Experienced operators 
creating lasting value

We invest in market-leading B2B industrial companies in the lower middle market

OUR INVESTMENT CRITERIA

Manufacturing
is in our DNA

OUR STORY

Our founders started their careers on the factory floor, where they saw firsthand how a focus on efficient operations and continuous improvement builds strong businesses. Those principles form the foundation of MiddleGround Capital’s value creation strategy. We partner directly with management teams to execute custom value creation plans focused on lasting operational improvements, working together to maximize equity value for both management and investors.

OUR FIRM

Year Founded

2018

AUM

$3.85B

Portfolio Investments Made

23

Facilities Worldwide

220+
Metrics as of December 2025

We invest in
what we know

OPERATORS TURNING POTENTIAL INTO PERFORMANCE

We invest in B2B industrial manufacturing and specialty distribution businesses in the lower middle market, prioritizing companies where our deep bench of operational experts can create long-term value. Our hands-on approach, in-house expertise, and collaborative culture differentiate us from our peers.

STRATEGY
A man and a woman discussing data on a dashboard inside of a manufacturing facility
John Stewart and Scot Duncan, Partners at MiddleGround Capital, wearing hard hats and eye protection while speaking with shop floor workers
Three men in hardhats and safety goggles in a deep discussion a shop floor

Investment criteria

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Revenue

<$1B

Transaction Size

<$500M

Equity Investment

$20M - $350M

EBITDA

>$10M

Operational excellence starts with our people

Grounded in real-world experience

Our team brings hundreds of years of collective operational expertise from world-class organizations such as Toyota Motor Corporation, Boeing, and General Electric. Across every function, we work toward a shared goal of creating value for investors, business owners, and the communities where we operate. We are redefining what it means to work in private equity by putting our people first and building a culture that empowers everyone to contribute based on their capability, not their title.

 

MEET OUR TEAM

John Stewart
"In private equity, the culture is cutthroat, and burnout is the baseline expectation. But I opened MiddleGround to break that mold. We work hard, but work/life balance and employee wellness are central to our culture. I aim to prove that success doesn’t have to come at the expense of your people’s wellbeing."
JOHN STEWART
Founding & Managing Partner, MiddleGround Capital
Tom Brockley Headshot
"MiddleGround brought hands-on operational expertise and a genuine commitment to helping us evolve. Their guidance helped us modernize how we manufacture, strengthen our supply chain, and make better use of data across the organization. These changes not only improved our performance but also gave us the confidence to pursue new customers and growth opportunities."
TOM BROCKLEY
CEO of Arrow Tru-Line, previous portfolio company of MiddleGround Capital
Chuck Civello headshot
"MiddleGround’s structured processes, clear expectations, and constant communication create a culture of transparency and accountability. They’ve helped us grow via three add-on acquisitions in under two years while streamlining operations and improving labor planning."
CHUCK SCHIAVELLO
CFO of Alco Manufacturing, portfolio company of MiddleGround Capital
Banner Management Consulting logo
"MiddleGround Capital’s commitment to hands-on operational improvement is unmatched. Through our partnership, we’ve helped implement lean manufacturing bootcamps that drive real change across their portfolio by empowering teams, standardizing processes, and fostering a culture of continuous improvement."
BANNER MANAGEMENT CONSULTING
Consultant to MiddleGround Capital
Miles Anderson
"Our in-house Automation Team is all about improving safety, efficiency, and technology across our portfolio while creating equity value. We identify opportunities that blend effortlessly into our facilities, empowering workers and driving long-term impact. Leveraging our in-house expertise, we're building sustainable automation that will last."
MILES ANDERSON
Vice President, Automation at MiddleGround Capital
Ron Lindsay Headshot
"We were already a strong family-run business, but MiddleGround helped us professionalize—from centralizing procurement and scaling our salesforce to embedding lean practices. Their relentless focus on operational improvement matched ours from day one, and their support has driven meaningful improvements across safety, sourcing, and sales."
RON LINDSAY
CEO of Lindsay Precast, previous portfolio company of MiddleGround Capital

Discover more

A man wearing a hardhat while operating a forklift

PORTFOLIO

The MiddleGround Portfolio includes lower middle market businesses in North America and Europe with EBITDA above $10 million.

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Three men discussing an assembly in a manufacturing plant

ESG

Our ESG policy applies to both portfolio investments and firm operations, guided by a single principle: “leaving the world better than we found it."

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CAREERS

We’re always seeking professionals who want to join a hard-working team with best-in-class benefits, that blend work-life balance and growth opportunities.

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