A pair of local attorneys have acquired an overhead material handling equipment company in Allegan County.
Otsego Crane & Hoist Company, based in Otsego, was recently acquired by two Grand Rapids-based intellectual property attorneys who wish to remain anonymous, according to Calder Capital, which served as the exclusive mergers and acquisitions adviser to Otsego Crane & Hoist in the transaction.
Terms of the deal were not disclosed.
Founded by Ron Hill in 1989, Otsego Crane & Hoist is a distributor, designer, fabricator and service provider of overhead material handling equipment to industrial customers across the U.S., primarily in Michigan. The company has six employees and sells complete bridge crane systems, powered and manual hoists, festoon systems, and other material handling equipment accessories and parts. Otsego also offers preventive maintenance, inspections, repairs, upgrades and more.
After 32 years of owning and operating Otsego Crane & Hoist, Hill and his wife, Charlotte Hill, were ready to begin transitioning into retirement. In late 2019, Hill engaged Calder Capital to find a buyer. Sam Scharich and Matt Uhl were the lead advisers on the transaction.
“The Calder team was incredibly helpful,” Hill said. “It took longer than any of us could have anticipated, but Sam and Matt were professional and patient, and they were always available to answer questions.”
The buyers said they are eager to get started in continuing to grow Otsego Crane & Hoist.
“(My partner) and I were very pleased when we came across this opportunity,” one of the buyers said. “We were in the market for an investment opportunity for a while, and we’re excited to see where we’re able to take the company.”