Milwaukee-based private equity firm
Borgman Capital has sold one of its portfolio companies, Sussex-based
Aerial Work Platforms, to Bonita Springs, Florida-based
Herc Rentals. Terms of the deal were not disclosed.
Founded in 1979, AWP specializes in the rental, service and sale of aerial lift equipment including scissor lifts, boom lifts, telehandlers and forklifts. Borgman Capital acquired AWP in December 2020 from the company’s founder, Pat Barney. AWP has locations in Sussex, Janesville, Neenah and Kenosha.
Herc Rentals is one of the leading equipment rental suppliers in North America with 2023 total revenues of approximately $3.3 billion.
During the three years Borgman Capital owned AWP, the company made strategic equipment purchases, diversified its fleet, made operational improvements, and expanded into Kenosha to increase its market share. Borgman Capital also appointed
Robert Rivera to the role of president.
“We executed many new growth initiatives during the investment period. At the end of the day, AWP’s success comes down to Robert’s leadership and the strong customer service culture he built,” said
Sequoya Borgman, founder and chief executive officer of Borgman Capital. “AWP is an example of what’s possible when the right leader is put in place to build on a founders’ legacy after an ownership transition."
Rivera said the AWP team will remain focused on providing excellent customer service as it becomes part of Herc Rentals.
“I am appreciative of Borgman Capital’s support and the latitude I was given to lead, set ambitious goals and make the pivotal decisions needed to grow the business,” he said.
Milwaukee-based law firm Reinhart Boerner van Deuren served as Borgman Capital’s legal counsel on the transaction.
