What Borgman Capital does

Borgman Capital is a Milwaukee-based independent sponsor private equity firm founded in 2017 by Sequoya Borgman. The firm acquires majority interests in established lower middle market businesses — typically with $10 million to $100 million in annual revenue and $2 million to $15 million in EBITDA — that are founder-led and frequently face succession or growth-capital needs. Since inception, Borgman has completed 21 company acquisitions across eight current platform companies spanning food processing (Gilman Cheese, SouthEastern Meats, Dairyfood USA), industrial manufacturing and equipment (Material Handling Holdings, Harlo, Durex, AWP), construction/home improvement (K.G. Stevens, Minnesota Tile & Stone), chemical distribution for EV batteries and agriculture (Technical Products Inc.), pet products (Buck Bone Organics), and data/cloud consulting (Continuus Technologies).

Borgman runs a relationship-led origination model that screens 1,200 to 1,500 companies per year and invests in only two to four, sourcing deals through a network of lower-middle-market investment bankers, brokers, and direct owner relationships. The firm differentiates itself through flexible deal structures (phased exits, seller financing, sale-leasebacks), an integrated real-estate-plus-operating capability, and a stated policy of empowering rather than micro-managing management teams. Capital is raised outside the traditional institutional LP base primarily through the firm's "Pass the Hat" online platform, which connects accredited investors, family offices, endowments, and foundations to deal-by-deal private market opportunities with minimums typically starting at $50,000; the firm cites a network of more than 500 individual and family office LPs.

The firm has offices in Milwaukee (headquarters), Indianapolis, Portland, and the Twin Cities, with a real estate practice launched in 2021 that has grown to approximately 1.5 million square feet of industrial and multifamily assets. Notable realizations include the sale of Material Handling Holdings to Ballymore (Graycliff) in 2023, Aerial Work Platforms to Herc Rentals in 2024, and Durex Products to Gerard Daniel Worldwide in 2025, with a 57% IRR reported on a recent exit. Borgman was named a 2023 TOP 50 PE Firm in the Middle Market by GCI Publishing.

Name

Borgman Capital

Legal name

Borgman Capital LLC

Website

https://www.borgmancapital.com/

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Borgman Capital is a Milwaukee-based independent sponsor private equity firm founded in 2017 that acquires majority interests in lower middle market businesses with $10M-$100M revenue and invests in industrial and multifamily real estate, raising capital through its Pass the Hat retail investor platform.

Ownership category

akta.pro rank

Product category

Private Equity / Lower Middle Market Investing

NAICS

Portfolio Management and Investment Advice (523940), All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282), Investors, Nec (6799)

akta.pro primary industry

Independent Sponsor / Fundless Sponsor ETA (FSANALAB)

akta.pro secondary industries

Middle-Market Lending (FSANADAI), Private Credit & Direct Lending Fundraising Placement (FSAEALAE)

Keywords

• Lower middle market investing
• Private equity acquisitions
• Sale leaseback transactions
• Independent sponsor investing
• Industrial real estate investment

Headquarters

HQ city

Milwaukee

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Private Equity Investment Returns: Borgman Capital generates returns by acquiring control of operating companies, improving their operations and growth, and eventually exiting through sales to strategic buyers or other private equity firms. Each investment vehicle owns control of an operating company or real estate property that is acquired.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels7 records

Core offering

Borgman Capital is an independent sponsor private equity firm that acquires controlling interests in lower middle market businesses with $10–100 million in annual revenue and $2–15 million in EBITDA, while also operating a real estate investment practice focused on sale leasebacks and industrial/multifamily assets. The firm additionally operates the Pass the Hat online platform, which gives accredited investors access to its private market deals.

Product overview

Borgman Capital is a private equity firm offering a unified investment platform comprising three core service offerings: (1) private equity acquisitions of lower middle market businesses with $10-100M revenue, (2) integrated real estate investment services including sale leasebacks and property acquisitions, and (3) the Pass the Hat retail investor platform providing access to private market opportunities. The firm operates as an independent sponsor model, partnering with business owners seeking growth or exit strategies.

Differentiator

Problem solved

Functional benefit

Brands

• Pass the Hat: Online platform connecting accredited U.S. investors to Borgman Capital's private market investment opportunities, including private equity and real estate investments.

Products and services

• Private Equity Investment Services Acquisition of controlling interests in established lower middle market businesses with $10–$100 million in annual revenue and $2–$15 million in EBITDA, typically founder- or family-led companies seeking a growth partner or exit. Targeted at business owners, founders, and management teams across the U.S. Midwest and Upper Midwest.
• Real Estate Investment Services Integrated real estate investment services including sale leasebacks, property acquisitions, and development for industrial, multifamily, office, and mixed-use assets, with deal sizes between $5 and $65 million. Targeted at property owners and business owners who want to monetize real estate alongside a business transition.
• Pass the Hat Online platform that connects accredited U.S. investors, family offices, endowments, and foundations to Borgman Capital's private market investment opportunities in private equity and real estate. Most deals require a minimum investment of $50,000, available only to accredited investors under Rule 501 of Regulation D.

Quantifiable outcome

• AWP grew through strategic equipment purchases, fleet diversification, operational improvements, and geographic expansion to Kenosha during three-year investment period
• +3 more outcomes

Named customers11 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

15 partnerships are on record, tiered supporting and strategic.

• Ernst & YoungsupportingOthers · 3 June 2025Ernst & Young performed accounting diligence and advisory services for the Harlo Corporation transaction.
• Calder CapitalsupportingOthers · 3 June 2025Calder Capital served as exclusive financial advisor to Harlo Corporation in the transaction.
• Reinhart Boerner van DeurensupportingOthersReinhart Boerner van Deuren served as legal counsel for Borgman Capital on multiple transactions including Harlo.
• Gerard Daniel Worldwide (GDW)strategicOthersGerard Daniel Worldwide, a Graycliff Partners LP portfolio company and leading global supplier of wire, wire cloth, wire mesh, and filtration products, acquired Durex Products from Borgman Capital.
• SouthEastern MeatsstrategicOthersBorgman Capital acquired Alabama-based frozen food producer SouthEastern Meats with plans to expand into the Midwest. Deal involved $8 million raise for the acquisition.
• Husch BlackwellsupportingOthersHusch Blackwell served as legal counsel for Borgman Capital on the North Towne acquisition and other real estate transactions.
• Marquette University Real Estate Asset Program (REAP)supportingStrategic or Co-development PartnerBorgman Capital partnered with Marquette University's REAP program on their first industrial investment. Students analyze offerings and provide investment analysis as a hands-on educational experience.
• Eutectic CorporationstrategicOthersBorgman Capital completed a sale leaseback transaction with Eutectic Corporation involving their 78,033 SF industrial facility in Menomonee Falls, Wisconsin.
• Harlo CorporationstrategicOthersBorgman Capital acquired Harlo Corporation, a leading manufacturer of rough terrain forklifts based in Grandville, Michigan. The 88-year-old family business has 54 employees and sells through agricultural equipment dealerships.
• Continuus TechnologiesstrategicOthersBorgman Capital made a growth equity investment in Continuus Technologies, a data engineering and cloud consulting company with about 50 team members. Premier partner to Snowflake, Alteryx, FactSet, Fivetran and Tableau.
• Buck Bone OrganicsstrategicOthersBorgman Capital invested in Buck Bone Organics, a Bozeman, Montana-based company offering 100% natural antler chews, treats and toys for dogs. Products sold through Amazon, Costco, Chewy, and Hollywood Feed.
• Godfrey & KahnsupportingOthersGodfrey & Kahn served as legal counsel for Borgman Capital on the Continuus Technologies investment.
• Herc Rentals Inc.strategicOthersHerc Rentals Inc. acquired Aerial Work Platforms from Borgman Capital. Herc Rentals is one of the leading equipment rental suppliers in North America with 2023 total revenues of approximately $3.3 billion.
• Ballymore Company, Inc.strategicOthersBallymore Company, Inc., a portfolio company of Graycliff Partners LP, acquired Material Handling Holdings from Borgman Capital after a five-year hold period.
• Asset ClasssupportingStrategic or Co-development PartnerAsset Class is a platform partner featured in podcast discussions about democratization of private capital and retail investor access.

Scale indicators10 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Tonka Capital Partners: Independent sponsor and lower-middle-market PE firm based in the Midwest with a comparable focus on founder-led business transitions and integrated real estate capabilities.
• Northstar Capital: Independent sponsor private equity firm investing in lower-middle-market operating companies, with comparable deal size, sector-agnostic approach, and Midwest presence.
• Branch Capital Partners: Independent sponsor and lower-middle-market PE firm acquiring founder-led businesses, structurally similar to Borgman's fundless sponsor model and target deal profile.
• The Brookhill Group: Independent sponsor private equity firm focused on lower-middle-market operating companies, sharing Borgman's flexible deal structuring and founder-transition focus.
• LFM Capital: Lower-middle-market private equity firm focused on U.S. manufacturing and industrial businesses with a comparable $10-100M revenue deal profile to Borgman Capital.
• Clairvest Group: Canadian-based private equity firm focused on lower-middle-market operating companies with a long-hold, partnership-oriented model similar to Borgman's.
• Generational Equity: Large M&A advisory and deal-making platform focused on selling lower-middle-market businesses, operating in the same deal ecosystem and competing for the same founder-led exit opportunities.

Broad incumbents

• Graycliff Partners: Lower-middle-market private equity firm that has acquired two Borgman portfolio companies (Ballymore/Material Handling Holdings, Gerard Daniel/Durex Products), making it both a strategic exit counterparty and comparable peer.

Others

• Calder Capital: M&A advisory firm that has served as exclusive financial advisor on Borgman transactions (e.g., Harlo Corporation), sitting in the same lower-middle-market deal ecosystem.
• O2 Sponsor Finance: Provider of a $30M credit facility to Borgman for the Gilman Cheese recapitalization; a sponsor-finance lender that supports the broader independent sponsor ecosystem in which Borgman operates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/borgman-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A10 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Borgman Capital