FAME will back $5M loan to allow sale of a South Portland trailer company

Courtesy / Atlantic Great Dane Inc. Atlantic Great Dane is expected to be acquired soon by its longtime employee and President Gene Masteller.

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By Jessica Hall

The Finance Authority of Maine has provided loan insurance for the pending purchase of Atlantic Great Dane Inc. by its president, a transaction expected to create or retain 27 jobs in Maine, the authority said.

FAME’s board approved loan insurance on half of the $5.1 million loan by Gorham Savings Bank to help finance the purchase of the company by longtime employee and President Gene Masteller.

Masteller said the purchase of the company has not yet closed, but that it will soon.

The commercial loan insurance program from FAME, a quasi-independent state agency that provides financial solutions, insures a portion of a loan to a business made by a participating financial institution or investment firm.

“The pandemic and resulting pent-up demand for goods in the supply chain nationwide has made it difficult for many businesses and consumers to access adequate freight transportation services. Atlantic Great Dane has been able to prosper during these challenging times and has plans for growth moving forward,” said David Daigler, FAME’s board chair.

Atlantic Great Dane, located in South Portland, was formed in 1988 as an independent dealer of Great Dane Trailers Inc., a privately held company based in Chicago and Savannah, Ga.

Atlantic Great Dane provides sales, service, parts and rentals to the transportation industry. The company deals in truck trailers, refrigerated and dry freight truck bodies, flatbed trailers and converter dollies.

“We are very appreciative of FAME’s support as we keep the company in Maine hands with local control and employees,” Masteller said. “We look forward to continued growth as we strive to address the need for transportation services nationwide as the pandemic lessens. Demand for new trucking trailers is high and the outlook for the trucking industry generally looks positive for growth.”