Private equity firm Borgman Capital announced the sale of equipment rental company Aerial Work Platforms, Inc., which has a location in Kenosha, 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, tele-handlers and forklifts.
Borgman acquired AWP in December 2020 from company founder Pat Barney. AWP has locations in Sussex, Janesville, Neenah and Kenosha, and is the one of the largest independent rental equipment companies in the state based on fleet size, according to a prepared announcement from the company.
“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,” the company stated.
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Following Barney’s planned retirement, Borgman Capital hired rental equipment industry-veteran Robert Rivera as president. Sequoya Borgman, founder and CEO of Borgman Capital, praised Rivera’s time as president, including the “strong customer service culture he 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,” Borgman said. “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, for his part, praised the “incredible talent” at AWP.
“The team’s dedication to customer service will remain our focus as part of Herc Rentals,” Rivera said. “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 an equipment rental supplier with 2023 total revenues of about $3.3 billion, according to the release. 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.
