CLA Announces Acquisition of Independent Truck Upfitters, Inc. by The Shyft Group
CliftonLarsonAllen LLP (CLA), a prominent professional service firm in the United States, has announced the acquisition of Independent Truck Upfitters, Inc. (ITU), a national provider of comprehensive commercial fleet vehicle upfitting services, by The Shyft Group, Inc. (NASDAQ: SHYF). The Shyft Group is recognized as a leader in manufacturing and assembly of specialty vehicles for the commercial, retail, and service markets in North America. CLA acted as the exclusive financial advisor to ITU in this transaction.
About Independent Truck Upfitters, Inc.
ITU is formed from the combined operations of TiNik, Inc. in Oakland, IA; Kranz of Kansas City, Inc. in Kansas City, MO; and NBC Truck Equipment, Inc. in Roseville, MI. Each of these companies has extensive experience providing truck equipment solutions both nationally and in their respective local markets. As ITU, these businesses have harnessed their collective capabilities to deliver superior flexibility in program development, positioning themselves as a one-stop-shop for mid-sized and large fleet customers across the nation. The company is co-founded and owned by Tim Craft, Niki Ford, Dan Roland, and Gil Squires.
Statements from ITU Leadership
Tim Craft, CEO of ITU, expressed enthusiasm for the new partnership with Shyft, noting the expanded capabilities that will benefit both existing and new fleet manager customers nationwide. He praised CLA for its deep understanding of the industry dynamics and ITU’s market position, which facilitated a seamless sale process to Shyft.
CLA’s Role in the Acquisition
Derek Murphy, who led the deal for CLA’s investment banking team, highlighted ITU’s unique market position and emphasized the importance of identifying the “right” buyer who would recognize the value of ITU’s business model. Through their strategic approach, they successfully found Shyft to be that ideal buyer.
The Shyft Group Overview
The Shyft Group stands as the leading manufacturing and assembly entity for specialty vehicles in North America, catering to a range of customers including delivery services, government entities, construction trades, and utility sectors. Its operations are divided into two primary business units—Shyft Fleet Vehicles and Services™ and Shyft Specialty Vehicles™—and include a diverse array of brands such as Blue Arc™ EV Solutions, Utilimaster®, and Royal® Truck Body, among others. The company employs roughly 3,000 individuals across various facilities in the U.S. and Mexico.
CLA’s Investment Banking Team
The CLA investment banking team involved in this transaction included members Derek Murphy, Paul Novak, Ian Sylvan, and James Luzum. Erin Mickels led the quality of earnings advisory, while Kelsey Peterson from Schroer and Associates, P.C. provided tax advisory. Legal support for ITU was offered by Bob Mathers and Dan Kersey, along with the team from Quarles & Brady, LLP.
About CLA’s Investment Banking Services
CLA’s investment banking professionals specialize in providing advanced corporate finance advisory and investment banking services tailored for lower middle-market businesses and their owners. Their offerings cover mergers and acquisitions, recapitalizations, and various advisory services related to transactions.
Securities products, merger and acquisition services, and wealth advisory services are offered by CliftonLarsonAllen Wealth Advisors LLC, a federally registered investment advisor and member FINRA, SIPC.
