Core Equipment Group, a full-service heavy construction equipment dealership serving New Jersey, Maryland, Delaware and the greater Philadelphia market, continues to build its executive leadership team with the appointment of Michael (Mike) Lippenholz as chief financial officer, following the recent appointment of John Groff as chief executive officer.
The leadership additions come as Core Equipment Group advances its long-term growth strategy following its formation in February 2026, when LB Advisors LLC, a Santa Monica, Calif.-based private equity firm, acquired the assets and employees of GT Mid Atlantic LLC to create a strengthened, independently operated dealership platform anchored by its status as an authorized dealer for CASE Construction Equipment.
Groff brings more than 25 years of progressive leadership experience in the heavy equipment dealership industry, positioning Core Equipment Group for operational stability and accelerated growth across the Mid-Atlantic region.
As CEO, Groff oversees all aspects of Core Equipment Group's operations across its eight locations, with responsibility for executing the company's long-term growth strategy and strengthening relationships with OEM partners, customers and employees throughout the region.
According to the company, Groff is a proven CEO and senior executive with a distinguished track record in the construction equipment market, bringing deep expertise in managing complex OEM partnerships and driving operational excellence across multi-location dealership organizations. His appointment reflects Core Equipment Group's commitment to assembling a best-in-class leadership team capable of delivering on its long-term vision.
"This is a tremendous opportunity to build something exceptional in the Mid-Atlantic market," Groff said. "We have the right ownership, the right brand partners and the right team to deliver a level of service and expertise that construction professionals in this region deserve."
Further strengthening that leadership team, Core Equipment Group announced the appointment of Lippenholz as chief financial officer.
He brings more than 25 years of experience in financial leadership, strategic planning, mergers and acquisitions, corporate finance, legal affairs and business transformation. Throughout his career, he has helped organizations improve profitability, strengthen financial performance, secure financing and successfully navigate complex transactions and growth initiatives, according to the company.
Prior to joining Core Equipment Group, he served as chief financial officer of Globe Pequot Publishing Group, a leading independent publishing and distribution company with more than $100 million in annual revenue. His diverse background also includes leadership roles in consulting, forensic accounting, restructuring and legal services. As both a certified public accountant and attorney, Lippenholz offers a unique combination of financial, operational and legal expertise that will support the company's continued growth and long-term success, the company said.
As CFO, Lippenholz will oversee all financial operations, including accounting, financial planning and analysis, treasury management, banking and lender relationships, budgeting, forecasting, compliance, risk management and strategic financial initiatives across the organization.
"Mike's [Lippenholz] extensive experience in financial leadership, business operations, banking relationships and strategic transactions makes him an outstanding addition to our executive team," said Groff. "As we continue building a strong foundation for future growth, Mike's expertise and leadership will play a critical role in helping us achieve our goals while delivering exceptional value to our customers, employees and business partners."
"I am excited to join Core Equipment Group during this important stage of the company's evolution," said Lippenholz. "The organization has a strong reputation, talented employees and significant opportunities ahead. I look forward to working with the leadership team to support sustainable growth, operational excellence and long-term success."
The appointments of Groff and Lippenholz reflect a deliberate strategy by LB Advisors to pair its financial backing with experienced operating and financial leadership. Harald Ludwig and Russell Belinsky, co-founders of LB Advisors, have expressed strong confidence in the executive team's ability to guide the organization through its next phase of stability, growth and value creation.
Headquartered in Essex, Md., Core Equipment Group serves customers throughout New Jersey, Maryland, Delaware and the Philadelphia market. Since 1958, the company and its predecessor organizations have been leaders in the Mid-Atlantic construction equipment industry. Core operates eight locations providing sales, service, rental and parts support for new and used construction equipment.
Led by CASE Construction Equipment, Core Equipment Group represents a comprehensive lineup of manufacturers including Liebherr, Etnyre/BearCat, Sakai, Astec (Roadtec, Carlson and Peterson) and Midland Manufacturing, among others.
LB Advisors LLC is a private equity firm focused on recapitalizations, special situations and acquisitions of small and middle-market companies. The firm invests in businesses with revenues of $15 million to $100 million across a broad range of industries, including industrials, specialty manufacturing, value-added distribution, aviation and business services.
