SHERIDAN, WYOMING – July 31, 2024 – The Shyft Group, Inc. (NASDAQ: SHYF), North America's leader in specialty vehicle manufacturing, assembly, and upfitting, today announced the acquisition of Independent Truck Upfitters (ITU), a prominent service body and work truck upfitter based in the Midwest. This strategic move reinforces The Shyft Group's commitment to expanding its comprehensive solutions in the commercial, retail, and service vehicle sectors.
"ITU's exceptional expertise in service bodies and work truck modifications, particularly in the larger vehicle class, aligns seamlessly with our growth strategy," stated John Dunn, President and CEO of The Shyft Group. "This acquisition not only broadens our product offerings but also allows us to penetrate new markets and serve an even wider range of customers with tailored solutions."
ITU's capabilities in crafting bespoke service bodies, crane packages, liftgates, and aftermarket accessories for work trucks perfectly complement The Shyft Group's existing portfolio. The acquisition is expected to enhance the company's competitive advantage by providing customers with a one-stop shop for specialized vehicle needs.
"Joining forces with The Shyft Group represents an exciting chapter for ITU," remarked Tim Craft, CEO of ITU. "We share a common dedication to operational excellence and unwavering customer focus. This partnership will empower us to leverage The Shyft Group's resources and expertise to deliver even greater value to our clients while expanding our reach."
The addition of ITU to The Shyft Group's family of brands further solidifies its position as a leader in the specialty vehicle industry. With a comprehensive suite of products and services, The Shyft Group continues to drive innovation and meet the evolving demands of its diverse clientele.
About The Shyft Group
The Shyft Group is the North American leader in specialty vehicle manufacturing, assembly, and upfit for the commercial, retail, and service markets. The company's two core business units, Shyft Fleet Vehicles and Services™ and Shyft Specialty Vehicles™, cater to a wide range of industries, including last-mile delivery, government, trades, utilities, and infrastructure. The Shyft Group's family of brands includes Blue Arc™ EV Solutions, Utilimaster®, Royal® Truck Body, DuraMag® and Magnum®, Strobes-R-Us™, Spartan® RV Chassis, Red Diamond™ Aftermarket Solutions, and Builtmore Contract Manufacturing™.
About ITU
Independent Truck Upfitters (ITU) is a leading work truck and equipment upfitter based in the Midwest. Specializing in custom upfit solutions for utility, construction, and fleet management companies, ITU provides a comprehensive range of services, including bodies, crane packages, liftgates, and aftermarket accessories for commercial work trucks. ITU operates across three locations in Iowa, Michigan, and Missouri.