M&A Deal Summary

Shyft Group Acquires F3 MFG

On October 1, 2020, Shyft Group acquired automotive company F3 MFG

Acquisition Highlights
  • This is Shyft Group’s 6th transaction in the Automotive sector.
  • This is Shyft Group’s 6th transaction in the United States.
  • This is Shyft Group’s 1st transaction in Maine.

M&A Deal Summary
Date 2020-10-01
Target F3 MFG
Sector Automotive
Buyer(s) Shyft Group
Deal Type Add-on Acquisition
Advisor(s) Generational Capital Markets, Inc. (Financial)

Target

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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Buyer(S) 1

Buyer

Shyft Group

Novi, Michigan, United States
Category Company
Founded 1975
Sector Automotive
Employees2,670
Revenue 872M USD (2023)
DESCRIPTION

Shyft Group is a designer, and manufacturer of 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. Shyft Group was founded in 1975 and is based in Novi, Michigan.

DEAL STATS #
Overall 6 of 8
Sector (Automotive) 6 of 8
Type (Add-on Acquisition) 5 of 7
State (Maine) 1 of 1
Country (United States) 6 of 8
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-03 Spartan Motors - Emergency Response Unit

Michigan, United States

Spartan Motors, Inc. - Emergency Response Unit is a designer, manufacturer, and distributor of custom emergency response vehicles, cabs, and chassis for the emergency response market.

Sell $55M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-04 XL Fleet

Boston, Massachusetts, United States

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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