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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

MiddleGround Capital Acquires PVI Holdings

MiddleGround Capital, an operationally focused private equity firm that makes control investments in North American middle market B2B industrial and specialty distribution companies, is thrilled to announce it has acquired PVI Holdings (“PVI”).

PVI is a market leading flow control distributor focused on serving MRO applications across marine, chemical, downstream energy, and other industrial end markets. PVI provides both third party and proprietary branded products alongside its in-house engineering and repair services. PVI operates three separate business units: Setpoint Integrated Solutions, a distributor of valves, actuators, and instrumentation primarily to the chemical and downstream energy end markets; W&O Supply, a global distributor of technical flow control products and solutions to the global military and commercial maritime markets; and AT Controls, a designer and manufacturer of valves, actuators, and process control accessories for a broad range of industrial end markets.

MiddleGround Founding Partner Lauren Mulholland commented, “PVI represents an opportunity to carve out a market-leading flow control distribution platform. We are impressed by the success these businesses have realized to date and look forward to expanding on their growth as well as identifying incremental opportunities for the company’s expansion under our ownership.”

“We are thrilled to be adding a specialty distribution business to our portfolio. PVI serves as a critical link in its supply chain and is a true value-added partner to both its customers and suppliers. We are excited to partner with the PVI management team to invest in organic and inorganic growth initiatives that will continue to expand the company’s value proposition,” added Vice President Marty Sjoquist.

"It was a cultural fit from our first meeting, MiddleGround brings a unique style to private equity that has my team fired up about the future," said Brad Bergeron, PVI CEO. “We value their operational expertise, passion for continuous improvement, and believe they are the perfect owner for PVI’s next phase of growth."

“We are so excited to work with such a talented management team to help invest and accelerate growth, while also developing a corporate structure for the company. We look forward to working with PVI to identify and take advantage of synergies between the three divisions,” remarked Founding Partner Scot Duncan.

About PVI Holdings

PVI is a leading distributor that provides flow control solutions to various markets. PVI provides OEM and proprietary brands alongside engineering and repair capabilities. PVI includes three separate businesses: Setpoint, a provider of valves, actuation, process automation, instrumentation, filtration and related value-added services. Setpoint is the #1 flow control distributor in the Gulf Coast market with 12% market share – primarily serving the chemical processing, and energy markets. W&O is a distributor of technical flow control solutions to the global military and commercial maritime industries. W&O is the #1 North American flow control distributor focused on the marine market. AT Controls is a designer and manufacturer of valves, actuators and process control accessories marketed through a distributor network. PVI employs over 1,000 people across 37 facilities across the United States and has a strategic presence globally.

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 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.

MiddleGround Capital has acquired PVI Holdings, a market leading flow control distributor focused on serving MRO applications across marine, chemical, downstream energy, and other industrial end markets.

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