MiddleGround Capital (“MiddleGround”), a newly formed private equity firm that makes control investments in business-to-business (“B2B”) industrial and specialty distribution companies in the North American lower middle market, announced the closure of its second transaction in its inaugural private equity fund: the acquisition of Peterson Spring (“Peterson” or the “Company”), a leading specialty spring manufacturer with thirteen facilities throughout North America and the United Kingdom.
Based in Southfield, Michigan, Peterson is a designer and manufacturer of highly engineered springs, wire forms, related components, and sub-assemblies. Leveraging their deep industry expertise, the MiddleGround team will partner with Peterson’s management team and employees to help the company increase operational efficiency and provide necessary resources to fuel the company’s long-term growth.
MiddleGround Capital, based in Kentucky, works with its portfolio companies to create value through a hands-on operational approach and partners with its management teams to support long-term growth strategies. Founded by John Stewart, Lauren Mulholland and Scot Duncan, the firm is based in Lexington, Kentucky with an office in New York City.
Stikeman Elliott LLP acted as Canadian counsel to MiddleGround Capital in its acquisition of Peterson Spring and MiddleGround’s concurrent financing arrangements with J.P. Morgan Chase & Co., with a legal team including Mario Nigro and Kevin Guenther (Corporate); Frank Mathieu and Adam Drori (Tax); Nancy Ramalho and Khalfan Khalfan (Labour & Employment); Natasha vandenHoven and Allyson Marta (Pension & Benefits); Kevin Chen and Maggie Pang (Real Estate). The Financing legal team included Mark McElheran (Banking).
Greenberg Traurig LLP acted for MiddleGround Capital in the US with a team led by Matthew Miller and Zach Schlichter.
Kerr Russell & Weber PLC represented Peterson Spring, with a team led by Kenneth Lombardo.
Dickinson Wright LLP acted for JP Morgan, with a team led by William P. Shield, Jr. in the US and including James McKeon in Canada.