Otter Tail Corp. sells ShoreMaster for $13M

Author:
Updated:
Original:

High Street Capital, a private equity firm in Chicago, is buying ShoreMaster from Minn.-based Otter Tail Corp. for $13 million in cash and an undetermined amount of working capital, the Star Tribune reports.

ShoreMaster CEO Don Hurley told the newspaper that the company, which makes docks and boat lifts, will keep its operations in Fergus Falls. He said no further cuts are planned after two years of downsizing.

Last week, Otter Tail Corp, the parent company of Otter Tail Power, reported $39 million in 2012 net income from continuing operations.

Next Up

Related