M&A Deal Summary

MiddleGround Capital and Sterling Investment Partners Acquire Banner Industries

On January 9, 2018, private equity firms MiddleGround Capital and Sterling Investment Partners acquired metals/mining company Banner Industries

Acquisition Highlights
  • This is MiddleGround Capital’s 1st and Sterling Investment Partners’ 2nd transaction in the Metals/Mining sector.
  • This is MiddleGround Capital’s 1st and Sterling Investment Partners’ 22nd transaction in the United States.
  • This is MiddleGround Capital’s 1st and Sterling Investment Partners’ 3rd transaction in Illinois.

M&A Deal Summary

Date 2018-01-09
Target Banner Industries
Sector Metals/Mining
Buyer(s) MiddleGround Capital
Sterling Investment Partners
Deal Type Secondary Buyout

Target

Banner Industries

Carol Stream, Illinois, United States
website
Banner Industries is a processor and distributor of metal bar products for a diverse set of industrial and medical end markets. Banner provides supply chain solutions and a variety of value-added metal processing services, including centerless grinding, chamfering, turning, precision saw cutting, straightening, material ID and full traceability, waterjet cutting, ultrasonic testing, and CNC machining to its OEM, contract manufacturer, and precision machining customers. Banner Industries was founded in 1985 and is based in Carol Stream, Illinois.

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Buyer(S) 2

Buyer
DESCRIPTION

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.


DEAL STATS #
Overall 1 of 18
Sector (Metals/Mining) 1 of 1
Type (Secondary Buyout) 1 of 9
State (Illinois) 1 of 1
Country (United States) 1 of 13
Year (2018) 1 of 2
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-10 Alco

Elyria, Ohio, United States

Alco is a manufacturer of precision machined products, including hydraulic hose fittings, air conditioning, and refrigeration couplings, tube fittings, adapters, quick disconnect couplings, and other fluid power components. Alco was founded in 1971 and is based in Elyria, Ohio.

Buy -
Buyer

Sterling Investment Partners

Westport, Connecticut, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1991
PE ASSETS 2.9B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Sterling Investment Partners is a private equity firm that seeks investments in middle-market businesses with strong market share and high growth potential. Sterling looks for companies generating revenues of $50 to $500 million and EBITDA of $15 to $50 million. Sectors of interest include outsourcing/business services, niche manufacturing & industrial, transportation & logistics, unique distribution, technology-related, energy services, and consumer products & services. Sterling Investment Partners dates back to 1991 and is based in Westport, Connecticut.


DEAL STATS #
Overall 22 of 29
Sector (Metals/Mining) 2 of 2
Type (Secondary Buyout) 9 of 11
State (Illinois) 3 of 3
Country (United States) 22 of 29
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-01 All My Sons

Carrollton, Texas, United States

All My Sons offers full-service moving for customers and businesses locally and across state lines. First-rate services include, in addition to moving, quilt-pad wrapping of furniture and disassembly and reassembly of the same, packing, and unpacking. All My Sons Moving & Storage was formed in 1989 and is based in Carrollton, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-02 Marcone

St Louis, Missouri, United States

Marcone is a distributor of original equipment parts for the repair of residential appliances in the United States and Canada. Marcone's customer base is comprised of thousands of residential appliance repair service providers and technicians, as well as extended warranty providers. Marcone is based in St Louis, Missouri.

Buy -