8 | Investment Excellence Awards 2025 Most Dedicated Mid-Market Private Equity Firm 2025 – USA & Award for Dedication to ESG Practices 2025 – USA Located in Lexington, MiddleGround Capital is a private equity firm that invests in B2B industrial manufacturing and specialty distribution businesses occupying the middle market. With investment criteria of revenue below $1 billion, transaction size under $5 million, EBITDA below $10 million, and equity investments ranging from $20 million to $350 million, MiddleGround Capital prioritises clients who will benefit from its team operational experts with hundreds of years of combined experience in helping portfolio companies grow and build long-term value. Founders John Stewart and Scot Duncan began their careers on an automative factory floor, a formative experience that taught them firsthand how focusing on efficient operations and continuous improvement builds profitable businesses. These principals formed the foundation of MiddleGround Capital’s value creation strategy, driving the firm to focus on investing in industrial manufacturing businesses where a value creation strategy can be outlined before acquisition, aiming for 25% or more of the value creation plan to be driven by operational improvements. In this field, MiddleGround Capital serves as an active partner to its clients’ companies, directly collaborating with stakeholders at all levels. “We don’t believe that a good business relationship is one where someone must lose for others to win,” said John. “We believe there is a middle ground to every situation and, as a result, we operate with transparency and respect while expecting superior results.” The team’s extensive experience is invaluable, translating to an array of manufacturing and distribution businesses serving a variety of different end markets, ranging from aerospace, automotive, and transportation to medical devices, food and beverage, and personal care products. MiddleGround Capital’s dedication to speaking the language of owners and management teams, combined with the improvement capabilities of its Operational Team, has enabled the company to stand as the preferred buyer in this space. No two transactions are ever the same, and each client comes with their own set of unique, evolving needs. In addition to working closely with sellers to structure investments that work for both sides, MiddleGround Capital has built an in-house Automation Team that uses the latest technologies to help portfolio companies maximise labour productivity. “With mechanical engineers, fabricators, controls engineers, and maintenance specialists in-house, our team designs and builds custom solutions that fit seamlessly into people-driven environments,” John explained. Equally important to MiddleGround Capital is building a sustainable future, driven by the belief that doing good is good for businesses. MiddleGround Capital leads the way in addressing ESG issues – from energy-saving projects to community volunteering – and has conducted comprehensive training for all investment-facing employees to strengthen ESG understanding across the firm, including a full overview of industry trends, regulatory requirements, firm policies, and the practical integration of ESG into diligence and portfolio management. Regarding its portfolio, MiddleGround Capital continues to drive measurable environmental improvements. Through partnership with Gravity Climate, MiddleGround Capital has also accelerated decarbonisation planning across the portfolio, including upgrades to HVAC systems, fleet electrification strategies, and sourcing low-carbon building materials. At its core, MiddleGround Capital believes in leaving everything better than how it was found. Since its inception, the firm has leveraged its operational experience to scale impact where it matters most: driving value through tailored operational strategies and long-term transformation with the same rigor and intentionality that guides its ESG strategy. MiddleGround Capital recognises its dual identity as both an investor and a responsible steward of capital and, as it continues to scale with responsibility, the business leader remains committed to embedding sustainability into the investment lifestyle, using its platform to lead from the front whilst catering to the complex and evolving investment needs of its clientele. For this unwavering commitment to driving measurable, sustainable growth for clients across the lower middle market, MiddleGround Capital has been named the USA’s Most Dedicated Mid-Market Private Equity Firm 2025 and has additionally been bestowed with the much-deserved Award for Dedication to ESG Practices 2025 – USA. Contact: John Stewart, Founding and Managing Partner Company: MiddleGround Capital Web Address: www.middleground.com The demand for investment with integrity has surged, as consumers and investors alike become increasingly aware of the impact their financial decisions have on both the environment and society. Yet integrity alone is not enough; clients still expect sharp execution, sector fluency, and measurable results. MiddleGround Capital stands at this intersection, driving sustainable growth across the lower middle market with the aim of creating value in all that it does whilst leaving the world a better place than how it was found. We heard more from John Stewart, Founding and Managing Partner, below. MiddleGround Capital
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