One of Maine’s fastest growing companies, Waterville-based F3 MFG Inc., was acquired by a Michigan company for an undisclosed price.
F3, which employs more than 200 people and manufactures aluminum truck bodies and accessories, was purchased by Shyft Group Inc. (Nasdaq: SHYF), a specialty vehicle maker and developer, according to a press release Thursday.
No conditions were mentioned in the release, but Shyft said the company paid for the purchase with the cash available. Shyft had $ 23.9 million in cash and cash equivalents as of June 30, according to its latest quarterly report.
Attempts to obtain detailed information from the company were unsuccessful. Spokeswoman Samara Hamilton told Mainebiz on Friday that Shyft intends to retain the current management and employees of F3.
âIn fact, we will keep the management team and the workforce,â she said. âThe team is highly skilled and was responsible for growing the business in an incredibly short period of time. As such, they were a key part of our purchasing decision.
In 2019, F3 achieved $ 25 million in revenue and was ranked third among Maine’s fastest growing private companies on the prestigious Inc. 5000 list, for the second year in a row, with a national ranking of 868. In the previous three years, the company’s turnover increased by 490%.
F3 was launched in 2016. In 2019, Mainebiz honored co-owner Joyce Galea as Business Owner of the Year in the Large Business category.
At its 140,000 square foot production facility on Trafton Road, F3’s operations include the fabrication, finishing, assembly and installation of aluminum for DuraMag truck and van bodies, as well as protective brackets. Magnum truck cab cabin.
âWe are delighted to join the Shyft family of brands,â said Bill Cleaves, founder and co-owner of F3, in the statement. âShyft’s reputation as a leader, its approach to manufacturing and its culture of innovation are well aligned with F3. Together, we are excited about the opportunities to develop the DuraMag and Magnum brands and see them distributed nationwide. “
F3 will join Shyft’s Specialty Vehicles business unit and continue to be marketed under the DuraMag and Magnum brands, according to the release.
Shyft reported sales of $ 757 million in 2019 and currently has a market cap of $ 710.2 million. The company employs 2,900 people in nine states. Based in Novi, Michigan, Shyft was founded in 1975 as Spartan Motors Inc.
Much of its growth has been driven by acquisitions, most notably the 2019 purchase of California-based Royal Truck Body for $ 89 million.
âThis acquisition fits perfectly with the acquisition of Royal Truck Body last year and will provide our expanded national network of dealers, fleet managers, owners and operators the choice between two industry-leading brands and highly complementary product sets wherever they do business, âsaid Shyft Group President and CEO Daryl Adams.
Earlier this year, Spartan changed its name to Shyft.