M&A Deal Summary

MiddleGround Capital Acquires Starrett

On March 11, 2024, private equity firm MiddleGround Capital acquired manufacturer Starrett

Acquisition Highlights
  • This is MiddleGround Capital’s 8th transaction in the Manufacturing sector.
  • This is MiddleGround Capital’s 13th transaction in the United States.
  • This is MiddleGround Capital’s 1st transaction in Massachusetts.

M&A Deal Summary
Date 2024-03-11
Target Starrett
Sector Manufacturing
Buyer(s) MiddleGround Capital
Deal Type Going Private
Advisor(s) Lincoln International (Financial)
Ropes & Gray (Legal)

Target

Starrett

Athol, Massachusetts, United States
Starrett is a manufacturer of high-end precision tools, cutting equipment, and metrology systems, and is engaged in the business of manufacturing over 5,000 different products for industrial, professional, and consumer markets. The Company has a history of global manufacturing experience and currently operates four major global manufacturing plants. All subsidiaries principally serve the global manufacturing industrial base with a concentration in the metalworking, construction, machinery, equipment, aerospace, and automotive markets. The Company offers its broad array of measuring and cutting products to the market through multiple channels of distribution throughout the world. Starrett was founded in 1880 and is based in Athol, Massachusetts.

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Buyer(S) 1

Buyer

MiddleGround Capital

Investor Investor Investor Investor Investor

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 18 of 20
Sector (Manufacturing) 8 of 9
Type (Going Private) 1 of 2
State (Massachusetts) 1 of 1
Country (United States) 13 of 13
Year (2024) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-07 IT8

Valencia, Spain

IT8 is an independent engineering services company offering mechanical, electrical, programming, and construction services. The company offers programming, mechanical, and electrical engineering services, as well as installation and site services, across both European and American markets. It provides line automation engineering services for the automotive and intra-logistics industries with a core focus on Body in White (“BIW”) welding lines serving OEMs both directly and in partnerships with automation or system integration players. IT8 is was formed in Valencia, Spain.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-29 Helix

Milton Keynes, United Kingdom

Helix is a manufacturer of power-dense electric motors and inverters. The company is a full-service supplier of premium electric powertrains, providing access to outstanding performance for makers of electric and hybrid cars, motorcycles, and boats, as well as next-gen industrial and aerospace applications, through its proprietary Scalable Core Technology (SCT). Its powertrain advantage is ultimate power density that is delivered through its 3-tier motor and inverter product hierarchy. Helix is based in Milton Keynes, Buckinghamshire.

Buy -
Mergr

Product

Company

Legal