Harmar Partners with New Investor

Harmar has joined financial forces with Cortec Group.

In a news announcement about a new investment agreement, Harmar - which manufactures a wide range of adaptive automotive and home accessibility products -- called Cortec Group "a leading investor which focuses on high-growth investment opportunities in the healthcare and wellness markets."

In an interview with Mobility Management, Harmar President Chad Williams noted, "Harmar's innovative, customer- and product-driven culture is now backed by Cortec's financial and operational strengths."

On its Web site, Cortec Group, based in New York City, described itself as "a private equity investment firm which uses the extensive operating experience of our principals to help management teams grow companies and meaningfully add value to their businesses. We target specialty middle-market manufacturing, distribution and service companies with revenues of $40-300 million and proprietary products or services."

In explaining the new relationship, Williams said, "Cortec partners with companies that are already performing exceptionally well, yet have huge opportunity still ahead. Their role is to support our management team in growing the business rather than having day-to-day involvement. Cortec will be actively involved at the board level and add value to Harmar by lending their extensive operating experience to make us a better company overall."

Commenting on what benefits Cortec Group brings to the table, Williams added, "This partnership will accelerate every important initiative within the company and make improvements in areas Harmar customers will feel, such as product development, lean initiatives, customer tools and complementary acquisitions, to name just a few. Ultimately, this translates to a better customer experience and a stronger, more successful company."

Harmar is based in Sarasota, Fla. Its product offerings auto lifts, turning seats, stair lifts, vertical platform lifts, residential elevators and other ancillary products.

About the Author

Laurie Watanabe is the editor of Mobility Management. She can be reached at lwatanabe@1105media.com.

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