Milwaukee-based private equity firm Borgman Capital has acquired Aerial Work Platforms, Inc., a company specializing in renting, selling and servicing aerial lift equipment.
“Pat Barney built AWP through exceeding his customers’ expectations and creating a great place to work,” Borgman Capital managing director David Bartelme said in a statement. “We’re very excited to be a part of the future of AWP and continue Pat’s great work."
Founded in 1979, Sussex-based AWP provides a variety of lifts, booms and related equipment to contractors and other customers. The company has over 60 SKUs and 1,600 pieces of equipment.
AWP was the first authorized Genie dealer in Wisconsin and is also a dealer of the Skyjack, JLG, Hy-Brid and Nifty-Lift brands. In addition to the company's headquarters in Sussex, AWP has offices in Janesville and Neenah.
“I am very grateful to have completed the sale of Aerial Work Platform with Borgman Capital,” Barney, AWP former owner and president said in a statement. "My thanks, appreciation, respect, and love go to God and Sue Barney, all present and former coworkers, those who have passed, especially Dan Brown, and all our terrific and loyal customers.”
Borgman Capital primarily invests in lower middle market businesses with revenue between $5 million and $100 million and an EBITDA between $2 and $10 million. The private equity firm currently has 9 active companies in its portfolio.
Terms of the deal were not disclosed.
Associated Bank provided senior financing for the deal. Milwaukee-based Reinhart Boerner Van Deuren s.c. served as legal counsel while Baker Tilly performed accounting diligence and advisory services.