Cresco, Iowa (January 8, 2020) – The Exiss, Featherlite and Sooner brands have been acquired from Universal Trailer Corporation (UTC) by a newly formed corporation, owned by Tim Masud and Howard Palmer. Mr. Masud will serve as CEO and has more than three decades of experience and success as an advisor, dealership owner and investor in the trailer industry. The definitive agreement for this purchase was executed on December 31, 2019.
As the new CEO and ownership partner of the Exiss, Featherlite and Sooner brands, Mr. Masud states, “I am extremely excited about the opportunity to own three iconic brands in the industry that I’ve known and respected throughout my career. Each brand brings something different to the table, and each has served the trailer industry well for many years.
“The Featherlite brand has an amazing history as the first aluminum horse and livestock trailer brand and has been a driving force in multiple trailer segments for more than 40 years. The innovation and creativity of the Exiss brand has been truly impressive, with a 25-year history of producing value-rich trailers to all levels of trailer buyers across multiple markets. The Sooner name is a classic in this industry, and the quality and durability of the Sooner product over the past 50 years is something that has always resonated with me.
“I’d like to thank the past customers, loyal dealerships and talented personnel at Exiss, Featherlite and Sooner for making the brands as strong as they are today. I look forward to the opportunity of building on the tradition of these brands with the help of the people and partners that we already have in place!”
The UTC manufacturing plants in Oklahoma and Iowa are also being acquired as a part of this transaction. Exiss, Featherlite and Sooner trailers will continue to be produced in these plants and will be sold through the established independent network of dealerships that are currently in place.