Private equity firm Borgman Capital announced July 15 that it has acquired a majority interest in CMW Equipment — a distributor of concrete production, roadwork and material processing equipment.

Milwaukee-based Borgman Capital will partner with CMW’s existing management team to support the distributor’s next phase of growth. Financial terms of the transaction were not disclosed.

Founded in 1956 and headquartered in Bridgeton, MO, near St. Louis, CMW supplies construction and production equipment for the concrete, asphalt and aggregate industries. Its offerings include new and used equipment sales, rentals, replacement parts, project design and installation, technical support and on-call field service.

CMW began as a distributor of specialized concrete paving and compaction equipment before broadening its product and service capabilities. The company now serves customers across 10 states, according to Borgman Capital. Its equipment lines include asphalt pavers, compactors, milling machines, concrete batch plants, aggregate systems and road maintenance equipment.

Borgman Capital said CMW’s long-tenured management team, including former owners, will remain involved with the business.

“I joined CMW in 1977 as a sales representative and later became an owner,” CMW President Larry Glynn said in the announcement. “This company has been a significant part of my life for nearly five decades, and finding the right successor was extremely important to me.”

Borgman Capital plans to support CMW’s growth by expanding its service offerings and entering new markets. The investment firm cited its experience with equipment distribution, dealer network and rental businesses through portfolio companies including Harlo, Durex Products and Aerial Work Platforms.

The deal represents Borgman Capital’s 21st acquisition since the firm was founded in 2017. The private investment firm targets lower middle-market businesses and is headquartered in Milwaukee, with additional operations in Indianapolis, Portland, OR, and the Twin Cities.

Bank of CMG provided senior financing for the transaction. Reinhart Boerner Van Deuren served as Borgman Capital’s legal counsel, while True North Mergers & Acquisitions acted as CMW’s exclusive financial advisor.