“2025 was a choppy year for the market, but our team stayed focused on what we can control.” — John Stewart, Founding & Managing Partner, MiddleGround Capital

2025 was a year focused on execution and a continued commitment to our strategy. We completed the sales of Arrow Tru-Line and Lindsay Precast, signed an agreement to sell Vytl Controls Group, and as of year-end 2025, had fully realized four of 22 platform investments made since our founding in 2018. Our team remained focused on partnering with industrial businesses, supporting operational improvement, and advancing exit readiness across our portfolio.

Our 2025 Year in Review captures the initiatives and activity across our firm over the past year. Inside, learn more about:

• Our approach to exits and realizations, details on exits completed in 2025, and the development of related in-house functions
• Operational and automation highlights from across our portfolio
• Cross-portfolio initiatives aimed at improving efficiency and coordination
• Our commitment to responsible investing, safety, and energy procurement across our portfolio
• Our culture, the recognition we earned, and the people behind it
• Sector insights, emerging themes, and what we are focused on in 2026