Specialty vehicle manufacturer The Shyft Group Inc. has acquired F3 MFG Inc., a leading aluminum truck body and accessory manufacturer. F3 MFG will team up with the Shyft Specialty Vehicles business unit and continue to go-to-market under the DuraMag and Magnum brands.
The Shyft Group had also recently acquired Royal Truck Body, a West Coast and Southwestern U.S. steel truck body maker. The acquisition of F3 and Royal Truck Body will elevate Shyft to a leading position as a national service body manufacturer. From 2015 to 2019, F3’s sales grew at an annual growth rate of 74%, resulting in sales for 2019 of approximately $25 million.
“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.”
F3 MFG was included in Inc. Magazine’s annual list of Americas’ 5,000 fastest-growing privately held companies in 2018 and 2019. Today, the business operates out of a 140,000-square-foot production facility in Waterville, Maine. This operation includes aluminum manufacturing, finishing, assembly, and installation of DuraMag contractor, service, van bodies, as well as Magnum branded headache racks (cab protection racks or rear racks).
“We are delighted to be joining the Shyft family of brands,” said Bill Cleaves, F3 MFG, Founder. “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.”