Novi’s Shyft Group Makes a Major Acquisition
Novi, The Shyft Group Inc., an industry leader in North America renowned for specialty vehicle manufacturing, assembly, and upfit for various markets including commercial, retail, and service sectors, has recently announced a crucial acquisition. According to a press release, the group confirms that it has acquired Independent Truck Upfitters (ITU). ITU is a prominent service body and work truck upfitter, with facilities stationed in Roseville, Kansas City, and Iowa.
Key Insights Into The Deal
The specific details of the deal have not been released to the public. However, the excitement about this acquisition is tangible from the leadership of the Shyft Group. They believe this deal would add significant value to their existing product portfolio, thereby benefiting the customers.
John Dunn, the President and CEO of the Shyft Group, expressed his enthusiasm about welcoming ITU into the fold stating how well ITU’s unique products and capabilities complement their existing services. This, he believes, would help them offer higher value to all their customers.
What This Acquisition Means For Shyft Group And ITU
The acquisition of ITU aligns perfectly with Shyft Group’s growth strategy, emphasizing expanding their infrastructure in specialty vehicles. ITU boasts a vast clientele base, including utility, construction, and fleet management companies, for which they create custom solutions. These solutions include comprehensive work truck offerings like bodies, crane packages, liftgates, and aftermarket accessories, allowing Shyft to capture larger sized products and enter new markets.
Feeling optimistic about the opportunities this acquisition might bring, Tim Craft, CEO of ITU, acknowledges Shyft’s commitment to operational excellence and customer focus, asserting how well it aligns with ITU’s ideology.
The Wide Reach Of The Shyft Group And ITU Combined
Independent Truck Upfitters operates out of three locations: Iowa, Michigan, and Missouri. The company provides tailored upfit solutions like bodies, crane packages, liftgates, and aftermarket accessories for commercial work trucks.
On the other hand, Shyft Group’s customer base entails first-to-last mile delivery companies, federal, state, and local government entities; the trades; and utility and infrastructure segments. Thus, the merging potential of these companies promises a vast reach and influence. Shyft Group’s brands include Blue Arc EV Solutions, Utilimaster, Royal Truck Body, DuraMag, Magnum, Strobes-R-Us, Spartan RV Chassis, Red Diamond Aftermarket Solutions, and Builtmore Contract Manufacturing. As of now, the company employs roughly 3,000 people and contractors, operating in facilities widely spread across Arizona, California, Florida, Indiana, Maine, Michigan, Missouri, Pennsylvania, Tennessee, Texas, and Saltillo, Mexico.
Shyft Group reported sales of approximately $872 million in 2023. With the addition of ITU, this figure is projected to increase substantially in the coming years.
