NOVI—The Shyft Group Inc. (Nasdaq: SHYF) announced a “merger” with Frauenfeld, Switzerland-based Aebi Schmidt Group under which Shyft shareholders will own 48 percent of the combined company, and the company’s headquarters will be in Switzerland.
Company officials said the merger will combine Aebi Schmidt’s specialty vehicle products and services, including commercial truck upfitting, snow and ice, street sweeping and pavement marking, airport snow and ice, and agricultural solutions, with Shyft’s manufacturing, assembly, and upfit for the commercial, retail, and service specialty vehicle markets.
“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,” said John Dunn, president and CEO of Shyft. “This transaction creates a more resilient company with meaningful growth opportunities in the 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.”
Barend Fruithof, CEO of Aebi Schmidt, will serve as CEO of the combined company and be based in the United States. James Sharman, board chairman of Shyft, will serve as the board chairman of the combined companies. Dunn will remain with the company following the close of the transaction to support a seamless integration.
The combined company’s board will consist of 11 members, five nominated by Shyft and six nominated by Aebi Schmidt. Seven of these directors will be independent. Aebi Schmidt majority shareholder Peter Spuhler, a Swiss-based investor with a strong track record of successful investments in leading industrial companies, will own approximately 35% of the combined company upon completion of the transaction.
Upon completion of the transaction, the combined company will trade on NASDAQ. The company will be a Swiss-domiciled stock corporation, headquartered in Switzerland.
The transaction is expected to close by mid-2025, subject to the satisfaction of closing conditions, including receipt of regulatory approvals and approval by Shyft shareholders. Shyft and Aebi Schmidt have secured fully-committed financing of the combined company at closing.
To view presentation materials on the transaction, visit theshyftgroup.com/investor-relations. To view a replay of the conference call discussing the transaction, call (877) 344-7529 (domestic) or 1-412-317-0088 (international) using the replay access code 9591257.
The Shyft Group is a North American leader in specialty vehicle manufacturing, assembly, and upfit for the commercial, retail, and service specialty vehicle markets. The company is organized into two core business units: Shyft Fleet Vehicles and Services and Shyft Specialty Vehicles. Today, its family of brands include Utilimaster, Blue Arc EV Solutions, Royal Truck Body, DuraMag and Magnum, Strobes-R-Us, Spartan RV Chassis, Red Diamond Aftermarket Solutions, Builtmore Contract Manufacturing, and Independent Truck Upfitters. Shyft employs approximately 3,000 employees and contractors across 19 locations, and operates facilities in Arizona, California, Florida, Indiana, Iowa, Maine, Michigan, Missouri, Pennsylvania, Tennessee, Texas, and Saltillo, Mexico. The Company reported sales of $872 million in 2023. Learn more at TheShyftGroup.com.
The Aebi Schmidt Group is a world leading provider of smart solutions for clean and safe transportation surfaces and the management of challenging terrain. The group’s unique range of products includes its own vehicles and innovative attachments for custom vehicle equipment. The company is headquartered in Switzerland and achieved net revenue of EUR 935 million in 2023. It employs around 3,000 people in 16 sales organizations and more than a dozen production sites worldwide. Its brands include Aebi, Schmidt, Nido, Arctic, Monroe, Towmaster, Swenson, Meyer, MB, and ELP. More at www.aebi-schmidt.com.