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Published in Manufacturing

Otsego equipment manufacturer acquired by individual investors

BY Friday, April 02, 2021 04:02pm

OTSEGO — Otsego Crane & Hoist Co., a manufacturer that specializes in overhead material handling equipment, has been sold to individual investors.

Grand Rapids-based merger and acquisition advisers Calder Capital LLC, which worked with the Otsego-based company on the deal, announced the sale on Friday. 

Terms of the deal were not disclosed. The company was purchased by two Grand Rapids-based intellectual property attorneys, who chose to remain anonymous.

Otsego Crane & Hoist — which designs, fabricates, distributes and services overhead material equipment like hoists, cranes, and festoon systems — was established in 1989 by former owner Ron Hill.

Hill will transition to retirement upon exiting the company. Hill initially engaged Calder Capital about sourcing a buyer back in 2019. Finding the right buyer was a problem only compounded by the disruptions brought on by the COVID-19 pandemic.

“This was a nail-biter of a transaction for everyone involved,” Sam Scharich, director of business development for Calder Capital, said in a statement. “There were many hurdles to overcome due to the pandemic that added many additional steps to the process, yet everyone involved persevered and ultimately the process culminated in a successful transaction with both sides eager to take the next steps.”

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