Milwaukee-based private equity firm
Borgman Capital has sold its portfolio company
Material Handling Holdings for an undisclosed price to Coatesville, Pennsylvania-based manufacturer
Ballymore Company, Inc.
Ballymore is a portfolio company of New York City-based
Graycliff Partners LP.
In 2018, Borgman Capital acquired three southeastern Wisconsin manufacturers including Waukesha-based
Solution Dynamics Inc. and
Lift Products Inc., along with Waupun-based
Derco Manufacturing Inc. All three manufacturers were combined under a single umbrella company: Material Handling Holdings.
With multiple locations in Wisconsin, MHH is a leading supplier of custom, highly engineered lifting and positioning equipment including lift tables, tilt tables, upenders, and electric carts.
During the five-year investment period, Borgman Capital worked with MHH management to boost online sales efforts and diversify their customer base. MHH is now also a vertically integrated operation and performs manufacturing, assembly and customization in-house.
“I am extremely proud of what we achieved with MHH leadership to combine three founder-owned businesses, build a streamlined platform and grow the top and bottom lines,” said
Sequoya Borgman, founder and chief executive officer of Borgman Capital. “There are numerous growth opportunities on the horizon for MHH with Ballymore. MHH will be a strong addition to Ballymore’s offerings and Ballymore has the expertise and infrastructure in place to lead MHH through its next chapter.”
Ballymore is a designer and manufacturer of safety-centric equipment for use by retailers, OEMs, and distribution customers. Since its founding in 1945, Ballymore has grown from its origins as the first manufacturer of rolling ladders to a provider of a variety of safety-focused electric lifts, ladders, work platforms, portable loading docks, and other related material handling equipment.
Milwaukee-based investment bank
Taureau Group served as financial advisor and Milwaukee-based law firm
Reinhart Boerner Van Deuren served as legal counsel on the transaction.
