Generational Capital Markets, a mergers and acquisitions advisor for privately held businesses, advised on the sale of its client, F3 MFG, to The Shyft Group.
F3 MFG is an aluminum truck body and accessory manufacturer and has been recognized for its growth by being listed on the Inc. 5000 in both 2018 and 2019. From 2015 to 2019, F3 sales grew at a CAGR of 74%, resulting in 2019 sales of approximately $25 million. The business operates out of an approximately 140,000-square-foot production facility in Waterville, ME.
The company’s operations include aluminum contactor, service, and van body manufacturing, finishing, and assembly, in addition to headache rack production, retail sales and distribution, as well as body and rack installation. The Waterville, ME, location will continue to serve as the business’ primary manufacturing and assembly facility. F3 will join the Shyft Specialty Vehicles business unit and continue to go-to-market under the DuraMag and Magnum brands.
Headquartered in Novi, MI, The Shyft Group provides specialty vehicle manufacturing, assembly,and upfit for the commercial, retail and service specialty vehicle markets. The addition of DuraMag aluminum bodies to Shyft’s product offerings follows the company’s recent acquisition of Royal Truck Body, a West Coast and Southwestern U.S. steel truck body maker.
Tom Staszak, senior managing director of mergers and acquisitions for Generational Capital Markets, and Andre Farahmandi, vice president of mergers and acquisitions for Generational Capital Market, advised F3 on the transaction. Joe Hoffman’s team at Katten Muchin Rosenman provided legal representation to F3.
Generational Capital is a Dallas-based merger and acquisition advisory firm.