Borgman buys Gilman Cheese

Borgman Capital has acquired Gilman, Wisconsin-based Gilman Cheese Corporation, a maker of processed cheese. No financial terms were disclosed.


MILWAUKEE, March 4, 2019– Milwaukee-based private investment firm Borgman Capital LLC has acquired Gilman Cheese Corporation, a leading manufacturer of premium processed cheese, based in Gilman, Wisconsin.

Borgman Capital acquired Gilman Cheese Corporation from Tom and Char Hand who has been with the corporation since 1994 and purchased it in January of 2000. The transaction closed on February 28, 2019. The acquisition of Gilman Cheese Corporation is Borgman Capital’s largest acquisition to date. Sequoya Borgman, Founder and Managing Director of Borgman Capital, observed, “Tom and Char Hand built a wonderful company and we are honored that they chose us to be the stewards of their business, their employees, and the Gilman community.” Borgman Capital partnered with Tecum Capital, who provided mezzanine debt and equity, Johnson Financial Group, who provided senior debt, Midwest Growth Partners, who provided equity and eighty-five limited partners who provided equity for the deal. Reinhart Boerner & Van Deuren served as legal counsel on the transaction. Tom Hand remains the President of Gilman Cheese Corporation and rolled over a material equity stake in the company.

With respect to the sale to Borgman Capital, Tom Hand said, “Char and I interviewed many firms. We were impressed by Borgman’s knowledge and enthusiasm, but what struck us most was their kindness. Immediately after meeting Sequoya and David, we felt they were the type of people we wanted for a partner. Char and I knew they would be good stewards of our company and employees. We feel the future is bright for Gilman Cheese.” Founded in 1948, the Wisconsin based Gilman Cheese Corporation employs over 120 employees who help produce premium processed cheese. Gilman Cheese Corporation is the largest employer in the Village of Gilman. The company is a leading innovator, developer, and manufacturer of premium high-quality, clean label processed cheeses.

ABOUT GILMAN CHEESE CORPORATION: Gilman Cheese Corporation specializes in premium quality, shelf stable processed cheese for the gift pack, retail, and airline industry as well as smoked cheese, both natural and processed. Gilman Cheese Corporation produces 1.6 million pounds of processed cheese per month in more than 450 different products. These products can range from fat-free and reduced fat processed cheese products to flavored shelf stable cheese for the gift pack and airline industry to high quality slicing cheese for the deli case. The company’s website is located at

ABOUT BORGMAN CAPITAL: Borgman Capital is a privately held investment firm focused on acquiring majority interests in established closely held lower-middle market companies. Our focus is profitable businesses with identifiable growth opportunities. We are a buy and hold investor. Our strategy is to minimize the use of leverage in order to invest in and grow the portfolio long-term. We are an independent sponsor, and we raise equity for each transaction. The primary source of funds are personal equity, accredited investors, and family offices. The firm’s website is located at