The Shyft Group in Novi announced today it has agreed to an all-stock merger with Switzerland’s Aebi Schmidt Group with Shyft Group shareholders owning 48 percent of the resulting company.
The deal, which is expected to close by mid-2025 and will be tax-free to Shyft shareholders, was unanimously approved by each company’s board of directors. The resulting organization is expected to generate revenue of $1.95 billion and an adjusted EBITDA of $200 million. It will remain headquartered in Frauenfeld, Switzerland and be listed on the NASDAQ.
The Shyft Group builds a variety of commercial vehicle products including service truck bodies, platform and stake truck bodies, RV chassis, specialized lighting for emergency and service vehicles, and offers specialized manufacturing on a contract basis. The company also produces electric delivery trucks.
Aebi Schmidt also focuses on commercial vehicle upfits, including commercial truck upfitting, snow and ice, street sweeping and pavement marking, airport snow and ice, and agricultural solutions.
Officials claim the new company will show gradual growth in its first year and produce $25 million to $30 million in synergies by the second year. Barend Fruithof, current CEO of Aebi Schmidt, has been named president- and CEO-elect while Shyft Chairman James Sharman becomes chairman elect.
“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 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.”
