Herc Rentals has acquired Wisconsin based AWP (Aerial Work Platforms Inc) from private equity firm Borgman Capital. The terms of the transaction have not yet been disclosed.
Pat Barney founded AWP in 1979, to rent, sell and service aerial lifts, including scissor lifts, boom lifts, telehandlers and regular forklifts. Borgman Capital acquired the business from Barney in December 2020 and now claims that it is the largest independent rental company in Wisconsin, with locations in Sussex, Janesville, Neenah and Kenosha. Barney handed over the reins of the business Robert Rivera when he retired after a transition period. Under Borgman’s ownership the company has expanded and diversified its fleet and added the Kenosha branch.
Borgman chief executive Sequoya Borgman said: “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 has built. 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. 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 added: “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.”
Established in 2017, Borgman Capital invests in lower middle market businesses with annual revenues of between $10 and $100 million that it feels are poised for growth.
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