True North Mergers & Acquisitions Advises CMW Equipment in Partnership with Borgman Capital

MINNEAPOLIS – JULY 27, 2026 – True North Mergers & Acquisitions served as exclusive financial advisor to CMW Equipment in connection with Borgman Capital’s investment in CMW Equipment, a leading distributor of concrete production and roadwork equipment headquartered in St. Louis, Missouri. Borgman Capital announced that it will partner with CMW Equipment’s management team to support the company’s next phase of growth. Terms of the transaction were not disclosed.
Industry perspective: The transaction highlights continued investor interest in durable, relationship-driven equipment distribution businesses with strong management teams, differentiated customer value propositions, and opportunities for long-term growth.

"What stood out to us about CMW is the combination of a strong business model, a knowledgeable team and a reputation built over decades of serving customers well," said Sequoya Borgman, Founder and CEO of Borgman Capital. "CMW has consistently evolved to meet customer needs while maintaining a high standard of service. With a long-tenured management team, including former owners, remaining involved, we look forward to supporting the company's continued growth while preserving the culture and customer relationships that have made CMW successful."

Founded in 1956 by three construction industry professionals, CMW initially focused on specialized concrete paving and compaction equipment. Over the years, the company expanded its capabilities to include project design, new and used equipment sales, parts and supplies, equipment rentals, and on-call service support. Currently, CMW Equipment serves customers across 10 states.

"I joined CMW in 1977 as a sales representative and later became an owner. This company has been a significant part of my life for nearly five decades, and finding the right successor was extremely important to me," said Larry Glynn, President of CMW. "Borgman Capital understands the importance of preserving a company's legacy while investing in its future. They bring experience, resources and strategic support that will help CMW continue to grow and serve our customers."

Borgman Capital will support the company's continued growth through expanded service offerings and entry into new markets. The firm has prior experience investing in businesses that operate equipment distribution, dealer network and rental-based business models, including Harlo, Durex Products and Aerial Work Platforms.

The transaction marks Borgman Capital's 21st acquisition since the firm's founding in 2017.

About True North Mergers & Acquisitions

True North Mergers & Acquisitions advises business owners on sales, acquisitions, valuations, and ownership transitions, with specialized experience serving equipment distributors, dealers, and asset-intensive businesses. The firm’s equipment team includes Andy Schwandt, M&A Advisor, CBI, MBA, whose background spans more than two decades in the construction and mining equipment industry, and Erik Stapleton, Vice President, CFA, MBA, whose extensive M&A experience includes equipment and vehicle dealerships and transaction work across valuation, diligence, forecasting, and transaction execution.

Together, Andy Schwandt and Erik Stapleton bring experience and guidance in the M&A process as well as a practical understanding of equipment distribution, dealership operations, customer relationships, rental and service models, and the priorities that matter to founder- and family-owned businesses evaluating succession, growth, or transition options.

About CMW Equipment

Founded in 1956, CMW Equipment is a leading distributor of construction, aggregate, environmental, and material processing equipment, providing equipment sales, parts, service, and technical support to customers throughout the Midwest. Headquartered near St. Louis, the company is recognized for its strong customer relationships, experienced team, and commitment to helping customers succeed. Learn more at cmw-equip.com.

About Borgman Capital

Founded in 2017, Borgman Capital is a private investment firm focused on acquiring successful lower middle market businesses that are poised for growth, and real estate properties with untapped potential. Borgman Capital partners with business owners, management teams and property owners seeking private equity as a growth or exit strategy. We collaborate with sellers to understand their goals and ensure a smooth transition of legacies and assets. Borgman Capital is headquartered in Milwaukee with additional operations in Indianapolis, Portland, Oregon, and the Twin Cities. Learn more at borgmancapital.com.