The Shyft Group, Inc., parent company of Spartan RV Chassis, announced that it has acquired F3 MFG Inc.
F3 MFG Inc. is an aluminum truck body and accessory manufacturer. Shyft Group said F3 would join the Shyft Specialty Vehicles business unit, which includes Spartan RV Chassis.
In addition, F3 MFG Inc. will continue under the DuraMag and Magnum brands.
Along with the recent acquisition of Royal Truck Body, Shyft said it will be a leading national service body manufacturer.
“The F3 team has created tremendous momentum in a short amount of time, emphasizing innovation as a key element in its growth strategy and filling market gaps in the interest of meeting customer needs. We thank the management team for their efforts and welcome the full organization to The Shyft Group family,” said Daryl Adams, president and CEO of The Shyft Group. “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.”
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. 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).
“We are delighted to be joining the Shyft family of brands,” F3 MFG founder Bill Cleaves said. “Shyft’s leading reputation, approach to manufacturing and innovative culture are well aligned with F3. Together, we are excited about the opportunities to grow the DuraMag and Magnum brands and see them distributed nationally.”
