The Shyft Group has Acquired the Assets of F3 MFG Inc.
THE TRANSACTION
On October 1, 2020, The Shyft Group, Inc., (NASDAQ:SHYF) ("Shyft" or the "Company"), the North American leader in specialty vehicle manufacturing, assembly, and upfit for the commercial, retail, and service specialty vehicle markets, announced it has acquired the assets of F3 MFG Inc. (“F3”), a leading, aluminum truck body and accessory manufacturer.
The addition of F3’s DuraMag® aluminum bodies to Shyft’s product offerings follows the Company’s recent acquisition of Royal Truck Body, a West Coast and Southwestern U.S. steel truck body maker. Combined, these acquisitions elevate Shyft to a leading position as a national service body manufacturer.
F3 will join the Shyft Specialty Vehicles business unit and continue to go-to-market under the well-recognized DuraMag® and Magnum® brands.
Our Client
THE SHYFT GROUP, INC.
The Shyft Group is the North American leader in specialty vehicle manufacturing, assembly, and upfit for the commercial, retail, and service specialty vehicle markets. The Shyft Group’s customers include first-to-last mile delivery companies across vocations, federal, state, and local government entities; the trades; and utility and infrastructure segments. The Shyft Group is organized into two core business units: Shyft Fleet Vehicles & Services and Shyft Specialty Vehicles. Today, its family of brands include Utilimaster, Royal Truck Body, DuraMag, Strobes-R-Us, Spartan RV Chassis, Builtmore Contract manufacturing, and corresponding aftermarket provisions. The Shyft Group and its go-to-market brands are well known in their respective industries for quality, durability, and first-to-market innovation. The Company employs approximately 2,900 associates across campuses, and operates facilities in Michigan, Indiana, Maine, Pennsylvania, South Carolina, Florida, Missouri, California, Arizona, Texas, and Saltillo, Mexico. The Company reported sales from continuing operations of $757 million in 2019. Learn more about The Shyft Group at www.TheShyftGroup.com.
Transaction Partner
F3
F3, founded in 2010, is headquartered in Waterville, Maine and operates out of a 140,000 square-foot production facility in Waterville. F3 manufactures aluminum truck bodies, equipment, and accessories with two industry-recognized brands: DuraMag® Truck Bodies and Magnum® Headache Racks & Truck Accessories. F3’s Waterville operation includes aluminum manufacturing, finishing, assembly, and installation of its DuraMag® and Magnum® products. The location will continue to serve as the business’ primary manufacturing and assembly facility for both product lines. For more information, please visit www.TheShyftGroup.com/f3/.
CONTACT
Automotive & Truck
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