Alantra advises Aebi Schmidt on its merger with The Shyft Group to create a global specialty vehicles leader

Dec 2024

All-share Merger

Zurich, New York – Alantra is acting as exclusive financial advisor to Aebi Schmidt Group on its all-stock merger with The Shyft Group (NASDAQ: SHYF) to create a leading specialty vehicles company positioned for outsized growth.  The combined company is expected to achieve estimated 2024 pro forma revenues of approximately $1.95bn.

The merger will combine Aebi Schmidt’s specialty vehicle products and services, including commercial truck upfitting, snow and ice, street sweeping and pavement marking, airport snow and ice, and agricultural solutions, with Shyft’s manufacturing, assembly, and upfit for the commercial, retail, and service specialty vehicle markets to create a full-suite of offerings for both companies’ customers. The combined company will benefit from a scaled platform in the attractive North American market, complemented by a strong European presence, and an enhanced financial profile to support profitable growth and deliver additional value to shareholders.

Upon completion of the transaction, the combined company will trade on NASDAQ and will be a Swiss-domiciled stock corporation, headquartered in Switzerland, with a strong presence and significant footprint in the US.  At closing, Shyft shareholders will own 48 percent of the combined company, with Aebi Schmidt shareholders owning 52 percent. The transaction, which is structured to be tax-free to Shyft shareholders, is expected to close by mid-2025, subject to the satisfaction of customary closing conditions, including receipt of customary regulatory approvals and approval by Shyft shareholders.

Michael Maag, Managing Partner at Alantra, said: “It has been an honor to support Aebi Schmidt on this transformational deal, creating a highly competitive company with a best-in-class management team, that is well-positioned to scale and able to take advantage of growth opportunities in both North America and Europe. This marks another important transaction where Aebi Schmidt is partnering with Alantra and is a testament to our long-term trusted advisory relationship.”

Aakash Bhasin, Managing Director at Alantra added: “This landmark transaction continues Alantra’s successful track record in advising on complex cross-border and public company transaction situations for sophisticated clients.”

Alantra’s strong track record as an advisor in complex cross-border deal situations includes advising Quexco on its pending acquisition of Mutlu, John Wood PLC and Siemens on the pending sale of EthosEnergy to One Equity Partners, Aspen Pumps Group on its acquisition of U.S.-based Malco Tools, and Vandemoortele on its acquisition of U.S.-based Banneton Bakery.