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MiddleGround Completes the L.S. Starrett Company Transaction

By: MiddleGround Capital via GlobeNewswire

June 05, 2024 at 12:39 PM EDT

ⓘ This article is third-party content and does not represent the views of this site. We make no guarantees regarding its accuracy or completeness.

ATHOL, Mass., June 05, 2024 (GLOBE NEWSWIRE) -- The L.S. Starrett Company (“Starrett” or the “Company”) today announced the completion of its previously announced merger with an affiliate of MiddleGround Capital (“MiddleGround”), an operationally focused private equity firm that makes control investments in North American and European headquartered middle market B2B industrial and specialty distribution companies.

As a result of the transaction, Starrett is now a privately-held company. With the support of MiddleGround, Starrett is well-positioned to scale its geographic reach and range of product offerings, while continuing to provide the industry-leading service that its customers have come to expect.

“We are very excited to embark on this next chapter in our company’s 144-year history,” said Douglas A. Starrett, Chief Executive Officer at Starrett. “At Starrett, our focus remains on delivering the highest quality products for our customers as well as ensuring profitable growth for the long-term. I would like to thank our talented teams, past and present, who have maintained an unwavering commitment to manufacturing best-in-class tools worldwide creating an iconic industrial brand. I am confident that this new partnership with MiddleGround will serve to further amplify that success for all of our stakeholders.”

Under the terms of the transaction, former Starrett shareholders will receive $16.19 in cash for each share of Starrett common stock they held immediately prior to the completion of the transaction (without interest and subject to any applicable withholding taxes or other amounts required to be withheld under applicable law).

“Starrett’s expertise and long history as a leader in the metrology and cutting tools markets align perfectly with MiddleGround’s investment strategy and operational experience,” said Justin W. Steil, Partner at MiddleGround. “Most of MiddleGround's Operations team has utilized Starrett products in their careers, and we look forward to furthering the company’s strong brand recognition as a leader benefiting from key trends including advanced manufacturing and reshoring. This is an exciting endeavor that we believe will build on Starrett’s long-standing reputation for quality and reliability, as we work together to extend Starrett’s already robust product offerings.”

John Stewart, Managing Partner at MiddleGround, shares: “MiddleGround has followed Starrett for over four years and we always felt like the company could benefit from operating as a private company. I wrote Doug a letter a few years ago and was really excited when I learned that the company was exploring strategic alternatives. Starrett is the gold standard for machinists everywhere and we are honored to be a part of positioning the company for the next 100 years.”

The transaction was originally announced on March 11, 2024, and received approval from Starrett shareholders on May 21, 2024. As a result of the completion of the transaction, shares of Starrett common stock were removed from listing on the New York Stock Exchange, with trading in Starrett shares suspended prior to the opening of business on May 23, 2024.

Further information about the transaction can be found in a Form 8-K filed with the SEC on May 23, 2024 by Starrett.

ABOUT THE L.S. STARRETT COMPANY

Founded in 1880 by Laroy S. Starrett and incorporated in 1929, The L.S. Starrett Company is a leading manufacturer of high-end precision tools, cutting equipment, and metrology systems, and is engaged in the business of manufacturing over 5,000 different products for industrial, professional and consumer markets. The Company has a long history of global manufacturing experience and currently operates four major global manufacturing plants. All subsidiaries principally serve the global manufacturing industrial base with concentration in the metalworking, construction, machinery, equipment, aerospace and automotive markets. The Company offers its broad array of measuring and cutting products to the market through multiple channels of distribution throughout the world. Starrett® is brand recognized around the world for precision, quality and innovation. For more information, please visit: https://www.starrett.com/.

ABOUT MIDDLEGROUND

MiddleGround Capital is a private equity firm based in Lexington, Kentucky with over $3.5 billion of assets under management. MiddleGround makes control equity investments in 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: https://middleground.com/.

Contacts:
The L.S. Starrett Company
John Tripp
Chief Financial Officer
978-249-3551
www.starrett.com

MiddleGround Capital
Doug Allen/Maya Hanowitz
646-722-6530
MiddleGround@dlpr.com

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