Cortec Group Buys Harmar Mobility from Seidler

Seidler Equity Partners has sold Harmar Mobility to Cortec Group. Financial terms weren’t announced. Harmar Mobility provides lifts, ramps and elevators to enhance individal mobility. News of the deal was announced by Harris Williams which advised Harmar.

PRESS RELEASE
Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of Harmar Mobility, LLC (Harmar), a leading designer, manufacturer and marketer of mobility and accessibility solutions focused on the vehicle and residential lift segment of the market, to Cortec Group (Cortec). Harmar was a portfolio company of Seidler Equity Partners (Seidler). Harris Williams & Co. acted as the exclusive advisor to Harmar. The transaction closed on July 20, 2012 and was led by Turner Bredrup, James Clark, Geoff Smith and Whit Knier from the firm’s Healthcare & Life Sciences (HCLS) Group.

“Harmar has established itself as a clear leader in the mobility and accessibility market through innovative, comprehensive and high quality products, paired with unparalleled service to an expanding network of loyal customers across multiple dealer-based distribution channels.  This transaction is evidence of the strong interest that continues in the sector, driven by investors’ desire to find scalable business models in a growing market that is positioned to benefit from positive demographic trends, as well as increasing utilization among the expanding addressable population,” said Turner Bredrup, a managing director and head of Harris Williams & Co.’s HCLS Group.

Harmar delivers innovative solutions to help individuals enhance their mobility, independence and quality of life with every product. Available only through the finest dealerships around the world, Harmar’s mobility and accessibility products are designed, built and supported to be the highest quality, most reliable and best value in the industry.  All Harmar products are built with “The Harmar Difference” – they are simpler, stronger, lighter and easier to use.

Based in Marina del Rey, CA, Seidler is a private investment firm that provides long-term capital and value-added strategic resources to visionary executives seeking to grow their business. The firm was founded on the principle that uniting a long-term investor partner with an experienced management team creates the greatest company and shareholder value.

Cortec is a New York-based private equity firm that acquires high value-added, lower-middle market specialty manufacturing, distribution and service businesses with leadership positions in their market niches. Cortec manages over $1 billion of committed capital that it uses to acquire platform companies with enterprise values of $40 million to $300 million as well as smaller follow-on acquisitions.

Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide.  The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence.  Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

The firm’s HCLS Group focuses on transactions across the spectrum of healthcare market segments. For more information, contact Turner Bredrup, James Clark or Cheairs Porter at +1 (804) 648-0072 or Todd Morris at +1 (415) 288-4260.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Services Authority.  Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

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