Otter Tail Corp. announced the sale of its trucking business, E.W. Wylie of Fargo, N.D., to Walden Smokey Point, a Dallas-based holding company. Walden’s operating company, Smokey Point Distributing, is a provider of flatbed and heavy-haul trucking based in the Pacific Northwest. Terms were not announced.
“This is a great outcome for both Otter Tail Corporation and Walden Smokey Point,” said Edward J. “Jim” McIntyre, Otter Tail interim chief executive officer. “It is consistent with our stated strategy of realigning our business portfolio, while also adding value to Walden Smokey Point’s complementary interests in the transportation field.”
E.W. Wylie will continue to be operated independently, with the trucking company headquarters remaining in West Fargo. “This transaction will enable us to leverage the considerable industry expertise that exists between our flatbed and heavy-haul trucking business, Smokey Point Distributing, and that of E.W. Wylie,” says Don Daseke, CEO of Walden Smokey Point. “Smokey Point and Wylie will work together to better serve all customers.”
The transaction was facilitated by Transport Capital Partners. “It was especially heartening to help these two great companies find each other,” says Lana Batts, TCP managing partner. “In today’s economic environment, carriers have to think outside the box and look for opportunities that present quality shippers and drivers. I commend the leadership at Walden Smokey Point for seeing the opportunity in E.W. Wylie.”