Cortec Group corners ramp, lift market
NEW YORK – Cortec Group, a New York-based private equity firm, now has a stake in both a manufacturer and a provider of ramps, lifts and other mobility equipment.
Cortec, which already owns Harmar Mobility, has formed an equity partnership with Wilmington, N.C.-based 101 Mobility. The provider operates 30 locations, primarily through a franchise program.
“After launching our franchise program in 2010, we have experienced a rapid rate of growth,” stated CEO Dave Pazgan, who, along with founders Keith Barnhardt and Luke Sampson, will continue in his role. “Our partnership with Cortec ensures that we have the resources to properly support our franchisees as we expand throughout the country.”
101 Mobility has a number of additional locations in development, according to the release.
Cortec acquired Harmar in July of 2012.
“We look forward to the opportunity to expand our relationship as an important supplier to 101 Mobility as they continue to grow,” stated Chad Williams, CEO of Harmar.
Cortec invests in middle-market specialty products, distribution and services companies that have revenues of $40 million to $300 million, attractive profit margins and strong cash flows, according to its web site.