M&A Deal Summary

Shyft Group Acquires XL Fleet

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

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

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

Target

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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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 7 of 8
Sector (Automotive) 7 of 8
Type (Add-on Acquisition) 6 of 7
State (Massachusetts) 1 of 1
Country (United States) 7 of 8
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.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-25 Independent Truck Upfitters

Kansas City, Missouri, United States

Independent Truck Upfitters is a service body and work truck 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. Independent Truck Upfitters is based in Kansas City, Missouri.

Buy -
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