Harlo Corp., an 88-year-old family-owned manufacturer of forklifts has sold to Milwaukee-based Borgman Capital, a private investment firm.
Borgman plans to maintain Harlo’s operations in Grandville under the existing company name and retain all 54 employees, including its management team. This transaction will help Harlo gain access to resources and operational support to pursue new markets, expand capacity and develop new products.
Harlo manufactures forklifts and related parts and attachments that operate in rough terrain such as farms, citrus orchards, lumberyards, junkyards and construction sites. The company sells and leases forklifts through agricultural equipment dealers across North America, including John Deere.
Third-generation family member and former Harlo CEO and owner Mary Helen Crooks said: “It is a meaningful milestone to transition our family business to new ownership. 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.”
Warner Norcross + Judd served as legal counsel to Harlo. The Warner transaction team was led by Michael Jones and included Christian Rhoades, Stephen Kretschman, Philip Haywood, Paul Beach, Daniel Borst, Jonathan Kok and Justin Stemple.
Crain's Grand Rapids Business subscribers can read the news story here.
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