M&A Deal Summary

MiddleGround Capital Acquires HLC

On September 20, 2022, private equity firm MiddleGround Capital acquired distribution company HLC

Acquisition Highlights
  • This is MiddleGround Capital’s 2nd transaction in the Distribution sector.
  • This is MiddleGround Capital’s 2nd transaction in Canada.
  • This is MiddleGround Capital’s 1st transaction in Quebec.

M&A Deal Summary
Date 2022-09-20
Target HLC
Sector Distribution
Buyer(s) MiddleGround Capital
Deal Type Buyout (LBO, MBO, MBI)
Advisor(s) Lazard Ltd. (Financial)

Target

HLC

Lévis, Quebec, Canada
website
HLC is a leading North American bicycle parts and accessories distributor with a product portfolio of over 21,000 SKUs across 170+ brands. HLC is composed of Lambert and Hawley. The Company distributes to over 5,500 independent bicycle dealers and other OEM manufacturers. Along with traditional distribution capabilities, HLC offers value-added services to its brand partners and customers.

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Buyer(S) 1

Buyer

MiddleGround Capital

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2018
PE ASSETS 3.0B USD
Size Large
Type Sector Focused
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 13 of 18
Sector (Distribution) 2 of 2
Type (Buyout (LBO, MBO, MBI)) 6 of 7
State (Quebec) 1 of 2
Country (Canada) 2 of 3
Year (2022) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-19 PVI Holdings

Baton Rouge, Louisiana, United States

PVI is a flow control distributor focused on serving MRO applications across marine, chemical, downstream energy, and other industrial end markets. PVI provides both third party and proprietary branded products alongside its in-house engineering and repair services. PVI operates three separate business units: Setpoint Integrated Solutions, a distributor of valves, actuators, and instrumentation primarily to the chemical and downstream energy end markets; W&O Supply, a global distributor of technical flow control products and solutions to the global military and commercial maritime markets; and AT Controls, a designer and manufacturer of valves, actuators, and process control accessories for a broad range of industrial end markets.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-17 SixAxis

Andrews, South Carolina, United States

SixAxis is a North American provider of highly engineered, compliance-driven safe access and productivity solutions across diverse end markets. The Company goes to market via three primary brands SafeRack, ErectAStep, and Upside Innovations, and offers a broad range of differentiated solutions, including OSHA- & MSHA-compliant gangways, bulk loading platform systems, pre-engineered stairs and hand-railing components, and ADA-compliant ramps, stairs, and platforms. SixAxis is based in Andrews, South Carolina.

Buy -
Mergr

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