Press Releases

Press releases > Generational Capital Markets Advises F3 MFG in its Sale to The Shyft Group

Generational Capital Markets Advises F3 MFG in its Sale to The Shyft Group

By Capital Markets

Oct 2, 2020, 07:00 et

F3 MFG

Generational Capital Markets, Member FINRA/SIPC and a leading mergers and acquisitions advisor for privately held businesses, is pleased to announce the sale of its client, F3 MFG, Inc., to The Shyft Group, Inc. (NASDAQ: SHYF). The acquisition closed October 1, 2020 and details were not disclosed.

F3 MFG (F3), a leading aluminum truck body and accessory manufacturer, has been recognized for its strong 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, Maine.

The operation includes 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 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 industry-renowned DuraMag® and Magnum® brands.

Headquartered in Novi, Michigan, The Shyft Group (Shyft), is the North American leader in 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. Combined, these acquisitions elevate Shyft to a leading position as a national service body manufacturer.

Generational Capital Markets Sr. Managing Director Mergers & Acquisitions, Tom Staszak, with support from Vice President Mergers & Acquisitions, Andre Farahmandi, advised F3 on the successful transaction. Joe Hoffman’s team at Katten Muchin Rosenman, LLP provided legal representation to F3.

About Generational Capital, LLC

Generational Capital, LLC, is a Dallas, Texas-based merger and acquisition advisory firm. Generational Capital wholly owns Generational Capital Markets, Inc., Member FINRA/SIPC. More information can be found at www.gencm.com.

Generational Capital and Generational Capital Markets are part of the Generational Group and are affiliated with Generational Equity, LLC, which The M&A Advisor named Investment Banking Firm of the Year in 2016, 2017, and 2018.

GCM's most recent awards include The M&A Advisor's 2019 M&A Deal of the Year Award (50M-75M) and the Corporate/Strategic Deal of the Year (25M-50M).

We thank you Eric and Generational Equity making our dream come true.
Larry Moore, Owner, A Company Portable Restrooms
I wanted to write you a quick letter to express our appreciation and our delight on the outcome of helping us through the process of our recent sale. We are very happy with the end result, and are very happy to be able to move forward with all of our future growth plans.
Terry D. Wickman, President, Keytroller
We were happy to see the interest in our company and what we cherished has not just a valuable company but an important company to the communities we served in.
Larry Moore, Owner, A Company Portable Restrooms
Tom Staszak is one of the most professional people I have dealt with in my last forty years of business. You’ve got a great group of people and you have built a truly professional organization.
Michael J Polarek, President, Paragon Packaging
I couldn’t have asked for a better team than Michael and Deborah. We couldn’t have done it without them.
Robert Evans, President and CEO of Mealtracker Dietary Software
Greetings Mike. Thank you for the captivating and compelling presentation you made at the Phoenix presentation last week. Over many years in business yours was the most informative and well-presented presentation, on any subject, that I have ever attended! Your energy and enthusiasm combined with your concise and captivating support of your positions with easily understood examples and data was compelling.
Pete L.
We are extremely pleased with the way Generational Equity handled the sale of our company. Your associates, Tom and Chris, did an outstanding job of getting us (me) through the process.
Michael J Polarek, President, Paragon Packaging
We knew it would be a difficult task to have someone really understand our business and our market, prior to researching a possible buyer, so it was imperative that we found someone of your caliber, with definite proven experience in this area.
Rick Nowak, President/CEO, Kurz Electric Solutions, Inc.
Thank you again for all your guidance and support. Any company will achieve what they intend, if they have you on their team!
Rick Nowak, President/CEO, Kurz Electric Solutions, Inc.
We will highly recommend Generational Equity and Musa Jagne to any business owner about to embark on the same process.
Karen S. Williams, CFO, BW Manufacturing
Your wisdom and experience were invaluable to me during this once-in-a-lifetime transaction.
Ralph Noblin, President of Noblin & Associates
We are very happy with the end result, and are very happy to be able to move forward with all of our future growth plans.
Rick Nowak, President/CEO, Kurz Electric Solutions, Inc.
Bruce and I wanted to take this opportunity to thank Generational Equity for assigning Musa Jagne to our transaction. In Bruce’s words, “Musa did one hell of a job for us!”
Karen S. Williams, CFO, BW Manufacturing
Generational Equity’s assistance was invaluable in compiling and marketing our business.
Bil MacLeslie, CEO, ipHouse
The help you provided us during each step of this process made us feel very comfortable and confident we were selecting the right approach to transition our Company.
Andy Graham, Vice President, Modern Heating & Plumbing
I must say that I have never worked with a more driven, competent and focused individual as Don Ho.
Jay Dinnison, Owner of Sharpe Mixers
I quickly recognized that Don was working for Sharpe Mixers above all else, and held our interests above others.
Jay Dinnison, Owner of Sharpe Mixers
Generational Equity educated and informed us – so that we could be on the upside of a good decision (to sell).
Bil MacLeslie, CEO, ipHouse
The process was much more involved than I expected and your help, experience and advice was a big factor in making the negotiations go as smoothly as possible.
Terry D. Wickman, President, Keytroller
I would like to thank you and your firm, Generational Equity, for being our valued advisors in our journey.
Bil MacLeslie, CEO, ipHouse
Michael worked tirelessly, He followed every lead meticulously and urgently to make sure nothing was missed.
Robert Evans, President and CEO of Mealtracker Dietary Software
Thanks again Phil and feel free to have a future client call me if they would like a referral. You are a true professional!
Andy Graham, Vice President, Modern Heating & Plumbing