Middle market private equity firm
MiddleGround Capital
- HeadquartersLexington, KY S5
- Founded2018 S2
- Websitemiddleground.com
- Last verifiedOctober 20, 2026
At a glance
| Assets under management | $3.9B (as of July 2026) S5 |
|---|---|
| EBITDA range | $10M+ S5 |
| Revenue range | Up to $1B S5 |
| Check size | $20M to $350M S5 |
| Deal types | Platform, Add-on S5 |
| Geography | North America, Europe S3 |
| Sectors | Industrial & Manufacturing, Distribution |
What MiddleGround Capital buys
MiddleGround is a Lexington, Kentucky firm, started in 2018, that buys business-to-business industrial manufacturers and specialty distributors with headquarters in North America or Europe. Its July 2026 tear sheet shows $3.85 billion of assets under management. For a new platform it wants more than $10 million of EBITDA and up to $1 billion of revenue, and it invests $20 million to $350 million of equity for control. It says it passes on turnarounds and on companies with more than a quarter of sales going to big box retailers. Many of its holdings serve automotive, motorsport, aerospace and infrastructure customers.
The firm leans on its own operating team, several of whom began on factory floors, and writes an improvement plan for each company before closing. A smaller company is most likely to meet MiddleGround as an add-on. The tear sheet names portfolio companies that want add-ons, with size floors running from about $2 million of EBITDA for engineering services to more than $10 million for metals processing.
Recent deals
Announced in the 24 months before October 20, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Feb 2026 | Pi InnovoVehicle control electronics developer bought from Dana and folded into New Eagle | Add-on | Industrial & Manufacturing | Source |
| February 2026 | Orion CastingsAluminum, zinc and magnesium die-casting maker with eight North American plants, held in Fund III | Platform | Industrial & Manufacturing | Source |
| Jan 2026 | Vytl Controls GroupFlow control distributor, formerly PVI Holdings, sold to an affiliate of SunSource | Exit | Distribution | Source |
| Dec 2025 | Lindsay PrecastPrecast concrete and steel products maker sold to TJC | Exit | Industrial & Manufacturing | Source |
| Sep 2025 | Arrow Tru-LineGarage door hardware maker sold to the Chamberlain Group | Exit | Industrial & Manufacturing | Source |
| May 2025 | ZoerklerAustrian maker of high-performance transmission parts added to Xtrac | Add-on | Industrial & Manufacturing | Source |
| Nov 2024 | STEMMER IMAGINGTakeover of a listed German machine vision supplier completed | Platform | Distribution | Source |
Portfolio by sector
From the firm's portfolio page S4.
Automotive
- Xtrac
- New Eagle
- Shiloh Industries
Automotive & Powersports Performance Aftermarket
- Race Winning Brands
Automotive Exterior Trim
- Plasman
Bicycle Parts and Accessories Distribution
- HLC
Die-Casting
- Orion Castings
Electric Drive Systems
- Helix (Integral Powertrain)
Engineering Services
- IT8
Injection Molding
- TPM
Machine Vision
- STEMMER IMAGING
Metal Fabrication
- Steel Craft
Metal Processing & Distribution
- A.M. Castle & Co. and Banner Industries
Precision Machining
- Mantel Precision
- Alco
Precision Tools
- The L.S. Starrett Company
Steel Infrastructure Manufacturer
- Attala Steel
Worker Safety & Access Solutions
- SixAxis
Past investments: Vytl Controls Group, Lindsay Precast, Arrow Tru-Line, Peterson American Corporation
Greymont’s take
How MiddleGround Capital fits a seller
MiddleGround suits owners of established industrial manufacturers and specialty distributors who want a buyer with real factory experience. Its platform floor of more than $10 million of EBITDA puts most family companies below its range, so for them the realistic route is a sale to one of its portfolio companies, as Pi Innovo did when it joined New Eagle in February 2026. Expect a control deal with an operating plan, often including automation and supply chain changes, worked out before closing.
The firm sells on a steady rhythm. Between September 2025 and January 2026 it sold Arrow Tru-Line to the Chamberlain Group, Lindsay Precast to TJC and Vytl to an affiliate of SunSource. An owner who keeps a stake should ask how long MiddleGround expects to hold the business, and which platform or fund would own it.
Questions owners ask
What size company does MiddleGround Capital buy?
For a new platform it looks for more than $10 million of EBITDA and up to $1 billion of revenue, and it invests $20 million to $350 million of equity in control deals, according to its July 2026 tear sheet.
Will MiddleGround look at a smaller company as an add-on?
Yes. Its tear sheet lists portfolio companies seeking add-ons, with size floors that start at about $2 million of EBITDA for engineering services and rise to more than $10 million for metals processing. New Eagle's purchase of Pi Innovo in February 2026 is a recent example.
Does MiddleGround invest outside the United States?
Yes. It has an office in Amsterdam and buys companies headquartered in North America or Europe. Recent European deals include STEMMER IMAGING in Germany in 2024 and Zoerkler in Austria, which joined Xtrac in 2025.
What kinds of businesses does MiddleGround avoid?
Its tear sheet rules out turnarounds and companies with more than 25% of sales tied to big box retail. A company blog post from August 2026 also says the firm does not invest in software.
Sources
- S1MiddleGround Capital home page Accessed October 20, 2026
- S2MiddleGround Capital: About Accessed October 20, 2026
- S3MiddleGround Capital: Approach and Investment Criteria Accessed October 20, 2026
- S4MiddleGround Capital: Companies Accessed October 20, 2026
- S5MiddleGround Capital tear sheet (updated July 2026) Accessed October 20, 2026
- S6MiddleGround Capital: News Accessed October 20, 2026
- S7MiddleGround Capital: Contact (office locations) Accessed October 20, 2026
- S8MiddleGround Capital Completes Add-On for New Eagle Platform with Acquisition of Pi Innovo (February 3, 2026) Accessed October 20, 2026
- S9Q&A: Ryan McComb on What's Shaping Industrial M&A Through the End of 2026 (August 18, 2026) Accessed October 20, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with MiddleGround Capital. Figures are as reported on the dates shown and may have changed. Request a correction