The Shyft Group, Inc., a provider of specialty vehicle manufacturing, assembly and upfit for the commercial, retail and service specialty vehicle markets, has acquired F3 MFG Inc., an aluminum truck body and accessory manufacturer. F3 will join the Shyft Specialty Vehicles business unit and continue to go to market under the DuraMag and Magnum brands.
The addition of DuraMag aluminum bodies to Shyft's product offerings follows the company's recent acquisition of Royal Truck Body, a West Coast and Southwestern U.S. steel truck body maker. "Combined, these acquisitions elevate Shyft to a leading position as a national service body manufacturer," said a spokesperson. "From 2015 to 2019, F3 sales grew at a compound annual growth rate of 74%, resulting in 2019 sales of approximately $25 million. The transaction was paid for with available cash and is expected to be accretive in 2021."
Adams, President and CEO of The Shyft Group, said, "This acquisition dovetails nicely with last year's Royal Truck Body acquisition, and will provide our expanded national network of dealers, fleet managers, owners and operators the choice of two industry-leading brands and highly complementary product sets, wherever they do business."
F3 operates out of a 140,000 sq. ft. production facility in Waterville, ME. The operation includes aluminum manufacturing, finishing, assembly and installation of DuraMag contractor, service and van bodies, as well as Magnum branded headache racks (also known as cab protection racks or rear racks). The location will continue to serve as the business' primary manufacturing and assembly facility for both product lines.
"We are delighted to be joining the Shyft family of brands," said Bill Cleaves, F3 MFG founder. "Shyft's leading reputation and approach to manufacturing and innovation are well aligned with F3. Together, we are excited about the opportunities to grow the DuraMag and Magnum brands and see them distributed nationally."
For more information contact:
The Shyft Group
41280 Bridge St.
Novi, MI 48375
517-543-6400
www.TheShyftGroup.com/f3