Otter Tail Corporation has sold substantially all of the assets of ShoreMaster, its waterfront equipment manufacturing business, to High Street Capital.
ShoreMaster is a manufacturer of boat lifts, docks, and accessories for residential and marina use in the waterfront equipment industry. The company was founded in 1972 and is based in Fergus Falls, MN (www.ShoreMaster.com).
“This transaction will enable us to leverage High Street Capital’s experience in growing middle market companies with the knowledge of ShoreMaster’s management team in the waterfront equipment industry,” said Joseph Katcha, a Principal at High Street Capital.
High Street Capital acquires, recapitalizes and provides growth capital to outsourced business services, niche manufacturing and value-added distribution and logistics companies in the central US with revenues of $10 million to $100 million. The firm is based in Chicago (www.HighStreetCapital.com).
Otter Tail was established in 1907 as an electric utility but has pursued a diversification strategy since the late 1980’s to acquire interests in the health services, manufacturing, plastics, construction, transportation, telecommunications, energy services, and entertainment industries. The company has over $1.2 billion in annual revenues and more than 4,000 employees. Otter Tail’s stock trades on the NASDAQ under the symbol OTTR. The company has offices in Fergus Falls, MN and Fargo, ND (www.ottertail.com).
“This is a good outcome for Otter Tail Corporation, High Street Capital and ShoreMaster,” said Otter Tail Corporation president and CEO Edward J. “Jim” McIntyre. “It fits with our ongoing strategy of business portfolio alignment, while also adding a great opportunity for High Street Capital to acquire an experienced leader in the production of waterfront equipment.”
© 2013 PEPD • Private Equity’s Leading News Magazine • 2-13-13
