The Shyft Group, Inc., a North American company specializing in vehicle manufacturing, assembly, and upfit for the commercial, retail, and service markets, acquired F3 MFG Inc., an aluminum light truck body and accessory manufacturer.
Known for its well-recognized DuraMag® and Magnum® brands, F3 operates out of a 140,000 sq ft production facility in Waterville, Maine. 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).
From 2015 to 2019, F3 sales grew at a compound annual growth rate of 74%, resulting in 2019 sales of approximately $25 million. The company was even included in Inc. Magazine’s annual list of America’s 5,000 fastest-growing privately held companies in both 2018 and 2019.
“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 chief executive officer of The Shyft Group. “This acquisition … 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.”
Following the acquisition, F3 will join the Shyft Specialty Vehicles business unit. The F3 management team will remain in place, and will continue to lead the nearly 200 skilled employees from the Waterville facility. The site will continue to serve as the business’ primary manufacturing and assembly facility for both the DuraMag and Magnum product lines.
The acquisition enables Shyft to expand its product offerings with the addition of aluminum truck and van bodies and components, as well as providing a broader geographic reach, from both a manufacturing and distribution standpoint. This is expected to offer a number of key advantages to regional and national customers interested in lighter weight truck bodies, increased payload, and greater rust and corrosion resistance.
“We are delighted to be joining the Shyft family of brands,” said Bill Cleaves, founder of F3. “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.”