FERGUS FALLS, Minn. – Dock system manufacturer ShoreMaster, Inc., an operating company of Otter Tail Corp. (NASDAQ: OTTR), has acquired Southeast Floating Docks, Inc., of St. Augustine, Fla., it reported in a statement today.
The transaction, the terms of which were not disclosed, involved an exchange of cash for assets.
“This acquisition fits our strategy in two ways,” explained Erik Ahlgren, president of ShoreMaster. “First, we are able to offer a wider range of products in order to provide our customers the best solution for their waterfront needs. Second, we are expanding our geographic reach within the southeast. We now have locations on both coasts, as well as in the upper Midwest and the south-central region of the country, allowing us to more effectively reach customers from these national vantage points.”
Denis Flaschner II, operations manager of Southeast Floating Docks, said joining ShoreMaster will expand growth opportunities for both organizations. “Not only will our product line offerings increase, we will also have access to resources and capital in order to significantly grow our presence in this region.”
Southeast Floating Docks, which was formed in 1986 and builds concrete floating dock systems for marinas, had revenues of $4.5 million in 2004 and employs 23 at its St. Augustine plant.
ShoreMaster, which has manufactured waterfront equipment since 1972, has plant locations in Camdenton, Miss. and Adelanto, Calif., in addition to its Fergus Falls operations. While, like Southeast Floating Docks, it builds custom floating dock systems for marinas, it also makes residential boatlifts and other waterfront equipment.
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