M&A Deal Summary

MiddleGround Capital Acquires Plasman

On October 25, 2021, private equity firm MiddleGround Capital acquired automotive company Plasman from Insight Equity

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

M&A Deal Summary

Date 2021-10-25
Target Plasman
Sector Automotive
Buyer(s) MiddleGround Capital
Sellers(s) Insight Equity
Deal Type Secondary Buyout

Target

Plasman

Oldcastle, Ontario, Canada
Plasman is a designer and manufacturer of Class A exterior trim products and sub-systems to a variety of OEM and Tier 1 customers. Plasman offers fully integrated design, engineering, tooling, molding, finishing (painting and chroming), and assembly capabilities. Plasman was founded in 1978 and is based in Oldcastle, Ontario.

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Buyer(S) 1

Buyer

MiddleGround Capital

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2018
PE ASSETS 3.7B 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 Amsterdam, Netherlands.


DEAL STATS #
Overall 9 of 23
Sector: Automotive M&A 2 of 4
Type: Secondary Buyout M&A Deals 6 of 9
State: Ontario M&A 1 of 1
Country: Canada M&A 1 of 3
Year: 2021 M&A 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-21 Arrow Tru-Line

Archbold, Ohio, United States

Arrow Tru-Line is a manufacturer of hardware for residential and commercial overhead garage doors. Arrow Tru-Line offers an extensive array of garage door hardware including horizontal and vertical tracks, center bearing supports, hinges, struts, torsion tubes, rollers, brackets and cable assemblies. Arrow Tru-Line was founded in 1970 and is based in Archbold, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-01 New Eagle

Ann Arbor, Michigan, United States

New Eagle provides proprietary hardware and software technology solutions that are mission-critical for the development of mechanical control systems for a variety of applications, including autonomous and electric vehicles. New Eagle was founded in 2008 and is based in Ann Arbor, Michigan.

Buy -

Seller(S) 1

SELLER

Insight Equity

Southlake, Texas, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 3.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Insight Equity is a private equity firm that targets control investments in middle-market companies. Insight looks for companies with revenues between $50 million to $1 billion and seeks to commit between $25 to $150 million per transaction. Areas of interest include manufacturing, distribution, aerospace & defense, automotive & transportation, consumer goods, service & professional industries, technology, and energy. Insight does not invest in real estate, retail, or restaurant businesses. Insight Equity was formed in 1998 and is based in Southlake, Texas. The Firm has an additional office in New York City.


DEAL STATS #
Overall 9 of 9
Sector: Automotive M&A 1 of 1
Type: Secondary Buyout M&A Deals 2 of 2
State: Ontario M&A 1 of 1
Country: Canada M&A 1 of 1
Year: 2021 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-29 Easy Way Products

Cincinnati, Ohio, United States

Easy Way Products manufactures and sells premium outdoor cushions, pillows, patio and market umbrellas, drapes, and furniture covers. Easy Way seamlessly manages the complexities of manufacturing, logistics, and inventory management enabling its customers to focus time and resources on front-line sales and marketing execution. Easy Way Products is based in Cincinnati, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-25 Atmos

Newtown Square, Pennsylvania, United States

Atmos is a full-service environmental solutions company that designs and manufactures customized application equipment along with a full range of environmentally friendly specialty chemical products for solid waste, environmental remediation, and infrastructure end-market applications. Atmos is based in Newtown Square, Pennsylvania.

Buy -