Shyft and Aebi Schmidt Announce Strategic Merger
Deal News | Dec 16, 2024 | EIN
Shyft Group and Aebi Schmidt have agreed to a merger that will combine their complementary product suites into a more diverse portfolio of brands and solutions. The merger, which is scheduled to close by mid-2025, is structured as an all-stock transaction and aims to create a more resilient company with enhanced growth opportunities in the commercial truck space and infrastructure-related solutions. Post-merger, the combined company plans to have a pro forma estimated 2024 revenue of $1.95 billion, with 75% of these revenues anticipated to originate from North America. The new entity will also be listed on NASDAQ. The leadership structure will see Barend Fruithof, CEO of Aebi Schmidt, taking on the role of CEO for the combined entity, while James Sharman from Shyft will be the chairman of the board. John Dunn, current president and CEO of Shyft, will stay on during the post-merger phase to facilitate integration. The merger is seen as a strategic move to leverage the strengths of both companies’ brands, products, and customer relationships.
Sectors
- Automotive Manufacturing
- Commercial Vehicle Equipment
Geography
- North America – North America is significant as the combined company's pro forma estimated revenue will primarily come from this region.
- Global – The companies involved in the merger have a global presence with products and services that cater to international markets.
Industry
- Automotive Manufacturing – This industry is relevant as both Shyft Group and Aebi Schmidt are involved in the manufacturing, assembly, and upfitting of commercial and specialty vehicles.
- Commercial Vehicle Equipment – Aebi Schmidt provides solutions like snow and ice vehicles, street sweeping, and airport related solutions, which fall under commercial vehicle equipment.
Financials
- $1.95 billion – Estimated pro forma 2024 revenue of the combined company.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Shyft Group | Merging Company | Company | Shyft Group specializes in manufacturing, assembly, and upfitting for commercial, retail, and service specialty vehicle markets. |
| Aebi Schmidt | Merging Company | Company | Aebi Schmidt provides commercial truck upfitting, snow and ice solutions, street sweeping, and agricultural solutions. |
| John Dunn | President and CEO of Shyft | Person | Current president and CEO of Shyft who will remain with the company post-merger for integration. |
| Barend Fruithof | CEO of Aebi Schmidt | Person | CEO of Aebi Schmidt, who will become CEO of the combined company after the merger. |
| James Sharman | Chairman of Shyft | Person | Chairman of Shyft, who will serve as the chairman of the board for the combined company. |