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NOVI, Mich. - The Shyft Group, Inc. (NASDAQ: SHYF), a North American leader in specialty vehicle manufacturing currently valued at $280.51 million, disclosed that Aebi Schmidt Group has filed a registration statement on Form S-4 with the Securities and Exchange Commission (SEC). This filing is a significant step in their previously announced merger plans. The company’s stock has faced significant pressure, declining nearly 34% over the past six months, though InvestingPro analysis suggests the stock is currently trading below its Fair Value.
The Form S-4 includes a preliminary prospectus and proxy statement concerning the merger, which is not yet effective and may change. It reveals combined pro forma U.S. GAAP financial results for 2024, with revenues of $1.9 billion and adjusted EBITDA of $148 million - a significant increase from Shyft’s current standalone revenue of $786.18 million. The expected completion of the merger is set for mid-2025, pending SEC approval, Shyft shareholder approval, and other customary closing conditions. (InvestingPro subscribers can access detailed financial analysis and 10+ additional ProTips about SHYF’s current position.)
Upon completion, the combined entity will be named Aebi Schmidt Group and will trade on Nasdaq under the ticker symbol "AEBI". Notably, Shyft brings to the merger a strong dividend history, having maintained dividend payments for 38 consecutive years, with a current yield of 2.55%.
James Sharman, Chairman of the Board of Directors of Shyft, stated, "Filing the S-4 is an important milestone as we move closer to completing the merger and begin the SEC review process." He emphasized the goal of leveraging both companies’ strengths to deliver value and drive sustainable growth.
Shyft operates in various specialty vehicle markets, serving customers ranging from delivery companies to government entities. It consists of brands like Utilimaster®, Royal® Truck Body, and Spartan® RV Chassis, reporting 2024 sales of $786 million.
Aebi Schmidt, headquartered in Switzerland, is a global provider of intelligent solutions for infrastructure maintenance, employing around 3,000 people and generating over 1 billion EUR in net sales in 2024.
The press release also contained forward-looking statements regarding the expected benefits and completion of the merger. However, it acknowledged that these statements are based on current management expectations and are subject to risks and uncertainties that could cause actual results to differ materially.
Investors and interested parties can find additional information and documents related to the merger on the SEC’s website and Shyft’s investor relations site. The information in this article is based on a press release statement.
In other recent news, The Shyft Group reported its fourth-quarter 2024 earnings, showing mixed results. The company achieved an earnings per share (EPS) of $0.15, which met expectations, but its revenue of $201.4 million fell short of the anticipated $213.24 million. Despite this revenue miss, Shyft’s stock saw a positive reaction, reflecting investor confidence in the company’s strategic direction. Analysts at DA Davidson maintained a Buy rating on Shyft, highlighting the company’s anticipated 37% EBITDA growth as a positive indicator. The firm also pointed to the potential benefits of Shyft’s pending merger with Aebi Schmidt, which is expected to enhance both companies’ market positions.
Furthermore, Shyft has expanded its collaboration with Isuzu North America Corporation, aiming to strengthen its North American operations. This partnership, which includes a new upfit and modification center, is expected to provide new revenue opportunities for Shyft. In terms of future guidance, Shyft projects sales between $870 million and $970 million for 2025, with adjusted EBITDA expected to range from $62 million to $72 million. The company also anticipates significant contributions from its BlueARC EV trucks as it continues to focus on electric vehicle production and deliveries.
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