Borgman Capital, a lower middle market private equity firm, announced the sale of its portfolio company Aerial Work Platforms, Inc. (“AWP”), an equipment rental company, to Herc Rentals Inc. Terms of the transaction 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, Wisconsin, and is the number one independent rental equipment company in the state based on fleet size.
During the three-year investment period, AWP’s growth was driven by strategic equipment purchases, fleet diversification, operational improvements, geographic expansion to Kenosha, and increasing market share. Following Mr. Barney’s planned retirement, Borgman Capital hired rental equipment industry veteran Robert Rivera as 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 CEO of Borgman Capital. “AWP is an example of what’s possible when the right leader is put in place to build on a founder’s legacy after an ownership transition. It was a pleasure to partner with Robert and the team over the last three years and we will be cheering everyone on in their next phase of growth.”
Rivera said: “The outstanding success we achieved is a direct result of the incredible talent at AWP. The team’s dedication to customer service will remain our focus as 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.”
Founded in 1965, Herc Rentals is one of the leading equipment rental suppliers in North America with 2023 total revenues of approximately $3.3 billion. Herc Rentals’ parent company, known as Herc Holdings Inc., was listed on the New York Stock Exchange on July 1, 2016, under the symbol “HRI.” Herc Rentals serves customers through approximately 400 locations and has about 7,200 employees in North America.
Reinhart Boerner van Deuren served as Borgman Capital’s legal counsel on the transaction.
