Private investment firm Borgman Capital has acquired Michigan-based manufacturer of rough terrain forklifts and attachments Harlo corporation.

According to a statement by Borgman Capital, the transaction was welcomed by the previous owners of Harlo.

“It is a meaningful milestone to transition our family business to new ownership,” says Mary Helen Crooks, former CEO and owner of Harlo.

“Borgman Capital understands what Harlo stands for and shares our values. Their track record working with companies like ours gave us confidence in their ability to support both our employees and customers in the years to come.”

Harlo offers several models of rough terrain forklifts – which are suitable for use in environments such as citrus orchards, lumber yards, scrapyards, and various agricultural settings – as well as related parts and attachments.

The company will continue operating under the Harlo name with its current leadership and 54 employees in place.

According to Borgman Capital, the acquisition will provide Harlo with access to additional resources and operational support to pursue new markets, expand capacity and develop new products.

“We are excited to work alongside the current team to expand capabilities and pursue new opportunities while staying true to what has made Harlo successful,” says Sequoya Borgman, founder and CEO of Borgman Capital.

The transaction marks Borgman Capital’s 20th company acquisition since the firm’s founding in 2017. The terms of the transaction were not disclosed.