LEXINGTON, Ky.--(BUSINESS WIRE)--MiddleGround Capital, a Kentucky-headquartered, middle market private equity firm that makes control investments in B2B industrial, manufacturing and distribution businesses, has announced that Justin W. Steil has joined the firm as a Managing Director on the Investment Team. Justin is based in the firm’s New York office and is responsible for sourcing, evaluating and leading investments, as well as supporting the portfolio and helping to set the firm’s strategic direction.
Justin was most recently a Managing Director at PineBridge Investments, where he focused for more than seven years on private equity and subordinated debt investments in the firm’s Private Capital business. Justin previously spent ten years in the private equity business of Evercore and began his career in the investment banking division of Merrill Lynch. Justin holds a BBA with High Distinction from the Stephen M. Ross School of Business at the University of Michigan and an MA in Economics from New York University. From 2014 to 2020, Justin served on the Board of Directors for the MATHCOUNTS Foundation, which hosts the largest mathematics competition in the US, engaging more than 250,000 students annually.
MiddleGround Capital has made 15 hires to date in 2021 and has completed 10 transactions out of its inaugural fund, which closed in August 2019. MiddleGround is currently raising capital for three additional funds.
“Justin could not have joined our team at a better time, given both our recent increase in dry powder and the surge of M&A market activity this year,” said Founding Partner, Lauren Mulholland. “We are excited to tap into Justin’s deep experience investing across the industrials sector and value the perspectives he brings having put capital to work up and down the capital structure.”
"MiddleGround has quickly established itself as one of the most active private equity investment firms across the middle market industrial landscape, leveraging its extensive operating resources throughout the investment process to evaluate opportunities and drive value creation after an investment is made," said Mr. Steil. "I look forward to working with Lauren Mulholland, John Stewart, Scot Duncan and all of my new colleagues to build on the strong track record they have created and to help MiddleGround continue to grow."
MiddleGround Capital is a private equity firm that makes control equity investments in lower middle market, North American companies in the B2B industrial and specialty distribution sectors. MiddleGround 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. MiddleGround is currently investing out of its first fund and is headquartered in Lexington, Kentucky with an additional office in New York City.
MiddleGround Capital is a signatory to the United Nations Principles for Responsible Investment (PRI) and is committed to integrating environmental, social and governance considerations into its investment analyses and ownership policies. MiddleGround is also a signatory to the Institutional Limited Partners Association’s (ILPA) Diversity in Action initiative and is committed to advancing diversity, equity, and inclusion in the private equity industry. For further information, please visit: www.middlegroundcapital.com