MiddleGround Capital Acquires Peterson Spring
Lexington, KY–-April 22, 2019: MiddleGround Capital (“MiddleGround”), a new private equity firm that makes control investments in business-to-business (“B2B”) industrial and specialty distribution companies in the North American lower middle market today 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.
“We are honored to continue the legacy that the Peterson family began over 100 years ago,” said John Stewart, co-founder of MiddleGround. “Companies like Peterson have historically invested in North American manufacturing and have provided critical manufacturing jobs that have benefited the US economy and supported their local communities. Our investment in Peterson seeks to build upon the company’s strong foundation and position the company for growth while ensuring manufacturing employment opportunities for generations to come.”
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.
“Peterson is perfectly positioned to continue providing mission critical components to a variety of industries. MiddleGround’s investment in Peterson will enable the company to meet the growing demands of its customers”, said Scot Duncan, Partner at MiddleGround.
Mr. Stewart, Ms. Mulholland and Mr. Duncan have been working together in private equity for the past eight years. In addition to their work in the private equity industry, Mr. Stewart and Mr. Duncan have over 30 years of combined experience working in operational roles at Toyota Motor Company, including leadership positions in engineering, maintenance, production and manufacturing.