Kentucky-based private equity firm MiddleGround Capital has acquired Steel-Craft Corp., Hartford Finishing LLC and Capitol Stampings Corp., the company announced Monday.
The three companies have combined revenue around $125 million, according to MiddleGround. Steel-Craft and Hartford Finishing are based in Hartford while Capitol Stampings is located at 2700 W. North Ave. in Milwaukee.
Steel-Craft offers complex fabrication expertise while Hartford Finishing provides painting solutions and Capitol Stampings offers metal stamping and welding services. The companies have historically gone to market under three distinct brands.
“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, chief executive officer of the companies.
MiddleGround makes control investments in business-to-business industrial and specialty distribution companies in the North American lower middle market.
Terms of the deal were not disclosed. Four properties where the businesses have operations were sold to an affiliate of MiddleGround for a combined $25 million, according to state records. The properties have a combined assessed value of nearly $13.9 million.
“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 U.S. 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 Capitol Stamping.”