MiddleGround Capital, a private equity firm based in Kentucky, has acquired Peterson Spring, a Southfield-based specialty spring manufacturer with 13 facilities throughout North America and the United Kingdom.
MiddleGround makes control investments in business-to-business industrial and specialty distribution companies in the North American lower middle market.
“We are honored to continue the legacy that the Peterson family began over 100 years ago,” says John Stewart, co-founder of MiddleGround. “Companies like Peterson have historically invested in North American manufacturing and have provided critical manufacturing jobs that have benefited the U.S. economy and supported their local communities.
“Our investment in Peterson seeks to build upon the company’s strong foundation and position the company for growth while ensuring manufacturing employment opportunities for generations to come.”
Peterson designs and manufactures springs, wire forms, related components, and sub-assemblies. The MiddleGround team will partner with Peterson’s management team and employees to help the company increase operations efficiency and provide necessary resources to work to fuel long-term growth.
“Peterson is perfectly positioned to continue providing mission critical components to a variety of industries. MiddleGround’s investment in Peterson will enable the company to meet the growing demands of its customers,” says Scot Duncan, partner and co-founder at MiddleGround.