«We are delighted that the shareholders of the Shyft Group are also overwhelmingly convinced by the industrial logic of the transaction,» said Aebi Schmidt’s chairman, Peter Spuhler, who will remain the main shareholder with a 35% stake after the merger. The incoming Chairman of the Aebi Schmidt Board of Directors, and current Chairman of The Shyft Group, James Sharman, said: «Shareholder approval brings us closer to joining these complementary companies and creating an organization well positioned future growth.» Aebi Schmidt will have six of the eleven members of the Board of Directors and The Shyft Group will have five members. The combined group companies will operate under the name Aebi Schmidt Group.
The merger creates the world's leading specialty vehicle manufacturer and upfitter with a turnover of around 2 billion US dollars. The merged company will continue to be headquartered in Frauenfeld, Switzerland, and will be led by current CEO Barend Fruithof. He also will become Vice-Chairman of the Board of Directors. He said: «Now we need to start the integration work so that we can achieve the expected synergies and added value for customers and shareholders.»
The merger enables a global operational setup, and the listing of the company on the Nasdaq Stock Market will help Aebi Schmidt to continue its growth strategy. Aebi Schmidt's location in Switzerland will be strengthened and we expect that jobs in Switzerland will be preserved in the long term. In addition, Aebi Schmidt will diversify its end markets, become a national supplier in the US market, and strengthen its European business in the long term. The two companies are highly complementary. As a result of the merger, the new company will have over 70 locations worldwide, 40 of which are in the USA. The combined turnover of the two companies reached around 2 billion US dollars in 2024, with an adjusted EBITDA including synergies of around 200 million US dollars.
The Swiss company Aebi was acquired by entrepreneur Peter Spuhler in 2006 and merged with Schmidt in southern Germany in 2007. Under the leadership of Barend Fruithof, Aebi Schmidt has grown continuously in recent years and last year achieved record sales of over EUR 1 billion.
The merger is expected to have a positive impact on earnings due to geographical expansion, cross-selling and cost optimization. Accelerated growth, strong margins and strong free cash flow should also make the company an attractive value for Swiss investors. The dividend will be distributed tax-free to Swiss investors.
To summarize:
- Shyft Group shareholders approved merger with Aebi Schmidt, creating a leading global specialty vehicle manufacturer.
- The combined company will be called the Aebi Schmidt Group.
- As a result of this transaction, the Aebi Schmidt share will be traded on the NASDAQ stock market under the symbol “AEBI”.
- Current Aebi Schmidt shareholders will hold the majority of shares in the combined company and Barend Fruithof will continue as CEO.
- Peter Spuhler will remain the largest shareholder.