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.”
