Blackford Capital has acquired Grand Equipment, a family owned and operated, value-added distributor of a broad line of construction equipment providing new and used sales, rental, service and parts.
Grand Equipment was founded in 2000 by brothers Jeff and Matt Grasman and the management team will remain in place with Jeff Grasman continuing his role as CEO. The company operates out of a 30,000-square-foot facility located southwest of Grand Rapids in Hudsonville, MI and employs 37 people (www.grandequipment.com).
“With construction nearing a record-breaking pace, demand for reliable and cost-efficient equipment is greater than ever, particularly within Michigan,” said Martin Stein, founder and managing director of Blackford Capital. “Grand Equipment operates in a competitive market with a few large, global retail and rental distributors, but manages to diversify and grow its business through customer service, a quality product offering, and an understanding of the regional construction industry environment.”
The buy of Grand Equipment is the sixth by Blackford’s Michigan Prosperity Fund, which closed in 2012 and invests exclusively in Michigan companies. Other investments include Grand Rapids-based Dickinson Press, Fenton-based Burgaflex, Grand Rapids-based Custom Profile, Oak Park-based Mopec, and Grand Haven-based Grand Transformers.
Blackford Capital invests in middle-market manufacturing, distribution, and service companies in both mature and growing industries. Target companies will have revenues of $20 million to $100 million and EBITDAs of $2 million to $20 million. Blackford has offices in Grand Rapids, MI (headquarters) and Santa Monica, CA (www.blackfordcapital.com).
“We see immense potential in the quality of the products and service that Grand provides, and will look to capitalize on readily available opportunities in order to grow the company into a leading construction equipment provider,” added Mr. Stein.
© 2015 PEPD • Private Equity’s Leading News Magazine • 12-14-15
