“Working with Matt, Jakob, and Calder Capital was a great experience. Matt was a transparent communicator throughout, and Calder was professional. It’s not every day that a third and fourth-generation-owned family business decides to transition — that’s a monumental decision. We have deep respect for the legacy Mary Helen and her family built at Harlo. From the start, we were inspired by the strength of the team, dedication of the workforce and their pride in the product, as well as the company’s role in its community. We are honored to be entrusted with the next chapter.”
– Ben Axelrod, Managing Director, Borgman Capital, Milwaukee, WI (Buyer)
Calder Capital is excited to announce Harlo Products (“Harlo”) of Grandville, Michigan, has been acquired by Borgman Capital of Milwaukee, Wisconsin.
Harlo offers several models of rough terrain forklifts, as well as related service parts and attachments. Due to their maneuverability and durability, Harlo forklifts are trusted in demanding environments such as citrus orchards, lumber yards, scrapyards, and a wide variety of rugged agricultural settings. Its forklifts are sold and leased through agricultural equipment dealerships across North America. In planning and executing an exit, Harlo Co-Owners engaged Calder Capital’s Sell-Side Advisory team.
With Borgman Capital’s partnership, Harlo gains access to additional resources and operational support to pursue new markets, expand capacity, and develop new products. The company will continue operating under the Harlo name with its current leadership in place and 54 employees.
“It is a meaningful milestone to transition our family business to new ownership,” said Harlo CEO Mary Helen Crooks. “We weren’t just looking for a buyer, we were looking for the right partner. Our employees have given so much to this company, and we felt a deep responsibility to get this transition right. Borgman Capital understands what Harlo stands for and shares our values. Their track record working with companies like ours gave us confidence in their ability to support both our employees and customers in the years to come.”
“It’s an honor to carry forward the legacy of a business like Harlo, which has earned the trust of its customers over generations by manufacturing exceptional products,” stated Sequoya Borgman, founder and CEO of Borgman Capital. “We are excited to work alongside the current team to expand capabilities and pursue new opportunities while staying true to what has made Harlo successful.”
Matthew Baas of Calder Capital served as the Lead Mergers & Acquisitions Advisor to Harlo, aided by his colleague Jakob Simonds throughout the transaction process.
“Working with Matt, Jakob, and Calder Capital was a great experience,” added Ben Axelrod, Managing Director of Borgman Capital. “Matt was a transparent communicator throughout, and Calder was professional. It’s not every day that a third and fourth-generation-owned family business decides to transition — that’s a monumental decision. We have deep respect for the legacy Mary Helen and her family built at Harlo. From the start, we were inspired by the strength of the team, dedication of the workforce and their pride in the product, as well as the company’s role in its community. We are honored to be entrusted with the next chapter.”
“We are deeply grateful to Mary Helen and her team for trusting Calder to guide this important transition,” said Baas. “It was a pleasure to work with her, the Harlo management team, and the Borgman Capital team. Harlo has a strong future ahead; it is a truly remarkable company, comprised of incredibly talented employees.”
“Congratulations to Matthew, Jakob, Harlo, and Borgman Capital,” noted Max Friar, Managing Partner of Calder Capital. “We’re proud to have helped secure a legacy exit for our clients and a bright future for Harlo.”
Calder Capital served as the exclusive Sell-Side Mergers and Acquisitions Advisor to Harlo Products. The sellers were also advised by Mike Jones of Warner Norcross + Judd and Doeren Mayhew.
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. The Company sells its products to John Deere and other independent equipment dealerships, which rent or sell the forklifts to operators in the farm and agriculture, lumber, junkyard, landscaping, construction, and oil and gas industries. 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. Borgman Capital partners with business owners, management teams, and property owners seeking private equity as a growth or exit strategy. We collaborate with sellers to understand their goals and ensure a smooth transition of legacies and assets. Borgman Capital is headquartered in Milwaukee with additional operations in the Twin Cities. Learn more at BorgmanCapital.com.
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.
