Milwaukee-based private investment firm Borgman Capital LLC has acquired three area manufacturing companies and has plans to continue adding southeastern Wisconsin manufacturers to its portfolio.
Under its new umbrella company, Milwaukee-based Material Handling Holdings LLC, Borgman acquired Waukesha-based Solution Dynamics Inc. and Lift Products Inc. from William Pedriana; and Waupun-based Derco Manufacturing Inc. from Richard Davies. The separate transactions closed June 14 and involved a total of nine sellers, said Sequoya Borgman, managing director of Borgman Capital.
According to a recent SEC filing, Borgman raised $3.45 million in equity for the acquisitions. Borgman declined to disclose the total acquisition costs.
Lift Products manufactures ergonomic industrial equipment including lift tables, tilt tables, up enders and electric platform trucks. Derco Manufacturing is a metal fabricator that helps manufacture Lift Products’ equipment. Solution Dynamics distributes warehouse, storage and industrial equipment such as ergonomic equipment, conveyor systems, stackers, drum handling equipment, lifting systems and hoist/cranes.
A total of about 40 employees work at the three companies, and all will continue working at their respective companies in the same locations, he said. Borgman doesn’t have any changes planned. He said the transactions were driven by the owners’ desire to exit.
“They were established businesses that have been around for a long time,” Borgman said. “The plan’s not to make significant changes. The plan is to keep current management in place and continue what’s already been established.”
Borgman said he plans to continue acquiring southeastern Wisconsin material handling companies under the Material Handling Holdings entity.
