Lower middle market private equity firm (independent sponsor)

Borgman Capital

At a glance

EBITDA range$2M to $15M S3
Revenue range$10M to $100M S3
Deal typesPlatform, Add-on S3
GeographyMidwest US, United States S3
SectorsConsumer & Food, Industrial & Manufacturing, Distribution, Construction Services

What Borgman Capital buys

Borgman Capital is a Milwaukee firm founded in 2017 by Sequoya Borgman, a CPA who spent two decades advising on M&A deals. It buys founder-owned and family businesses whose owners are weighing retirement, succession or a growth push, and it counts 22 company acquisitions so far. It works as an independent sponsor rather than from a committed fund: each deal is set up as its own investment vehicle and funded by a network of more than 500 individual investors and family offices, which the firm says lets it hold a company for 10 years or more.

For a platform it looks for $10 million to $100 million of revenue and $2 million to $15 million of EBITDA, with a record of profits and healthy cash flow. Add-ons have no revenue minimum. It calls itself industry agnostic, with holdings in food and consumer products, traditional manufacturing, infrastructure products and services, and business services. Most of its companies are in the Midwest, though it looks across the US. A separate real estate team buys industrial buildings, including sale-leasebacks from owner-operators.

Recent deals

Announced in the 24 months before October 26, 2026.

DateCompanyTypeSectorSource
Oct 2026Continuus TechnologiesMilwaukee data, AI and cloud engineering consultancy sold to Acuity Analytics, a Permira portfolio companyExitIT Services & MSPSource
Aug 2026Professional Concrete Cutting & DrillingIndiana concrete cutting, drilling and scanning contractor; the founder and CEO keeps running the businessPlatformConstruction ServicesSource
Jul 2026CMW EquipmentSt. Louis area distributor of concrete, roadwork and aggregate equipment founded in 1956; long-time managers and former owners stay involvedPlatformDistributionSource
Dec 2025Durex ProductsWisconsin maker of screen media and wear parts sold to Gerard Daniel Worldwide, a Graycliff Partners companyExitIndustrial & ManufacturingSource
Jul 2025Eutectic Corporation (headquarters building)Real estate deal: sale-leaseback of the company's 78,000 square foot Menomonee Falls, Wisconsin facilityInvestmentSource
Jun 2025Harlo Corporation88-year-old family-owned Michigan maker of rough terrain forklifts; current leadership stays in placePlatformIndustrial & ManufacturingSource

Portfolio by sector

From the firm's portfolio page S4.

Construction Services

  • Professional Concrete Cutting & Drilling

Consumer & Food

  • Buck Bone Organics
  • Southeastern Meats
  • Gilman Cheese Corporation

Distribution

  • CMW Equipment
  • Technical Products, Inc.

Industrial & Manufacturing

  • Harlo Corporation

Other

  • K.G. Stevens

Past investments: Continuus, Durex Products, Aerial Work Platforms, Material Handling Holdings, AscendTek

Greymont’s take

How Borgman Capital fits a seller

Borgman fits owners of established, profitable companies in everyday industries, such as food, manufacturing, equipment distribution or specialty contracting, who are planning a retirement or a family handoff, especially in the Midwest. Its recent deals follow a pattern: Harlo kept its name and leadership, CMW's long-time managers and former owners stayed involved, and PCCD's founder kept running the company. Owners who also own their building can sell the business and the property to the same buyer.

The deal-by-deal model has trade-offs. With no fund deadline, Borgman can hold a company for a long time. But each deal's equity is raised from individual investors, so an owner should ask how the equity will be raised after a letter of intent and what happens if it falls short. The firm says it has never come up short on equity across 22 deals, which is worth confirming with past sellers.

Questions owners ask

What size companies does Borgman Capital buy?

For platform investments it targets companies with $10 million to $100 million of annual revenue and $2 million to $15 million of EBITDA. It has no minimum revenue for add-on acquisitions to its existing companies.

Does Borgman Capital invest from a fund?

No committed fund. Borgman describes itself as an independent sponsor that sets up a separate vehicle for each deal, funded by more than 500 accredited individuals and family offices, which it says frees it from a fixed holding period.

Can Borgman Capital buy my building along with my business?

Yes. It offers to buy a business and its real estate in one transaction, and its real estate team targets industrial and manufacturing buildings worth $5 million to $65 million. In July 2025 it completed a sale-leaseback with Eutectic Corporation.

Sources

  1. S1Borgman Capital home page Accessed October 26, 2026
  2. S2Borgman Capital: Who We Are Accessed October 26, 2026
  3. S3Borgman Capital: Investment Criteria Accessed October 26, 2026
  4. S4Borgman Capital: Our Companies (current) Accessed October 26, 2026
  5. S5Borgman Capital: Our Companies (former) Accessed October 26, 2026
  6. S6Borgman Capital Announces Sale of Continuus Technologies to Acuity Analytics (October 8, 2026) Accessed October 26, 2026
  7. S7Professional Concrete Cutting & Drilling Partners with Borgman Capital (August 25, 2026) Accessed October 26, 2026
  8. S8Borgman Capital Invests in CMW Equipment (July 15, 2026) Accessed October 26, 2026
  9. S9Borgman Capital Exits Investment in Durex Products (December 1, 2025) Accessed October 26, 2026
  10. S10Borgman Capital Completes Sale Leaseback Transaction with Eutectic Corporation (July 14, 2025) Accessed October 26, 2026
  11. S11Borgman Capital Acquires Harlo Corporation (June 3, 2025) Accessed October 26, 2026
  12. S12Independent Sponsorship and Patient Capital: Sequoya Borgman podcast summary (October 6, 2026) Accessed October 26, 2026
  13. S13Borgman Capital Acquires Industrial Manufacturing Facility in Menomonee Falls (October 30, 2025) Accessed October 26, 2026
  14. S14Borgman Capital: News Accessed October 26, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Borgman Capital. Figures are as reported on the dates shown and may have changed. Request a correction

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