Private Equity Firm Acquires Grand Equipment
Blackford Capital, a national private equity firm headquartered in Grand Rapids, Mich., has invested in Hudsonville, Mich.-based Grand Equipment, a family owned and operated, construction equipment distributor offering rentals, new and used equipment sales, parts and service.
The transaction is the sixth by Blackford’s Michigan Prosperity Fund, which invests exclusively in Michigan companies to generate best-in-class equity returns and support the Michigan economy. Founded in 2000 by brothers Jeff and Matt Grasman, Grand Equipment has grown to one of the largest multi-line construction equipment, parts, service, sales and rental dealers in Michigan.
“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. 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. We are extremely impressed with Jeff and Matt’s leadership, and we are excited to support the Grand Equipment team as they grow the company to the next level.”
Today, Grand Equipment operates out of a 30,000-square-foot facility situated on 8.5 acres in Hudsonville, Mich. and employs 37 people in the West Michigan region. All sale, rental, parts and service operations are currently centralized in this location. Grand Equipment’s management team will remain in place with Jeff Grasman continuing his role as CEO.
“We’re very pleased to join forces with the Blackford Capital team and are enthused by the potential they see in our company,” said Grasman. “We have enjoyed a loyal and growing customer base from dozens of various industries and have served more than 2,500 customers over the last five years. We are excited to partner with Blackford for continued success as they provide our team with the right resources and talent to bring our business to the next level of performance and growth.”
The Michigan Prosperity Fund, created in 2012, invests in Michigan companies and supports the Michigan economy by protecting and creating jobs locally. Fenton-based Burgaflex, Grand Rapids-based Custom Profile, Inc., Metro Detroit-based Mopec, Grand Haven-based Grand Transformers, Inc., and Grand Rapids-based Dickinson Press are the other five companies currently in the fund.
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