Universal Trailer said it’s selling its Cargo Group Division (UTCCG) made up of the Haulmark, Wells Cargo and UltraLav trailer brands to American Cargo Group, a new Indiana corporation owned by the Kaufman Trailers organization headquarted in Lexington NC.
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, CEO 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 UTCCG, 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 Definitive 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 in enclosed cargo trailer business,” said Tom Lilly, American Cargo Group CEO. “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 sixty years. This investment also illustrates our confidence in the future of the cargo trailer industry.”
UTCCG has a total of five manufacturing facilities in Bristol IN, Elkhart IN, McAdoo PA, Waco TX and Ogden UT, which are included in the acquisition.
American Cargo Groups corporate office will be in Elkhart. The existing senior management team will continue to help lead the business.
“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.”