XL Fleet - M&A Summary, Ownership, and Business Overview

AutomotiveCompany

XL Fleet M&A Summary

XL Fleet has acquired 3 companies of its own, including 3 in the last 5 years. A total of 1 acquisition came from private equity firms.

XL Fleet’s largest acquisition to date was in 2022, when it acquired Solar Service Experts for $59M. XL Fleet has acquired in 3 different US states. The Company’s most targeted sectors include automotive (34%) and energy services and equipment (34%).

XL Fleet Ownership

Who owns XL Fleet?

XL Fleet is owned by The Shyft Group. It was acquired on January 4, 2023.

XL Fleet Business Overview

Where is XL Fleet headquartered?

XL Fleet is headquartered in Boston, Massachusetts.

What is XL Fleet’s revenue?

XL Fleet disclosed revenue of 20M USD for 2020 and 7M USD for 2019.

How many employees does XL Fleet have?

XL Fleet has 59 employees.

What sector is XL Fleet in?

XL Fleet is an automotive company.

When was XL Fleet founded?

XL Fleet was founded in 2009.

M&A Summary

  • M&A Total Activity3
    • M&A Buy Activity3
  • Total Sectors Invested 3
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 2
  • M&A Advisors 1

XL Fleet

XL Fleet Corp.

145 Newton Street,
Boston, Massachusetts 02135
United States,
(617) 718-0329
www.xlfleet.com

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.


M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.4/yr) # 1 - 1 1 - - 3
vol $16M $59M $75M
Sell (0.0/yr) # - - - - - - 0
  3

Most Recent M&A

Company Date Value Type
Solar Service Experts LLC 2022-09-12 59M USD Add-on Acquisition
Houston, Texas · www.sprucepower.com
World Energy Efficiency Services LLC 2021-05-17 16M USD Add-on Acquisition
Worcester, Massachusetts · www.worldenergyes.com
Quantum Fuel Systems Technologies Worldwide, Inc. - Electrification Division 2019-10-15 - Divestiture
Lake Forest, California
View All >>

M&A by Sector

Sector Buy # Value Sell # Value
Automotive 1 (33%) - - -
Energy Services and Equipment 1 (33%) 16M (21%) - -
Renewable Energy 1 (33%) 59M (79%) - -
Total 3 $75M - -

By Geo

State/Country Buy Value Sell Value
United States 3 75M - -
  Texas 1 59M - -
  Massachusetts 1 16M - -
  California 1 - - -
Total 3 $75M - -

Top M&A Advisors

Legal Deals
Wilmer Cutler Pickering Hale and Dorr LLP
 1

Deal Values

buy # Total
< $100M 2 $75M
TOTAL $75M
Largest Solar Service Experts LLC
$59M (2022-09-12)

M&A Connections

Deals
Acquired from
Investor(s)
33%
1 (33%)
Strategic(s)
33%
1 (33%)

Company Summary

SECTOR

Automotive

Revenue

20   186% 2020
7   2019
(millions of USD)

Employees

59

Established

2009

Former Name

XL Hybrids

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