LEXINGTON, Ky.--(BUSINESS WIRE)--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 it has acquired Arrow Tru-Line, Inc (“Arrow Tru-Line”).
Arrow Tru-Line is an independent manufacturer and supplier of overhead garage door hardware components, selling into residential and commercial markets. The company manufactures and distributes a broad offering of essential garage door hardware including hinges, brackets, angles, tubes, springs and pre-assembled track sets for its OEM and dealer/distributor customers. Arrow Tru-Line sells into both the repair and remodel and new construction end markets.
MiddleGround Founding Partner Lauren Mulholland commented, “We are impressed by the success Arrow Tru-Line has achieved to date and look forward to supporting its continued growth in the garage door space and identifying additional avenues for the company’s expansion under our ownership.”
Lauren added, “We have been looking to invest in the building products sector for some time, and Arrow Tru-Line aligns with the strong demand in the housing market due to a shortage of new home construction.”
“We’re extremely excited to be partnering with the MiddleGround team,” said Tom Brockley, CEO of Arrow Tru-Line. “We value their operational expertise and culture of continuous improvement and believe they are the perfect owner for Arrow Tru-Line’s next phase of growth.”
“Arrow Tru-Line will be one of the final platform investments in MiddleGround Capital I, LP, as we turn our attention to investing over one billion dollars of new capital raised this year,” added Founding Partner Scot Duncan.
Dechert LLP served as legal advisor to MiddleGround Capital.
About Arrow Tru-Line
Arrow Tru-Line is the leading independent manufacturer and supplier of overhead garage door hardware components in North America selling into both residential and commercial sectors. Headquartered in Archbold, OH, the company employs over 300 people in 6 facilities supporting its core manufacturing footprint spread across the U.S. and Canada. For more information, please visit: www.arrowtruline.com.
About MiddleGround Capital
MiddleGround Capital is a private equity firm based in Lexington, KY with over $2.0 billion of Assets Under Management. MiddleGround makes control equity investments in lower middle market B2B industrial and specialty distribution businesses. 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. For more information, please visit: www.middlegroundcapital.com.