Specialists in industrial manufacturing
A hands-on approach
to value creation
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FOCUSED ON INDUSTRIAL MANUFACTURING & SPECIALTY DISTRIBUTION
Since opening our doors, we have made control equity investments in B2B industrial businesses in the lower middle market, specializing in manufacturing and specialty distribution across North America and Europe. This consistent strategy has enabled us to act as true industry experts. We are hands-on partners who excel at forging collaborative relationships with management teams to drive performance and growth.
We prioritize companies where our deep bench of operational experts can help companies grow and build long-term value. Our practical approach, operational depth, and collaborative culture set us apart as a trusted partner.
INVESTMENT CRITERIA
Revenue
Transaction Size
Equity Investment
$350M
EBITDA
Our thematic approach
Our core strategy focuses on control equity investments in lower middle market B2B industrial manufacturing and specialty distribution companies. Our extensive experience as both operators and investors in these markets allows us to quickly assess alignment and value-creation potential. Sellers and intermediaries trust us for our honesty and conviction, while management teams value our transparent communication and flexible transaction structures.
Beyond our core focus, we have identified emerging trends shaping the future of industrials. We have developed a deep understanding of these areas and are well positioned to identify and evaluate opportunities with confidence.
Overview
We invest in mobility supply chain and infrastructure companies, with a focus on B2B industrial parts, products, and technology platforms exposed to key growth trends:
- Electrification of the Powertrain: Transition from traditional internal combustion engines (ICE) to electric vehicles (EVs).
- Lightweight/Energy-Efficient Technologies: Adoption of lighter materials to enhance fuel efficiency.
- Connected Vehicle Technologies: Enabling vehicles to communicate with cellular devices, infrastructure, and other vehicles using advanced wireless communication technology.
- Autonomous Vehicle Technology: Empowering vehicles to operate with partial or no input from human drivers.
We target businesses with proven models, established products or technologies, and a strong customer base. We exclude direct investments in internal combustion engine (ICE) technologies.
Investment Criteria
Revenue: Up to $800 million
Enterprise Value: Up to $500 million
Equity Investment: $25 -350 million
Geography: NA / EU HQ; Global Operations
Structure: Control Equity Investments
Overview
We invest in B2B industrial manufacturing and specialty distribution businesses within the infrastructure sector, specifically seeking exposure to four key trends:
- Renewable Energy: Shifting from conventional energy generation to renewable resources.
- Energy Storage: Implementing storage systems to enhance power resilience and reduce intermittency.
- Distributed Generation: Shifting from centrally dispatched power to localized generation near the point of use.
- Aged Infrastructure: Includes modernization of water/wastewater systems, grid infrastructure, and transportation applications.
We target businesses with proven models, established products or technologies, and a strong customer base. We exclude direct investments with coal exposure.
Investment Criteria
Revenue: Up to $800 million
Enterprise Value: Up to $400 million
Equity Investment: $25 -250 million
Geography: North America
Structure: Control Equity Investments
Overview
We invest in industrial automation supply chain businesses, with a focus on B2B industrial manufacturing and specialty distribution with defined exposure to key growth trends:
- Connectivity: The proliferation of connected devices fueling data collection.
- Intelligence: AI and machine learning swiftly analyze extensive data for accelerated value.
- Automation: Integration of digital technologies into physical assets to streamline supply chains.
- Digitalization: Cloud and edge computing solutions managing the growing data influx.
We target businesses with proven models, established products or technologies, and leadership in highly engineered products. We exclude pure software businesses. Our current areas of focus include warehouse automation, and factory automation.
Investment Criteria
Revenue: >$20 million
EBITDA: $5 million
Initial Enterprise Value: Up to $300 million
Equity Investment: $25 -100 million
Geography: NA / EU HQ; Global Operations
Structure: Control Equity Investments
Unlocking Value Through Automation
As proof of our dedication to operational excellence, we built an in-house Automation Team that leverages the latest technologies to help portfolio companies maximize workforce productivity.
Staffed with mechanical and controls engineers, and maintenance specialists, our team designs and builds custom solutions that integrate seamlessly into people-driven environments. We focus on automation projects that address safety or ergonomic issues, are highly repeatable, and can be applied across multiple portfolio companies. Our goal is to improve safety and efficiency while upskilling employees into higher-value roles rather than replacing them.
To ensure these solutions last, we provide maintenance plans and training programs at the portfolio company level. By pairing deep technical expertise with shop floor experience, our team ensures automation delivers lasting value for both businesses and people.
Recognition
Top Quartile Deal Originator – Sutton Place Strategies (2025, 2024, 2023, 2022)
We have been named a top quartile originator in the $50M-$499M enterprise value range for the fourth time, based on the objective analysis of the industry conducted by SPS.
Top 50 Private Equity Firms for Executives – Falcon/CXO (2025, 2024, 2023)
For the third consecutive year, Falcon has recognized us as a top 50 firm for executives, based on feedback from 1,000+ PE backed executives.
PE Wire – AAA Best Corporate Sustainability Strategy: Management Company (2023)
This award acknowledges firms that create sustainable policies, recipients are selected through a largely quantitative questionnaire.
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OUR TEAM
Operational excellence starts with our people, meet our greatest asset: The MiddleGround team
PORTFOLIO
The MiddleGround Portfolio includes lower middle market businesses in North America and Europe with EBITDA above $10 million.
CAREERS
We’re always seeking professionals who want to join a hard-working team with best-in-class benefits, that blends work-life balance and growth opportunities.