(New York, NY) – Cortec Group (“Cortec”), a New York based private equity firm which invests in middle-market healthcare, consumer, and specialty products, service, and distribution businesses, announced that on July 20, 2012 its affiliate, Cortec Group Fund V, L.P. (“Cortec Fund V”), acquired Harmar Mobility, LLC (“Harmar” or the “Company”) in partnership with Harmar’s Founder and President, Chad Williams and members of his family. Terms of the transaction were not disclosed.
Based in Sarasota, Florida, Harmar is a leading designer, manufacturer, and marketer of mobility and accessibility solutions focused primarily on the vehicle and residential lift segments. The Company’s core products include vehicle lifts, stair lifts, vertical platform lifts, turning seats, residential elevators, ramps, and bath lifts, among others. Harmar’s products are sold across multiple dealer-based distribution channels as well as through Veterans’ Administration hospitals under company-owned brands, such as Harmar®, Summit™, Pinnacle™, Alpine™, Freedom Seat™, and certain customer private labels.
“Through organic growth initiatives and selected acquisitions, Harmar has developed the industry’s most innovative, comprehensive, and high quality product set and paired it with unparalleled service. This combination has enabled the Company to become a value-added partner for a loyal customer base and been a key driver of the Company’s success” said Jeffrey A. Lipsitz, a Managing Partner at Cortec.
“As an industry leader in a growing market, we believe Harmar is well positioned to continue to gain market share across its distribution channels and to capitalize on the favorable demographic trends in its market,” added David L. Schnadig, also a Managing Partner at Cortec. “We look forward to working with Chad and the rest of the Harmar team to achieve their growth objectives.”
Chad Williams, who will continue in his current position and remain a material shareholder, explained, “We were looking for a partner with healthcare investing experience and were impressed with Cortec’s successful track record of growing medical products businesses. Our management team is confident that we have found the right partner to support the Company as we enter our next phase of development.” The Harmar acquisition represents Cortec Fund V’s second platform investment, following its June investment in YETI® Coolers. Cortec Fund V had its final closing in 2011 with $620 million in total committed capital.
About Harmar Mobility, LLC
Founded in 1998, Harmar is a leading designer, manufacturer, and marketer of mobility and accessibility solutions for individuals who use power wheelchairs/scooters or are otherwise mobility impaired. For additional information, please visit www.harmar.com.
About Cortec
Founded in 1984, Cortec acquires high value-added, middle-market healthcare, consumer, and specialty products, service, and distribution businesses from owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Cortec currently manages over $1 billion in its two active funds and targets platform acquisitions with enterprise values of $40 million to $300 million and smaller follow-on acquisitions. Additional information about Cortec can be found at www.cortecgroup.com.
