Blackford Capital (Blackford), a lower middle market private equity firm, has exited its investment in Grand Equipment Company (Grand Equipment or GEC) through a sale to Cognitive Capital Partners (Cognitive), a Chicago-based investment firm.

Grand Equipment is a multi-line equipment dealer offering the sale and rental of a wide range of heavy construction equipment, both new and used, and provides parts and service to a diverse, resilient customer base, primarily in greater Grand Rapids and the broader Western Michigan market. 

Blackford Capital acquired GEC, led by founder and CEO Jeff Grasman, through its Michigan Prosperity Fund in 2015. During its time as a Blackford Capital portfolio company, Grand Equipment made investments in its management team, improved equipment mix and its rental fleet, strengthened relationships with customers and OEMs, and used the resulting growth to improve the balance sheet.