Aebi Schmidt Holding Ag · NASDAQ:AEBI
Aebi Schmidt — Merger or Acquisition (December 2024)
22 slides from Aebi Schmidt's merger presentation, Dec 16, 2024
Slide 1: Creating a World-Class Specialty Vehicles Leader Positioned to Accelerate Growth and Drive Exceptional Value
Creating a World-Class Specialty Vehicles Leader Positioned to Accelerate Growth and Drive Exceptional Value The Shyft Group and The Aebi Schmidt Group to Merge December 16, 2024
Slide 2: Forward-Looking Statement
Forward-Looking Statement Certain statements in this presentation are forward-looking statements. In some cases, Shyft has identified forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "
Slide 3: Forward-Looking Statement
Forward-Looking Statement No offer or solicitation This communication is for informational purposes only and is not intended to and shall not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell, any securities, or a solicitation of any vote or approval, nor shall there
Slide 4: Presenters & Agenda
Presenters & Agenda 1 Compelling Strategic and Financial Rationale 2 Aebi Schmidt Overview John Dunn Barend Fruithof 3 Driving Value Creation President and CEO Group CEO 4 Q&A
Slide 5: Compelling Strategic and Financial Rationale
+ Compelling Strategic and Financial Rationale
Slide 6: Merger Creates Highly Competitive Specialty Vehicles Company Positioned to Drive Outsized Growth
Merger Creates Highly Competitive Specialty Vehicles Company Positioned to Drive Outsized Growth Scaled-up global specialty vehicles leader focused on attractive North American market, with a strong European presence Expanded portfolio, shared innovation, and deep relationships strengthen 52% soluti
Slide 7: Merger Accelerates Shyft's Strategy to Create Value
Merger Accelerates Shyft’s Strategy to Create Value Shyft’s Strategic Focus Areas + Advances position in high-growth commercial work truck and infrastructure Attractive End-Markets end-markets while diversifying business towards other attractive markets Combines highly complementary product portfoli
Slide 8: Creating a Top 3 Specialty Vehicles Leader
Creating a Top 3 Specialty Vehicles Leader 2023 Revenue ($M) $2,638 $2,565 $1,853 $1,723 $1,690 $1,244 $1,117 $981 $872 $568 (1) (2) MergeCo (2) Source: Company information, FactSet; Aebi Schmidt financials presented on a Swiss GAAP FER basis; Financials converted to USD using a EUR / USD exchange r
Slide 9: Key Transaction Highlights
Key Transaction Highlights Transaction Structure Value Creation • All-stock merger, tax-free to Shyft shareholders • Growth, margin and FCF(1) accretive pre- and post-EV adjustments • Pro forma ownership: 48% Shyft / 52% Aebi Schmidt shareholders • EPS accretive in year 1 • NASDAQ listed and Swiss d
Slide 10: Aebi Schmidt Overview
©+¥ Aebi Schmidt Overview
Slide 11: Aebi Schmidt: Specialty Vehicles Leader with Broad Offering in Attractive End Markets
Aebi Schmidt: Specialty Vehicles Leader with Broad Offering in Attractive End Markets Street Sweeping and Commercial Airport Snow & Ice Clearing Marking, Environmental Agriculture Trucks & Trailers Snow & Ice Clearing Maintenance 14 Production facilities, including 9 in North America, and 6 upfit ce
Slide 12: Aebi Schmidt: Demonstrated Ability to Drive Sales Growth and Outsized Margin Expansion
Aebi Schmidt: Demonstrated Ability to Drive Sales Growth and Outsized Margin Expansion 2022 – 2024E Revenue ($M) 2022 – 2024E Adj. EBITDA ($M) 2024E Order Intake of $1,050M and Backlog of $673M Demonstrates Continued Positive Momentum 300 bps Adjusted EBITDA margin expansion since 2022 6.7% 8.9% 9.7
Slide 13: Aebi Schmidt: Track Record of M&A Integration and Synergy Realization
Aebi Schmidt: Track Record of M&A Integration and Synergy Realization Acquisition of leading US manufacturer of snow removal and cleaning machines, gaining access to attractive North American airport sector 2015 Meyer Products and Swenson Spreader Revenue ($M) EBITDA ($M) +99% +140% 149 24 2018 M-B
Slide 14: Driving Value Creation
©+W Driving Value Creation
Slide 15: Scaled Platform in Attractive North American Market, Complemented by Strong European Presence
Scaled Platform in Attractive North American Market, Complemented by Strong European Presence 2023 Revenue ($M) 100% 25% $457 $872 53% 47% $457 + $523 Proforma Combined ~$1.9B $1,395 75% North America Europe & ROW Source: Company information; Aebi Schmidt financials presented on a Swiss GAAP FER bas
Slide 16: Best of Both Companies – How We Will Win
Best of Both Companies – How We Will Win OPERATIONAL CUSTOMER FOCUS MARKET POSITION INNOVATIVE AND EFFICIENCY AND SALES EXCELLENCE AND REACH DIVERSE SOLUTIONS ✓ Advanced production facilities ✓ Established fleet customer ✓ U.S. leader in parcel and freight ✓ Wide-ranging product portfolio relationsh
Slide 17: Strong Financial Profile with Margin Expansion
Strong Financial Profile with Margin Expansion 2024E Pro Forma Revenue ($M)(1) 2024E Pro Forma Adjusted EBITDA ($M)(1,2,3) Adjusted EBITDA margin ~$50 ~$1,950 9.1% 9.7% 10.5%+ $1,064 $200+ $25 – $30 $103 $837 $76 Blue Arc and $28 ITU-related adjustments $48 2024 Guidance Synergies Synergies (run-rat
Slide 18: Synergies Create Value with Additional Long-term Upside
Synergies Create Value with Additional Long-term Upside $25 - $30 Million Achievable Run-rate Synergies Creates Significant Value $20 - $25M Cost Synergies • Vertical integration • Cost-saving opportunities from combined supply chain Growth, margin and FCF(1) accretive organization • Operational eff
Slide 19: Merger Creates Highly Competitive Specialty Vehicles Company Positioned to Drive Outsized Growth
Merger Creates Highly Competitive Specialty Vehicles Company Positioned to Drive Outsized Growth Scaled-up global specialty vehicles leader focused on attractive North American market, with a strong European presence Expanded portfolio, shared innovation, and deep relationships strengthen 52% soluti
Slide 20: Q&A
+ Q&A
Slide 21: Investors and Media Contacts
Investors Randy Wilson Vice President, Investor Relations and Treasury Randy.Wilson@theshyftgroup.com / 248.727.3755 Media Sydney Machesky Director, Corporate Communications Sydney.Machesky@theshyftgroup.com / 586.413.4112 FGS Global Jim Barron/Warren Rizzi shyft@fgsglobal.com
Slide 22: © V7
© V7
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