FARGO, N.D., Feb. 8, 2013 (GLOBE NEWSWIRE) -- Otter Tail Corporation (Nasdaq:OTTR) today announced it has sold substantially all of the assets of ShoreMaster, its waterfront equipment manufacturing business, to High Street Capital, a longstanding private equity group based in Chicago, IL. The impact of this transaction on the 2012 Otter Tail Corporation consolidated financial results will be disclosed in the company's earnings release on February 11, 2013.
ShoreMaster will continue to operate independently, with its headquarters remaining in Fergus Falls, MN. "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."
Joseph R. Katcha, Principal at High Street Capital added, "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. With the management team, we plan to grow the business and continue to offer the quality service ShoreMaster's customers have come to expect from this market leading company."
About ShoreMaster: ShoreMaster is a premier manufacturer of boat lifts, docks, and accessories for residential and marina use in the waterfront equipment industry. ShoreMaster's products can be found near the water's edge, providing value to the owners of first-class marinas and residential lake homes the world over. www.ShoreMaster.com
About High Street Capital: High Street Capital, founded in 1997, is a leading lower middle market private equity firm headquartered in Chicago, IL. They provide flexible capital and operating expertise to drive high-quality manufacturing, services and distribution businesses to the next stage of their growth. www.HighStreetCapital.com
About Otter Tail Corporation: Otter Tail Corporation has interests in diversified operations that include an electric utility and energy services company, and infrastructure businesses that include manufacturing, construction and plastics. Otter Tail Corporation stock trades on the NASDAQ Global Select Market under the symbol OTTR. The latest investor and corporate information is available at www.ottertail.com. Corporate offices are located in Fergus Falls, Minnesota, and Fargo, North Dakota.
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CONTACT: Media contact: Michael J. Olsen, Sr. Vice President of Corporate Communications (701) 451-3580 or (866) 410-8780 Investor contact: Loren Hanson, Manager of Investor Relations (218) 739-8481 or (800) 664-1259