Locations:
Sussex, Janesville, Neenah and Kenosha, Wisconsin
Transaction Type:
Leveraged buyout
Industry:
Equipment Rental
Hold Period:
December 2020 - December 2023
“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.”
-Robert Rivera
Former President, Aerial Work Platforms
Overview
Founded in 1979, Aerial Work Platforms, Inc. (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. During the three-year investment period, AWP’s growth was driven by strategic equipment purchases, fleet diversification, operational improvements, geographic expansion and increasing market share.
Value Creation
Leadership Succession
Following the founder’s planned retirement, Borgman Capital hired rental equipment industry-veteran Robert Rivera as president to execute on new growth initiatives.
Geographic Expansion
A fourth location opened in May 2022 in Kenosha to better serve Southeast Wisconsin customers.
Ancillary Product Offerings
AWP expanded product offerings to include complementary and specialized equipment such as generators and concrete tools.
Fleet Utilization
Through a combination of strategic equipment purchases and a strong customer service culture, fleet utilization rates and rental revenue climbed to record levels.
Transaction Outcome
Borgman Capital successfully exited to Herc Rentals, one of the leading equipment rental suppliers in North America.
Performance information presented on this website has not been audited or verified by a third party. Nothing on this website should be interpreted to state or imply that past performance is an indication of future performance. All investments involve risk and are not guaranteed.