Borgman Capital, a lower-middle-market private equity firm headquartered in Milwaukee, has added Ben Axelrod as a managing director to initiate the firm’s presence in the Minneapolis-St. Paul area.

Axelrod has more than 20 years of financial advisory experience. Prior to joining Borgman Capital, he was a managing director and group head of the investment banking practice at CLA. Axelrod launched CLA’s M&A advisory capabilities in 2014 to support and guide owners of privately-held businesses during the ownership transition. Previously, Axelrod worked in the Minneapolis offices of Lazard and RBC Capital Markets. He began his career in M&A in Frankfurt, Germany, working at BHF Bank, a subsidiary of ING Barings.