the North American leader in specialty vehicle manufacturing, assembly, and upfit for the commercial, retail, and service markets. Their customers include first-to-last mile delivery companies across vocations, federal, state, and local government entities; the trades; and utility and infrastructure segments. Today, its family of brands include Blue Arc™ EV Solutions, Utilimaster®, Royal® Truck Body, DuraMag® and Magnum®, Strobes-R-Us™, Spartan® RV Chassis, Red Diamond™ Aftermarket Solutions, Builtmore Contract Manufacturing™, and Independent Truck Upfitters. The Company employs approximately 3,000 employees and contractors across campuses, and operates facilities in Arizona, California, Florida, Indiana, Iowa, Maine, Michigan, Missouri, Pennsylvania, Tennessee, Texas, and Saltillo, Mexico.
Transaction Partner
INDEPENDENT TRUCK UPFITTERS
Independent Truck Upfitters is a leading work truck and equipment upfitter based in the Midwest. Serving utility, construction, and fleet management companies, ITU provides custom upfit solutions, including bodies, crane packages, liftgates, and aftermarket accessories for commercial work trucks. ITU operates out of three locations in Oakland, IA; Detroit, MI; and Kansas City, MO.
CONTACT
Automotive & Truck
Automotive & Truck
Automotive & Truck
RECENT DPP TRANSACTIONS
