Shyft Group and Aebi Schmidt announced an all-stock merger on Monday.
This combines the companies' complementary product suites to provide customers with a more diverse portfolio of brands and solutions. Aebi Schmidt's solutions include commercial truck upfitting, snow and ice, street sweeping and pavement marking, airport snow and ice, and agricultural solutions. Shyft does manufacturing, assembly and upfit for the commercial, retail and service specialty vehicle markets.
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"Combining with Aebi Schmidt is a powerful next step in Shyft's strategy as we leverage the strengths of both companies' industry-leading brands, innovative products, extensive customer relationships and manufacturing excellence," says John Dunn, president and CEO of Shyft. "This transaction creates a more resilient company with meaningful growth opportunities int he commercial truck space and infrastructure related solutions. I am confident Shyft's talented team members will thrive within this newly combined platform and that this transaction is the best path forward to unlocking value for our shareholders."
The combined company will have a pro forma estimated 2024 revenue of $1.95 billion, 75% of which comes from North America. It will trade on NASDAQ.
Barend Fruithof, CEO of Aebi Schmidt, will serve as CEO of the combined company. James Sharman, Shyft's chairman, will serve as the chairman of the board of directors. Dunn will remain with the company following the close of the transaction to ensure a seamless integration.
"By brining together the capabilities and expertise of both companies, we are establishing a truly differentiated leader in the specialty vehicles industry supported by our shared focus on customer-centric innovation and operational excellence," Fruithof says. "Aebi Schmidt has a proven track record of driving strong financial performance and successfully executing M&A to deliver significant revenue and adjusted EBITDA growth. I firmly believe this strategic combination offers a unique and highly compelling opportunity to create tremendous shareholder value."
The transaction is anticipated to close by mid-2025.
