NFI Group was created on June 16, 2005, as the holding company of New Flyer Industries so it could be publicly traded on the Toronto Stock Exchange.

was named one of Canada's Top 100 Employers, which was announced in The Globe and Mail newspaper, and the company was featured in Maclean's newsmagazine.

As competing manufacturer Daimler exited the North American market in 2013, New Flyer purchased the aftermarket parts business for its Orion brand of heavy-duty transit buses for US$29 million.

[11] On November 10, 2015, New Flyer agreed to acquire motorcoach manufacturer Motor Coach Industries from KPS Capital Partners for US$459 million,[12] with the deal closing on December 18, 2015.

[13][14] On December 1, 2017, NFI acquired Middlebury, Indiana-based small cutaway and medium duty bus manufacturer ARBOC Specialty Vehicles for US$95 million.