Calder Capital is proud to announce Harlo Products acquisition by Borgman Capital has been recognized as the winner of the Outstanding Growth Award – Deal of the Year (Between $10MM–$20MM) by ACG West Michigan. Calder Capital served Harlo Products of Grandville, Michigan as its exclusive sell-side advisor in their sale to Milwaukee, Wisconsin-based Borgman Capital.
The transaction, completed in May 2025, stands out as one of the most complex and unique M&A transactions in the region over the past year. Matthew Baas of Calder Capital served as the Lead M&A Advisor to Harlo, with support from Jakob Simonds.
Calder Capital ran a highly competitive process, engaging 256 qualified buyers, generating 29 indications of interest, and securing multiple letters of intent from both strategic and financial acquirers nationwide. Borgman Capital was ultimately selected due to its strong alignment with the seller’s long-term vision, including its commitment to employee retention, management continuity, and sustained growth.
During the ACG West Michigan awards ceremony, Harlo’s leadership recognized Calder Capital for its role in successfully navigating the transaction.
“This deal is a testament to the persistence of everyone involved,” said Sell-Side Managing Director Garrett Monroe. “Navigating deal challenges while maintaining buyer confidence and momentum is no small feat. Matt and the entire team demonstrated what disciplined, relationship-driven M&A execution looks like at its best.”
The acquisition is the start of a new platform investment for Borgman Capital. It also brings meaningful outside investment into West Michigan. Importantly, the transaction preserved the legacy of Harlo, a fourth-generation, unionized manufacturing business, while positioning it for continued expansion and innovation.
“This deal is a strong example of how M&A can balance liquidity, legacy preservation, and long-term value creation,” said Baas. “We’re honored to have guided Harlo through such a pivotal transition.”
The success of the transaction also compliments the strength of the local advisory ecosystem, with a Michigan-based deal team that included Calder Capital, Warner Norcross & Judd, and Doeren Mayhew. Together, the group demonstrated the depth and sophistication of West Michigan’s M&A community in executing complex, labor-impacted transactions.
ACG West Michigan’s Outstanding Growth Awards recognize standout deals based on value, complexity, perseverance, and growth potential. The Harlo transaction exemplifies each of these criteria and sets a benchmark for future deals in the region.
Read the full press release for the acquisition of Harlo here.
A finalist in this category was the acquisition of EBW Electronics by ADAC, a transaction advised by Calder Capital on the buy-side. View the full list of ACG Outstanding Growth finalists here.
About Harlo:
Harlo is a specialized forklift manufacturer headquartered in Grandville, Michigan, with a vast dealer network spanning across North America. While the major players in the heavy equipment manufacturing space focus on a variety of equipment types, Harlo provides a superior product by focusing on one specialized offering: rough terrain forklifts. Learn more at Harlo.com.
About Borgman Capital:
Founded in 2017, Borgman Capital is a private investment firm focused on acquiring successful lower middle market businesses that are poised for growth, and real estate properties with untapped potential. Learn more at BorgmanCapital.com.
About ACG West Michigan:
ACG West Michigan is a leading organization that supports middle-market growth and connects professionals across the regional dealmaking community. As part of the global Association for Corporate Growth (ACG), it brings together leaders from private equity, investment banking, corporate development, lending, legal, and accounting to foster relationships and recognize impactful transactions in West Michigan.
About Calder Capital:
Founded in 2013, Calder Capital is a cross-industry mergers and acquisitions advisory firm with offices across the United States. Calder provides valuation, sell-side, and buy-side services. We are nationally recognized for excellence in advising $1-100M enterprise value transactions in manufacturing, construction, distribution, and business services. Calder serves business owners, entrepreneurs, family offices, financial buyers, and investors. Learn more at www.CalderGR.com.
Notice: Calder Capital, LLC is not affiliated with any similarly named organizations or entities. To verify communications from our firm, visit our website or contact [email protected].