Borgman Capital has acquired Harlo Corporation, a Grandville, Michigan-based manufacturer of rough terrain forklifts and attachments. The acquisition marks a new chapter for Harlo, an 88-year-old, family-owned business known for producing durable, American-made equipment and maintaining strong dealer relationships across North America.
“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,” said 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.”
Harlo manufactures multiple models of rough terrain forklifts, as well as service parts and attachments. Designed for maneuverability and durability, its equipment is widely used in agricultural and industrial environments, including citrus orchards, lumber yards, scrapyards and other rugged job sites. Forklifts are sold and leased through a network of agricultural equipment dealerships throughout North America.
“It is a meaningful milestone to transition our family business to new ownership,” said Mary Helen Crooks, third-generation family member and former CEO and owner. “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.”
The company will continue to operate under the Harlo name, retaining its current leadership and 54 employees. Borgman Capital plans to support Harlo with additional resources to expand production capacity, develop new products and explore new market opportunities.
This acquisition is Borgman Capital’s 20th since its founding in 2017. Highland Bank provided senior financing, and Reinhart Boerner Van Deuren served as legal counsel. Ernst & Young conducted accounting diligence and advisory services, while Calder Capital acted as exclusive financial advisor to Harlo. Financial terms of the deal were not disclosed.
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