Borgman Capital Acquires Harlo Corporation to Continue 88-Year Legacy in Rough Terrain Forklifts
MILWAUKEE – (June 3, 2025) – Borgman Capital announced today it has partnered with Harlo Corporation (“Harlo”), a leading manufacturer of rough terrain forklifts and attachments based in Grandville, Michigan. This transition marks the next chapter for the 88-year-old, third- and fourth-generation family business, which has built a reputation for American-made reliability and 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 offers several models of rough terrain forklifts, as well as related service parts and attachments. Due to their maneuverability and durability, Harlo forklifts are trusted in demanding environments such as citrus orchards, lumber yards, scrapyards, and a wide variety of rugged agricultural settings. Its forklifts are sold and leased through agricultural equipment dealerships across 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.”
With Borgman Capital’s partnership, Harlo gains access to additional resources and operational support to pursue new markets, expand capacity and develop new products. The company will continue operating under the Harlo name with its current leadership in place and 54 employees.
This transaction marks Borgman Capital’s 20th company acquisition since the firm’s founding in 2017. Terms of the transaction were not disclosed.
Highland Bank provided senior financing and Reinhart Boerner van Deuren served as legal counsel for Borgman Capital. Accounting diligence and advisory services for the transaction were performed by Ernst & Young. Calder Capital served as exclusive financial advisor to Harlo.
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About Borgman Capital
Founded in 2017, Borgman Capital is a private investment firm focused on acquiring successful lower middle market businesses that are poised for growth, and real estate properties with untapped potential. Borgman Capital partners with business owners, management teams and property owners seeking private equity as a growth or exit strategy. We collaborate with sellers to understand their goals and ensure a smooth transition of legacies and assets. Borgman Capital is headquartered in Milwaukee with additional operations in the Twin Cities. Learn more at borgmancapital.com.
About Harlo
Harlo is a specialized forklift manufacturer headquartered in Grandville, Michigan with a vast dealer network spanning across North America. While the major players in the heavy equipment manufacturing space focus on a variety of equipment types, Harlo provides a superior product by focusing on one specialized offering: rough terrain forklifts. The Company sells its products to John Deere and other independent equipment dealerships which rent or sell the forklifts to operators in the farm and agriculture, lumber, junkyard, landscaping, construction, and oil and gas industries. Learn more at harlo.com.
For more information
Marit Harm
Borgman Capital
marit.harm@borgmancapital.com
