MiddleGround Capital Completes Third Add-On For Its Banner Platform with Acquisition of National Kwikmetal Services
LEXINGTON, Ky. -MiddleGround Capital, an operationally focused private equity firm that makes control investments in North American middle market B2B industrial and specialty distribution companies, is excited to announce the acquisition of National Kwikmetal Services (“NKS”) through its portfolio company Banner Industries (“Banner”). This transaction marks MiddleGround’s third add-on acquisition to the Banner platform since acquiring the company in December 2019. MiddleGround previously combined Supra Alloys (“Supra”) and EDGE International (“Edge”), value-added stocking distributors of metal bar, plate and sheet product, with Banner in June 2020.
NKS is a specialty metal services provider focused on small to medium size customers with no minimum purchasing volumes. NKS provides differentiated metal products and processing capabilities across the automotive, general industrial, aerospace and defense, power generation, medical, and infrastructure and construction end markets.
“NKS has established great credibility in the market and earned strong customer relationships and loyalty through its ability to process orders quickly and provide on-time-delivery, even when no one else can,” said Ryan McComb, MiddleGround Vice President. “NKS’ business model perfectly complements Banner’s focus and increases the overall platform’s geographic reach, adds new products and capabilities, and further diversifies its end market mix.”
“NKS’ unique position within their selected markets allows them to seize the opportunity to serve customers more effectively than other large traditional service centers,” said Dan Stoettner, Banner CEO. “NKS’ low average order size provides the Company with a market advantage with which traditional service centers cannot economically compete. With the additional capabilities they bring to Banner, we look forward to what this next phase of growth means for our collective customers.”
Original Post can be found on Business Wire.