The Shyft Group, which owns Spartan RV Chassis, and Switzerland-based heavy equipment manufacturer Aebi Schmidt Group are joining forces. Both companies’ boards of directors have agreed to merge by mid-2025.
The agreement is said to be a merger but Aebi Schmidt Group shareholders will own 52% of the combined operations after the all-stock deal closes. Aebi Schmidt CEO Barend Fruithof will serve as the new company’s CEO. Swiss investor Pete Spuhler will own around 35% of the business.
Each Shyft common stock outstanding share will be exchanged for 1.04 shares of the combined company.
The merger will combine Shyft’s manufacturing, assembly and upfit for the commercial, retail, and specialty vehicle markets, with Aebi Schmidt’s commercial truck upfitting; snow and ice; street sweeping and pavement marking; airport snow and ice; and agricultural solutions.
Aebi Schmidt does not have RV products in its portfolio.
The merger will enhance the business’s specialty vehicle offerings in the North American and European markets. The transition will expand the company’s production footprint, sales distribution capabilities, solution and in-house manufacturing of key vehicle components.
Shyft President and CEO John Dunn said, “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.”
Dunn will remain with the company following the close of the transaction to support the transition. Fruithof will be based in the U.S. Shyft Chairman James Sharman will serve as the company’s board chairman. The new board of directors will include 11 directors, five appointed by Shyft and six appointed by Aebi Schmidt.
The companies expect the merger to generate $20 million to $25 million of annual savings. The businesses anticipate around $5 million in additional adjusted EBITDA opportunity from near-term revenue synergies from cross-selling and geographic expansions. These amounts are expected by the second year after the transaction closes.
The combined company anticipates pro forma 2024 estimated revenue of $1.95 billion and adjusted EBITDA of more than $200 million.
Fruithof said Aeni Schmidt has experience driving strong finance performance in mergers and acquisitions.
“By bringing together the capabilities and expertise of both companies, we are establishing a truly differentiated leader in the specialty vehicles industry,” he said, “supported by our shared focus on customer-centric innovation and operational excellence.”
