M&A Deal Summary

MiddleGround Capital Acquires SixAxis

On November 17, 2022, private equity firm MiddleGround Capital acquired safety/security company SixAxis from Falfurrias Capital Partners

Acquisition Highlights
  • This is MiddleGround Capital’s 1st transaction in the Safety/Security sector.
  • This is MiddleGround Capital’s 12th transaction in the United States.
  • This is MiddleGround Capital’s 1st transaction in South Carolina.

M&A Deal Summary
Date 2022-11-17
Target SixAxis
Sector Safety/Security
Buyer(s) MiddleGround Capital
Sellers(s) Falfurrias Capital Partners
Deal Type Secondary Buyout
Advisor(s) Piper Sandler & Co. (Financial)

Target

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.

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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 14 of 20
Sector (Safety/Security) 1 of 1
Type (Secondary Buyout) 8 of 9
State (South Carolina) 1 of 1
Country (United States) 12 of 13
Year (2022) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-20 HLC

Lévis, Quebec, Canada

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.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-31 Megatech

Québec, Quebec, Canada

Megatech is a digital manufacturing platform investment focused on computerized numerical control (“CNC”) machining of highly complex, highly-precise, low-volume engineered parts. Success is attributable to the Company’s employees, equipment, processes, and engineering capability along with a superb MRP system. Megatech was formed in 1992 and is based in Quebec.

Buy -

Seller(S) 1

SELLER

Falfurrias Capital Partners

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2006
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Falfurrias Capital Partners is a private equity firm that invests in lower and middle-market companies located in the Eastern US. Falfurrias focuses on companies with experienced management teams, differentiated product features, diverse customers, revenues in excess of $10 million, and EBITDA of $5 million to $40 million. The Firm looks to invest at least $25 million per transaction. Specific areas of interest include financial services, consumer products, health care, building products, manufacturing, business services, education, training, infrastructure, and information services. The Firm will consider a variety of transaction types, including buyouts, growth capital financings, recapitalization, and corporate divestitures. Falfurrias Capital Partners was formed in 2006 and based in Charlotte, North Carolina.

DEAL STATS #
Overall 14 of 16
Sector (Safety/Security) 1 of 1
Type (Secondary Buyout) 7 of 8
State (South Carolina) 1 of 1
Country (United States) 14 of 16
Year (2022) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-28 Ballast Research

Washington, District of Columbia, United States

Ballast Research is a provider of federal and state advisory consulting services. Ballast Research is based in Washington, District of Columbia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-11 Executive Platforms

Toronto, Ontario, Canada

Executive Platforms build business forums to facilitate the sharing of ideas among senior leaders of global organizations with shared interests and challenges. It identifies universal issues and opportunities to connect leaders across different industry sectors to bring the right people together. The company elevates these conversations and provides its stakeholders with a trusted platform to network, learn, knowledge share, and benchmark to advance their both organizations and industries as a whole. Executive Platforms is based in Toronto, Ontario.

Buy -
Mergr

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