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

By Capital Markets


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

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).

About Generational

Headquartered in Dallas, Generational is one of the leading M&A advisory firms in North America.

With more than 350 professionals located throughout 17 offices in North America, the companies help business owners release the wealth of their business by providing growth consulting, merger, acquisition, and wealth management services. Their six-step approach features strategic and tactical growth consulting, exit planning education, business valuation, value enhancement strategies, M&A transactional services, and wealth management.

The M&A Advisor named the company Investment Banking Firm of the Year three years in a row, Valuation Firm of the Year in 2020, and North American Investment Bank of the Year in 2022 as well as Consulting Firm of the Year. For more information, visit