- Blackford Capital acquired GEC through its Michigan Prosperity Fund in 2015
- The U.S. construction industry is projected to grow 8.8 percent in 2022 to reach $1.35 trillion and $1.65 trillion by 2026
- “Our work with the Grand Equipment team has delivered a positive return to our investors,” said Martin Stein, Founder and Managing Director of Blackford Capital
Blackford Capital has announced its exit from Grand Equipment Company (GEC) through a sale to Cognitive Capital Partners.
Blackford acquired GEC through its Michigan Prosperity Fund in 2015. GEC was founded in 2000 and is headquartered in Hudsonville. It is a heavy equipment dealer that sells and rents multi-line construction equipment, parts, and services.
Blackford Capital was founded in 2010 and is a private equity firm headquartered in Grand Rapids. It looks to acquire, manage, and build lower middle market manufacturing, industrial and distribution companies. To date it has 10 portfolio companies producing $650 million in revenue.
Cognitive Capital is a Chicago based investor focused on companies in technical and business services, as well as manufacturing and industrial products and services.
“Our work with the Grand Equipment team has delivered a positive return to our investors,” said Martin Stein, Founder and Managing Director of Blackford Capital. “Cognitive Capital will be a strong partner for Grand Equipment to deliver steady growth across short, medium and long-term perspectives.”
“Grand Equipment is excited to continue our growth trajectory in West Michigan with this transition from Blackford Capital to Cognitive Capital Partners,” said Jeff Grasman, Grand Equipment CEO. “We successfully partnered with the Blackford team to grow the organization and look forward to a future of additional regional growth, deepened market share and an increased footprint.”