PE Today: MiddleGround Makes Third Add-On Acquisition for Alco
Plus, GenNx360 exits manufacturing business, and Thompson Street sells HVAC company
Read the top headlines from Thursday, April 28, 2022 below:
GenNx360 Exits Salford Group to Linamar
Middle-market private equity firm GenNx360 announced in a press release that it reached an agreement to sell portfolio company Salford Group to Linamar Corporation. Linamar, a manufacturing corporation, will acquire Salford, which manufacturers tillage and crop nutrition application equipment, for $260 million CAD (about $203 million USD). GenNx360’s investment in Salford saw the company enhance its product offering and develop a “culture of operational excellence,” the announcement said.
MiddleGround Strikes B2B Industrial Add-On Acquisition for Alco Platform
MiddleGround Capital has completed its third add-on acquisition to its Alco Manufacturing Corporation platform company with the purchase of Teale Machine Company, an announcement said. Teale is a manufacturer of machined parts for a variety of end markets, including appliance, electronics and automotive, and is a synergistic fit for MiddleGround, a private equity firm targeting B2B industrial and specialty distribution companies in North America. MiddleGround first acquired Alco in July of 2018.
Thompson Street Sells LTP Home Services to L Catterton
Middle-market private equity firm Thompson Street Capital Partners has announced the completion of its sale of residential HVAC and plumbing services company LTP Home Services Group to private equity firm L Catterton. Thompson Street said it will retain a board seat and minority stake in LTP. Financial terms of the transaction were not disclosed.
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