MiddleGround Capital (“MiddleGround”), a private equity firm that makes
control investments in business-to-business (“B2B”) industrial and
specialty distribution companies in the North American lower middle
market today announced the closure of its third transaction of its
inaugural private equity fund– the acquisition of Steel-Craft Corp. of
Hartford, Hartford Finishing, LLC and Capitol Stampings Corp.
(collectively, the “Companies”). The Companies provide a suite of
complementary outsourced manufacturing services and are headquartered in
The Companies go to market under three distinct brands, Steel Craft,
Hartford Finishing and Capitol Stamping. “MiddleGround has emerged as
the perfect partner to help the Wendorff family of companies transition
from three independent operations to one aligned company that provides
vertically integrated solutions to our customers,” said Tom Verbos, CEO
of the Companies.
“We are excited to partner with Tom and the whole team. They have done a
fantastic job growing the business and serving their customers over the
years,” said Lauren Mulholland, co-founder of MiddleGround.
“We are honored to continue the legacy that Gary and Gene Wendorff began
over 40 years ago when they founded Steel Craft,” said John Stewart,
co-founder of MiddleGround. “Historically, entrepreneurs like Gary and
Gene have helped to create and support the backbone of US manufacturing.
We understand the significance of the Wendorff family of companies and
look forward to building on their success for the benefit of every
customer, supplier and employee of Steel Craft, Hartford Finishing and
Mr. Stewart, Ms. Mulholland and Mr. Duncan have been working together in
private equity for the past eight years. In addition to their work in
the private equity industry, Mr. Stewart and Mr. Duncan have over 30
years of combined experience working in operational roles at Toyota
Motor Company, including leadership positions in engineering,
maintenance, production and manufacturing.
About MiddleGround Capital
MiddleGround Capital is a newly formed private equity firm that makes
control equity investments in lower middle market North American
companies in the B2B industrial and specialty distribution sectors. The
firm works with its portfolio companies to create value through a
hands-on operational approach and partners with its management teams to
support long-term growth strategies. Founded by John Stewart, Lauren
Mulholland and Scot Duncan, the firm is based in Lexington, Kentucky
with an office in New York City. For further information, please visit: www.middlegroundcapital.com
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