M&A Deal Summary

The Shyft Group Acquires XL Fleet

On January 4, 2023, The Shyft Group acquired automotive company XL Fleet

Acquisition Highlights
  • This is The Shyft Group’s 7th transaction in the Automotive sector.
  • This is The Shyft Group’s 7th transaction in the United States.
  • This is The Shyft Group’s 1st transaction in Massachusetts.

M&A Deal Summary
Date 2023-01-04
Target XL Fleet
Sector Automotive
Buyer(s) The Shyft Group
Deal Type Add-on Acquisition

Target

XL Fleet

Boston, Massachusetts, United States
website
XL Fleet engages in vehicle electrification solutions for commercial and municipal fleets in North America, relied on by customers such as The Coca-Cola Company, Verizon, Yale University, and the City of Boston. With its fleet-ready XLH hybrid electric drive system and the XLP plug-in hybrid electric drive system, Class 2 to 6 commercial and municipal customers can increase fuel economy by up to 25-50 percent and reduce carbon dioxide emissions by up to 20-33 percent, decreasing operating costs and meeting sustainability goals with no impact on fleet operations. XL Fleet was founded in 2009 and is based in Boston, Massachusetts.

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Buyer(S) 1

Buyer

The Shyft Group

Novi, Michigan, United States

website

Category Company
Founded 1975
Sector Automotive
Employees2,200
Revenue 1.0B USD (2022)
DESCRIPTION

The Shyft Group is a designer, engineerr and manufactures specialty chassis, specialty vehicles, truck bodies and aftermarket parts for the recreational vehicle (RV), emergency response (ER), government services, defense, and delivery and service markets. The Shyft Group was founded in 1975 and is based in Novi, Michigan.

DEAL STATS #
Overall 7 of 7
Sector (Automotive) 7 of 7
Type (Add-on Acquisition) 6 of 6
State (Massachusetts) 1 of 1
Country (United States) 7 of 7
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-01 F3 MFG

Waterville, Maine, United States

F3 MFG, Inc. is a manufacturer of DuraMag truck bodies as well as the Magnum brand headache racks and truck accessories. F3 MFG, Inc. was founded in 2010 and is based in Waterville, Maine.

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