NOVI, Mich., Oct. 1, 2020 /PRNewswire/ — The Shyft Group, Inc. (NASDAQ: SHYF) (“Shyft” or the “Firm”), the North American baton in specialty agent manufacturing, meeting, and upfit for the financial, retail, and account forte agent markets, lately appear it acquired F3 MFG Inc. (“F3”), a number one, aluminum barter anatomy and accent producer. F3 will accompany the Shyft Specialty Automobiles industrial enterprise assemblage and abide to move-to-marketplace beneath the properly-recognized DuraMag® and Magnum® manufacturers.
The accession of DuraMag aluminum our bodies to Shyft’s artefact providers follows the Firm’s contempo accretion of Royal Barter Physique, a West Coast and Southwestern U.S. Animate barter anatomy maker. Mixed, these acquisitions drag Shyft to a arch perform as a civic account anatomy producer. From 2015 to 2019, F3 gross sales grew at a admixture anniversary improve bulk of seventy 4%, regular in 2019 revenue of roughly $25 million. The transaction was paid for with accessible banknote and is commonplace to be accretive in 2021.
“The F3 aggregation has created superb drive in a abbreviate bulk of time, emphasizing addition as a key aspect in its improve movement and bushing bazaar gaps within the absorption of affair chump wishes. We acknowledge the administration aggregation for his or her efforts and ultimate the abounding alignment to The Shyft Group family,” acknowledged Daryl Adams, President and Chief Govt Officer of The Shyft Group. “This accretion dovetails precisely with aftermost 12 months’s Royal Barter Anatomy acquisition, and will accommodate our broadcast civic association of sellers, agile managers, house owners and operators the first-rate of industry-main manufacturers and awful commutual artefact units, wherever they do enterprise.”
F3 change into lined in Inc. Journal’s anniversary account of America’s 5,000 fastest-growing abreast captivated firms in each 2018 and 2019. Immediately, the enterprise operates out of a 140,000-square-foot accumulation potential in Waterville, Maine. The operation consists of aluminum manufacturing, finishing, meeting, and accession of DuraMag contractor, service, and van our bodies, as capable-bodied as Magnum branded cephalalgia racks (moreover on a regular basis as cab aegis racks or rear racks). The place will abide to function the enterprise’ major accomplishment and accumulation potential for each artefact traces.
“We’re captivated to be abutting the Shyft ancestors of manufacturers,” mentioned Invoice Cleaves, F3 MFG, Founder. “Shyft’s arch recognition, get right of entry to to accomplishment and avant-garde potential are able-bodied accumbent with F3. Collectively, we’re aflame roughly the alternatives to abound the DuraMag and Magnum producers and see them broadcast nationally.”
To apprentice delivered roughly the transaction, amuse appointment www.Theshyftgroup.Com/f3.
About The Shyft GroupThe Shyft Group is the North American baton in forte agent manufacturing, meeting, and upfit for the financial, retail, and account robust level agent markets. Our barter accommodate first-to-last mile dedication companies previous vocations, federal, kingdom, and bounded authorities entities; the trades; and account and basement segments. The Shyft Group is organized into quantity enterprise gadgets: Shyft Agile Automobiles