MiddleGround Capital Acquires PVI Holdings, Inc.

Lexington, KY, July 18, 2022: MiddleGround Capital, an operationally focused private equity firm that makes control investments in North American middle market B2B industrial and specialty distribution companies, is thrilled to announce it has acquired PVI Holdings (“PVI”).

PVI is a market leading flow control distributor focused on serving MRO applications across marine, chemical, downstream energy, and other industrial end markets. PVI provides both third party and proprietary branded products alongside its in-house engineering and repair services. PVI operates three separate business units: Setpoint Integrated Solutions, a distributor of valves, actuators, and instrumentation primarily to the chemical and downstream energy end markets; W&O Supply, a global distributor of technical flow control products and solutions to the global military and commercial maritime markets; and AT Controls, a designer and manufacturer of valves, actuators, and process control accessories for a broad range of industrial end markets.

MiddleGround Founding Partner Lauren Mulholland commented, “PVI represents an opportunity to carve out a market-leading flow control distribution platform. We are impressed by the success these businesses have realized to date and look forward to expanding on their growth as well as identifying incremental opportunities for the company’s expansion under our ownership.”

“We are thrilled to be adding a specialty distribution business to our portfolio. PVI serves as a critical link in its supply chain and is a true value-added partner to both its customers and suppliers. We are excited to partner with the PVI management team to invest in organic and inorganic growth initiatives that will continue to expand the company’s value proposition,” added Vice President Marty Sjoquist.

“It was a cultural fit from our first meeting, MiddleGround brings a unique style to private equity that has my team fired up about the future.” said Brad Bergeron, PVI CEO. “We value their operational
expertise, passion for continuous improvement, and believe they are the perfect owner for PVI’s next phase of growth.”

“We are so excited to work with such a talented management team to help invest and accelerate growth, while also developing a corporate structure for the company.  We look forward to working with PVI to identify and take advantage of synergies between the three divisions” remarked Founding Partner Scot Duncan.

Media Contacts:

Alyssa Castelli
212-883-3802
Alyssa.castelli@moelis.com

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