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CLA served as the exclusive financial advisor to Independent Truck Upfitters on its recent sale to The Shyft Group. Learn what made it a smooth transaction.
CLA (CliftonLarsonAllen LLP), one of the leading professional service firms in the United States, is pleased to announce that Independent Truck Upfitters, Inc. (“ITU” or the “Company”), a national provider of turnkey commercial fleet vehicle upfit services, has been acquired by The Shyft Group, Inc. (NASDAQ: SHYF), the North American leader in specialty vehicle manufacturing, assembly, and upfit for the commercial, retail, and service specialty vehicle markets. CLA served as the exclusive financial advisor to ITU on the transaction.
ITU represents the combined operations of its predecessor entities TiNik, Inc. in Oakland, IA; Kranz of Kansas City, Inc. in Kansas City, MO; and NBC Truck Equipment, Inc. in Roseville, MI — each a long-time provider of truck equipment solutions nationally and in their local markets. Previously and as ITU, the businesses have leveraged their combined capabilities to provide unmatched flexibility in program development, serving as a one-stop-shop solutions provider to meet the needs of mid-sized and large fleet customers nation-wide. ITU is led by Tim Craft, Niki Ford, and Dan Roland, who are also the business’s co-founders and owners along with Gil Squires.
“We’re very excited about our partnership with Shyft and the capabilities the combination affords, allowing us to expand the breadth and depth of solutions provided to existing and new fleet manager customers across the nation, and for the incremental opportunities it will provide our employees,” said Tim Craft, ITU’s CEO. “CLA’s understanding of the dynamics of our industry and ITU’s position in it, combined with their experience and adept management of the sale process resulted in the smooth delivery of Shyft as the buyer for ITU.”
“ITU is an interesting business with a differentiated position in its market. We knew that the ‘right’ buyer would appreciate the nuances of ITU’s model and ascribe significant value to them,” said Derek Murphy, who led the deal for the CLA investment banking team. “Properly positioning the opportunity for discussion with those buyers who we thought could most appreciate the asset was paramount to a successful sale, and through our process we ultimately found that ‘right’ buyer in Shyft.”
The Shyft Group is the North American leader in specialty vehicle manufacturing, assembly, and upfit for the commercial, retail, and service markets. Shyft’s customers include first-to-last mile delivery companies across vocations; federal, state, and local government entities; the trades; and utility and infrastructure segments. The Shyft Group is organized into two core business units: Shyft Fleet Vehicles and Services™ and Shyft Specialty Vehicles™. Today, its family of brands include Blue Arc™ EV Solutions, Utilimaster®, Royal® Truck Body, DuraMag® and Magnum®, Strobes-R-Us™, Spartan® RV Chassis, Red Diamond™ Aftermarket Solutions, Builtmore Contract Manufacturing™, and Independent Truck Upfitters. The Shyft Group and its go-to-market brands are well known in their respective industries for quality, durability, and first-to-market innovation. The Company employs approximately 3,000 employees and contractors across campuses, and operates facilities in Arizona, California, Florida, Indiana, Iowa, Maine, Michigan, Missouri, Pennsylvania, Tennessee, Texas, and Saltillo, Mexico.
The CLA investment banking team comprised Derek Murphy, Paul Novak, Ian Sylvan, and James Luzum. Erin Mickels from CLA led the quality of earnings advisory. Kelsey Peterson from Schroer and Associates, P.C. led tax advisory for the transaction. Bob Mathers, Dan Kersey, and the team from Quarles & Brady, LLP acted as ITU’s trusted legal counsel for the transaction.
CLA investment banking professionals provide sophisticated corporate finance advisory and investment banking services to lower middle-market businesses and owners. The practice’s services include mergers and acquisitions, recapitalizations, and other transaction-related advisory services.
For more information on CLA and its investment banking practice, visit CLAconnect.com/services/investment-banking.
Securities products, merger and acquisition services, and wealth advisory services are provided by CliftonLarsonAllen Wealth Advisors LLC, a federally registered investment advisor and member FINRA, SIPC.
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CLA exists to create opportunities for our clients, our people, and our communities through industry-focused wealth advisory, digital, audit, tax, consulting, and outsourcing services. With nearly 9,000 people, more than 130 locations, and a global vision, we promise to know you and help you. CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor.