MiddleGround Capital Completes Fourth Add-On Acquisition of TMG Performance Products for Its Race Winning Brands Platform
LEXINGTON, Ky.–(BUSINESS WIRE)–MiddleGround Capital, an operationally-focused private equity firm that makes control investments in North American middle market B2B industrial and specialty distribution companies, is thrilled to announce the acquisition TMG Performance Products (“TMG”) through its platform Race Winning Brands (“RWB”). TMG is a designer, manufacturer and distributor of branded performance exhaust and air intakes for aftermarket automotive and marine enthusiasts.
The transaction marks MiddleGround’s fourth add-on acquisition by RWB since the firm acquired the platform in December 2021. In April 2022, RWB purchased PAC Racing from Peterson American Corporation, adding performance springs to its portfolio. Later that month, RWB purchased TPT Solutions, providing transmission-focused automotive aftermarket performance products for light truck, automotive and SUV/CUV under three strong brands, TransGo, RevMax and Transmission Specialties. Lastly, in May 2022, RWB purchased Haltech, a designer, manufacturer, and distributor of automotive aftermarket engine management electronics, focused on performance racing and enthusiast end users.
TMG is a leader in the premium exhaust & air intake performance aftermarket space with a 30+ year history and meaningful brand equity across its brands. TMG is made up of three brands: CORSA Performance, Volant Performance and CORSA Marine. TMG is the market leader in innovated products for Air Flow and Acoustics, driving performance for the automotive aftermarket, with global brands such as CORSA Performance manufactured for premium performance cars, Trucks, and SUVs, Volant Performance engineered for trucks and Jeeps.
“Adding CORSA and Volant to our family is a natural fit for RWB,” said Bob Bruegging, CEO of Race Winning Brands. “It continues our strategic move into strong brands with strong manufacturing models in place. It is also part of our move outside the engine to the critical ‘air-in, air-out’ portions of performance. Working with the strong management team already in place, our plans are to provide support for continued growth – both internally and through additional acquisitions.”
MiddleGround Founding Partner John Stewart remarked, “TMG offers an opportunity for RWB to acquire another premium brand in the automotive aftermarket with strong recognition amongst enthusiasts. The exhaust is typically one of the first modifications that an enthusiast makes to a vehicle, so this acquisition gives RWB the opportunity to win over consumers early in their enthusiast journeys. We are excited to welcome them to the RWB platform!”