MiddleGround Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, MiddleGround Capital has acquired 10 companies. It has also invested in 1 other.

MiddleGround Capital’s most common sectors for investment aremanufacturing (45%) and automotive (23%) . The Firm’s most common investment types include secondary buyout (50%) and buyout (lbo, mbo, mbi) (39%). In total, MiddleGround Capital has invested in 8 US states and 4 different countries.

In the last 3 years, MiddleGround Capital has exited 1 company. The Firm’s most common exit type is trade sale (100%).

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M&A Summary

  • M&A Total Activity19
    • M&A Buy Activity18
    • M&A Sell Activity1
  • Total Sectors Invested 7
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 2
  • M&A Advisors 6

MiddleGround Capital

201 East Main Street, Suite 810,
Lexington, Kentucky 40507
United States
(917) 698-3754
www.middlegroundcapital.com
admin@middlegroundcapital.com

MiddleGround Capital is a middle-market private equity firm focused on acquiring North American companies valued up to $500 million. MiddleGround looks to commit $20 to $350 million per transaction and generally pursues investments in fundamentally good businesses that align with its operational expertise. Areas of interest include B2B industrial and specialty distribution. MiddleGround Capital was formed in 2018 and has offices in Lexington, Kentucky and New York City.


Investment Criteria

Sectors of Interest: Automotive, Building Materials, Business Services, Chemicals, Construction, Consumer Products, Distribution, Furniture, Infrastructure, Machinery, Manufacturing, Marine, Metals/Mining, Packaging, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Secondary Buyout

Geographic Preferences: East US, Midwest US, South US, West US, Canada

Transaction Criteria Min Max
Target Revenue 75 -
Target EBITDA 15 100
Investment Size 20 350
Enterprise Value - 500
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (2.8/yr) # 4 3 4 3 2 2 18
Sell (0.2/yr) # - - - - 1 - 1
  19

Most Recent M&A

Company Date Value Type
L.S. Starrett Co. 2024-03-11 - Going Private
Athol, Massachusetts · www.starrett.com
IT8 Software Engineering S.L. 2024-03-07 - Growth Capital
Valencia, Spain · www.it8-e.com
Xtrac Ltd. 2023-07-31 - Secondary Buyout
Thatcham, United Kingdom · www.xtrac.com
Edsco Fasteners LLC 2023-07-13 - Trade Sale
Denton, Texas · www.edsco.com
Megatech A.Q. Inc. 2023-01-31 - Buyout (LBO, MBO, MBI)
Québec, Quebec · www.megatechaq.com
SixAxis LLC 2022-11-17 - Secondary Buyout
Andrews, South Carolina · www.sixaxisllc.com
HLC, Inc. 2022-09-20 - Buyout (LBO, MBO, MBI)
Lévis, Quebec · www.hlc.bike
PVI Holdings, Inc. 2022-07-19 - Buyout (LBO, MBO, MBI)
Baton Rouge, Louisiana
Race Winning Brands, Inc. 2021-11-23 - Secondary Buyout
Mentor, Ohio · www.racewinningbrands.com
Lindsay Precast LLC 2021-11-05 - Buyout (LBO, MBO, MBI)
Canal Fulton, Ohio · www.lindsayprecast.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Race Winning Brands, Inc. 2021-11-23 TMG Performance Products LLC 2022-06-30 4
Mentor, Ohio · www.racewinningbrands.com Berea, Ohio · www.tmgperformance.com
Race Winning Brands, Inc. 2021-11-23 TransGo LLC 2022-04-22 3
Mentor, Ohio · www.racewinningbrands.com El Monte, California · www.transgo.com
Shiloh Industries, Inc. 2020-12-01 Benteler International - Two Automotive Facilities 2021-10-05 1
Valley City, Ohio · www.shiloh.com Salzburg, Austria
Shiloh Industries, Inc. 2020-12-01 Shiloh Industries - U.S. BlankLight Business 2021-06-08 2
Valley City, Ohio · www.shiloh.com Valley City, Ohio
Shiloh Industries, Inc. 2020-12-01 Shiloh Industries - CastLight Business 2021-04-13 1
Valley City, Ohio · www.shiloh.com Valley City, Ohio
Banner Industries 2018-01-09 Supra Alloys 2020-06-02 3
Carol Stream, Illinois · www.banner-industries.com Camarillo, California · www.supraalloys.com
Banner Industries 2018-01-09 EDGE International 2020-06-02 2
Carol Stream, Illinois · www.banner-industries.com Dayton, Ohio · www.edgeintl.com

M&A by Sector

Sector Current # Value All-time # Value
Manufacturing 7 (41%) - 8 (44%) -
Automotive 4 (24%) - 4 (22%) -
Distribution 2 (12%) - 2 (11%) -
Building Materials 1 (6%) - 1 (6%) -
Engineering 1 (6%) - 1 (6%) -
Metals/Mining 1 (6%) - 1 (6%) -
Safety/Security 1 (6%) - 1 (6%) -
Total 17 - 18 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 12 (71%) - 13 (72%) -
  Ohio 5 (29%) - 5 (28%) -
  Michigan 2 (12%) - 2 (11%) -
  Wisconsin 1 (6%) - 1 (6%) -
  South Carolina 1 (6%) - 1 (6%) -
  Massachusetts 1 (6%) - 1 (6%) -
  Louisiana 1 (6%) - 1 (6%) -
  Illinois 1 (6%) - 1 (6%) -
  Texas - - 1 (6%) -
Canada 3 (18%) - 3 (17%) -
  Quebec 2 (12%) - 2 (11%) -
  Ontario 1 (6%) - 1 (6%) -
United Kingdom 1 (6%) - 1 (6%) -
Spain 1 (6%) - 1 (6%) -
Total 17 - 18 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 8 (47%) - 9 (50%) -
Buyout (LBO, MBO, MBI) 7 (41%) - 7 (39%) -
Going Private 1 (6%) - 1 (6%) -
Growth Capital 1 (6%) - 1 (6%) -
Total 17 - 18 -

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 1 (100%) -
Total 1 -

Top M&A Advisors

Financial Deals
Alvarez & Marsal
 1
Lincoln International
 1
William Blair
 1
Legal Deals
Dechert LLP
 2
Baker & McKenzie
 1
Clifford Chance
 1

M&A Connections

Deals
Acquired from
Investor(s)
44%
8 (44%)
Exited to
Strategic(s)
100%
1 (100%)

Investor Summary

Investor Type

Private Equity Firm

Size

Large

PE Assets

3.0B USD

Established

2018

Specialist/Generalist

Specialist

Leadership

Lauren Mulholland

Co-Founder & Partner and Member of the Investment Committee

John Stewart

Founding Partner

Scot Duncan

Founding Partner

Justin Steil

Managing Director

Christen Paras

Managing Director & Business Development, Investor Relations & Marketing

FAQ

When was MiddleGround Capital founded?

MiddleGround Capital was founded in 2018.

What type of investor is MiddleGround Capital?

MiddleGround Capital is a private equity firm.

Where is MiddleGround Capital headquartered?

MiddleGround Capital is headquartered in Lexington, Kentucky.

How much capital does MiddleGround Capital have under management?

MiddleGround Capital has 3.0B USD under management.

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