Kerr Russell is pleased to announce that it served as the exclusive legal adviser to Peterson American Corporation (PAC) in its sale to MiddleGround Capital (MiddleGround).
Headquartered in Southfield, Michigan with facilities throughout the United States, Canada, Mexico and the United Kingdom, PAC, through its Peterson Spring and PAC Racing brands, is a leading designer and manufacturer of precision formed metal parts for mission critical applications with operations spanning back to 1914.
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.
The transaction closed in April 2019. P&M Corporate Finance, LLC served as the exclusive financial adviser to PAC. A press release from PMCF can be viewed here.