M&A Deal Summary

Gemspring Capital and Wynnchurch Capital Acquire Midland Industries

On September 5, 2023, private equity firms Gemspring Capital and Wynnchurch Capital acquired manufacturer Midland Industries from Wynnchurch Capital

Acquisition Highlights
  • This is Gemspring Capital’s 1st and Wynnchurch Capital’s 7th transaction in the Manufacturing sector.
  • This is Gemspring Capital’s 27th and Wynnchurch Capital’s 54th transaction in the United States.
  • This is Gemspring Capital’s 1st and Wynnchurch Capital’s 3rd transaction in Missouri.

M&A Deal Summary

Date 2023-09-05
Target Midland Industries
Sector Manufacturing
Buyer(s) Gemspring Capital
Wynnchurch Capital
Sellers(s) Wynnchurch Capital
Deal Type Secondary Buyout
Advisor(s) Harris Williams (Financial)
Paul Hastings (Legal)

Target

Midland Industries

Kansas City, Missouri, United States
Midland Industries is a distributor and manufacturer of more than 25,000 SKUs comprising fittings, couplings, valves, hoses, and related products. The company serves general industrial, hose, fluid power, plumbing, oil and gas, agriculture, water, truck and trailer, power transmission, original equipment manufacturers, and other end-markets. Midland Industries was founded in 1980 and is based in Kansas City, Missouri.

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Buyer(S) 2

Buyer

Gemspring Capital


Category Private Equity Firm
Founded 2015
PE ASSETS 1.1B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Gemspring Capital is a private equity firm focused on making control equity investments and structured equity investments in lower middle-market companies headquartered in the United States and Canada. For platform investments, Gemspring targets companies with $5 to $500 million with strong competitive positions within sustainable market niches. Sectors of interest include business services, distribution/logistics, industrial services, media, technology, software, and niche manufacturing. Gemspring Capital is based in Westport, Connecticut.


DEAL STATS #
Overall 27 of 32
Sector (Manufacturing) 1 of 2
Type (Secondary Buyout) 8 of 10
State (Missouri) 1 of 1
Country (United States) 27 of 32
Year (2023) 3 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-12 Bradford Soap International

West Warwick, Rhode Island, United States

Bradford Soap International is a manufacturer and developer of beauty and personal care products. Bradford Soap International was founded in 1876 and is based in West Warwick, Rhode Island.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-20 ClearCompany

Boston, Massachusetts, United States

ClearCompany is a talent management software solution that helps companies identify, hire and engage more A Players. ClearCompany’s software enables thousands of clients to consistently improve their talent lifecycle by implementing and automating a best-practices approach to total talent management. ClearCompany was founded in 2004 and is based in Boston, Massachusetts.

Buy -
Buyer

Wynnchurch Capital

Rosemont, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 9.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Wynnchurch Capital is a private equity firm focused on middle-market company investments in the US and Canada. Wynnchurch looks to commit $50 to $750 million of equity per platform. Sectors of interest include manufacturing, business services, logistics, energy and power services, and value-added distribution. Prospective transaction types include management buyouts, recapitalizations, corporate carve-outs, restructurings, turnarounds and growth capital situations. Wynnchurch Capital was formed in 1999 and is based in Rosemont, Illinois.


DEAL STATS #
Overall 66 of 72
Sector (Manufacturing) 7 of 7
Type (Secondary Buyout) 15 of 18
State (Missouri) 3 of 3
Country (United States) 54 of 60
Year (2023) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-24 FloWorks

Pasadena, Texas, United States

FloWorks is a specialty distributor of critical flow control products and a provider of tailored technical solutions for MRO-focused applications. The Company serves customers across chemicals, downstream refining & renewables, high purity & sanitary, and other industrial end markets. Its product categories include valves & automation, corrosion-resistant flow control, rotating equipment, flanges, filters & purifiers, and instrumentation. FloWorks is based in Pasadena, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-20 Eastern Architectural Systems

Fort Myers, Florida, United States

Eastern Architectural Systems manufactures impact-resistant windows and doors, primarily serving the Florida repair and remodel market. Eastern Architectural Systems is based in Fort Myers, Florida.

Sell -

Seller(S) 1

SELLER

Wynnchurch Capital

Rosemont, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 9.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Wynnchurch Capital is a private equity firm focused on middle-market company investments in the US and Canada. Wynnchurch looks to commit $50 to $750 million of equity per platform. Sectors of interest include manufacturing, business services, logistics, energy and power services, and value-added distribution. Prospective transaction types include management buyouts, recapitalizations, corporate carve-outs, restructurings, turnarounds and growth capital situations. Wynnchurch Capital was formed in 1999 and is based in Rosemont, Illinois.


DEAL STATS #
Overall 30 of 36
Sector (Manufacturing) 5 of 6
Type (Secondary Buyout) 12 of 17
State (Missouri) 2 of 2
Country (United States) 25 of 29
Year (2023) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-24 FloWorks

Pasadena, Texas, United States

FloWorks is a specialty distributor of critical flow control products and a provider of tailored technical solutions for MRO-focused applications. The Company serves customers across chemicals, downstream refining & renewables, high purity & sanitary, and other industrial end markets. Its product categories include valves & automation, corrosion-resistant flow control, rotating equipment, flanges, filters & purifiers, and instrumentation. FloWorks is based in Pasadena, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-20 Eastern Architectural Systems

Fort Myers, Florida, United States

Eastern Architectural Systems manufactures impact-resistant windows and doors, primarily serving the Florida repair and remodel market. Eastern Architectural Systems is based in Fort Myers, Florida.

Sell -