Cortec Group announced today that it has acquired Harmar Mobility, a mobility and accessibility products company, in partnership with Harmar’s Founder and President, Chad Williams and members of his family.
Harmar is a designer, manufacturer, and marketer of mobility and accessibility products focused primarily on the vehicle and residential lift segments. The company’s products include vehicle lifts, stair lifts, vertical platform lifts, turning seats, residential elevators, ramps and bath lifts, among others. Harmar’s products are sold across multiple dealer-based distribution channels as well as through Veterans’ Administration hospitals under company-owned brands, such as Harmar, Summit, Pinnacle, Alpine, Freedom Seat, and certain customer private labels. The company was founded in 1998 and is based in Sarasota, FL (www.harmar.com).
Chad Williams will continue in his current position and remain a material shareholder. “We were looking for a partner with healthcare investing experience and were impressed with Cortec’s successful track record of growing medical products businesses. Our management team is confident that we have found the right partner to support the company as we enter our next phase of development,” said Mr. Williams.
Cortec Group invests in middle-market specialty manufacturing, service, healthcare and distribution businesses with enterprise values of $40 million to $300 million. Cortec currently manages over $1 billion in its two active funds and targets platform acquisitions with enterprise values of $40 million to $300 million. The firm was founded in 1984 and is based in New York, NY (www.cortecgroup.com).
“As an industry leader in a growing market, we believe Harmar is well positioned to continue to gain market share across its distribution channels and to capitalize on the favorable demographic trends in its market,” said David Schnadig, a Managing Partner at Cortec. “We look forward to working with Chad and the rest of the Harmar team to achieve their growth objectives.”