Shyft Group Merges with Aebi Schmidt

The Shyft Group has announced a definitive all-stock merger with Swiss company Aebi Schmidt, aiming to create a leading specialty vehicles company with a projected revenue of approximately $1.95 billion. Under the agreement, Shyft shareholders will receive 1.04 shares of the new entity for each share they own, resulting in Aebi Schmidt holding 52% of the combined company. The merger is expected to yield significant synergies of $25-30 million within two years and will enhance market presence in North America and Europe. The combined entity will leverage both companies' strengths in specialty vehicle manufacturing, upfitting, and infrastructure solutions, fostering innovation and cost savings. Following the merger, Aebi Schmidt will be listed on the Nasdaq, with Peter Spuhler becoming the largest shareholder. The management team will include Aebi Schmidt's former CEO Barend Fruithof and Shyft's current CEO James Sharman as Chairman of the Board.