Universal Trailer said it is selling its Cargo Group Division (UTC) – consisting of Haulmark, Wells Cargo and UltraLav trailer brands – to American Cargo Group, a new Indiana corporation owned by Kaufman Trailers. Kaufman is based in Lexington N.C.
Terms of the deal were not disclosed.
The company said it plans to continue to own and operate the other UTC brands in its portfolio, including Haulmark Motorcoach, Exiss, Featherlite and Sooner aluminum trailers.
“I am very pleased with this transaction as I believe we have transitioned the company, its well-known brands, its employees and its dealers to excellent hands,” said Gary DiCamillo, chief executive of Universal Trailer.
UTC acquired Haulmark in 2002 and Wells Cargo in 2009, then “helped them navigate through some of the most tumultuous times in the industry’s history,” the company said.
“We believe UTC’s Cargo Group Division has the best brands, dealer network and employees in the business, and within the American Cargo Group they will be part of an entrepreneurial, dynamic and financially secure enterprise that is committed to growing the business over the long term,” said Ali E. Wambold, UTC’s board chairman.
“American Cargo Group is the right partner for UTC, and now is the right time for UTC to move on to the next chapter in the company’s exciting future, focused on its leading horse, livestock and specialty trailer business under the Featherlite, Exiss and Sooner brands.”
The purchase agreement was executed and effective July 20, the company said.
“This acquisition represents an exceptional and significant opportunity to enhance the growth of American Cargo Group and advance the company’s strategic focus on enclosed cargo trailer business,’’ said Tim Lilly, American Cargo Group chief executive. “Haulmark and Wells Cargo are brands that I have admired for many years while working in the industry. We value the longstanding success and brand recognition of Haulmark and Wells Cargo and are committed to providing their team of dedicated employees the resources they need to continue and expand upon the success they have built over the past 60 years. This investment also illustrates our confidence in the future of the cargo trailer industry.”
UTC has manufacturing facilities located in Bristol and Elkhart, Ind.; McAdoo Pa.; Waco, Texas; and Ogden Utah. All are included in the acquisition.
American Cargo Group’s corporate office will be in Elkhart. The existing senior management team will continue to help lead the business, the company said.
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“Both Haulmark and Wells Cargo are pioneers in the cargo trailer industry and have a long history of integrity, quality and innovation,” said Gary Mackelprang, president of American Cargo Group. “I’m excited to continue this tradition and help lead these great brands into the next stage of their growth.”