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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 Signs Definitive Agreement to Sell Arrow Tru-Line to the Chamberlain Group, a Blackstone Portfolio Company

LEXINGTON, Ky., July 07, 2025 (GLOBE NEWSWIRE) -- 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, today announced that it has entered a definitive agreement to sell its portfolio company Arrow Tru-Line (“ATL”), an independent manufacturer and supplier of structurally critical overhead garage door hardware components, to the Chamberlain Group, a global leader in intelligent access and monitoring with leading brands including LiftMaster and myQ.

Arrow Tru-Line is the market-leading manufacturer and distributor of metal garage door components and hardware, serving OEMs, distributors and installers across North America. Originally founded in 1970 and headquartered in Archbold, Ohio, ATL manufactures a complete offering of essential hardware, including hinges, brackets, angles, tubes, springs and pre-assembled track sets through the processes of rollforming, stamping, assembling and sourcing products. The company, led by CEO Thomas Brockley, operates six manufacturing and distribution facilities across the U.S. and Canada.

“Since we acquired Arrow Tru-Line in late 2021, Tom and the management team have done an exceptional job operating the business and positioning the company for the future, while preserving core manufacturing jobs that are so important for the US economy,” said John Stewart, Founding and Managing Partner of MiddleGround. “In partnership with our operations team, the management team has vertically integrated the business to drive further value for customers. Through the execution of operational improvements, the company has substantially improved free cash flow conversion and profitability. Additionally, we are excited to provide our investors with much-needed liquidity. The fact that we have been able to achieve such a positive outcome given the economic conditions of the last four years is a testament to our team and our investment strategy.”

“We are very proud to have helped ATL improve its manufacturing capabilities through the hard work of our operations team and the management team. MiddleGround provided the company with critical capital investment that allowed for the vertical integration of key components while expanding the company’s capabilities, setting the company up for future revenue growth,” said Lindsay Quintero, Vice President at MiddleGround. “The company is well-positioned to capitalize on future growth in the U.S. housing market based on aged U.S. housing stock, record-high homeowner equity, and an ongoing undersupply of housing. We’ve aligned ATL’s product portfolio to include a full suite of garage door hardware products that will enable the company to capitalize on current industry tailwinds that include an accelerated demand for residential repair and remodeling, new housing construction, and increased commercial construction in North America. We believe that as a part of Chamberlain, the combined platform is well-positioned to deliver even greater value through its highly complementary product offering.”

“MiddleGround has been an exceptional partner for ATL. Their operational expertise and deep, hands-on experience has positioned us with several competitive advantages,” added Mr. Brockley. “We’re looking forward to continuing the strategic momentum MiddleGround has imparted under the Chamberlain Group.”

The transaction is MiddleGround’s third full exit for its first fund, MiddleGround Capital I, LP, which closed in August 2019 at $460 million.

Advisors
Raymond James served as financial advisor and Greenberg Traurig served as legal counsel to MiddleGround Capital. Wells Fargo served as exclusive financial advisor and Simpson Thacher & Bartlett LP served as legal counsel to the Chamberlain Group.

About MiddleGround Capital
MiddleGround Capital is a private equity firm based in Lexington, Kentucky with over $4.1 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/.

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 has 6 facilities supporting its core manufacturing footprint spread across the U.S. and Canada. For more information, please visit: www.arrowtruline.com.

About Chamberlain Group
Chamberlain Group (GG) is global leader in intelligent access and Blackstone portfolio company. Our myQ ecosystem allows you to unlock your home’s full potential with an all-in-one access + monitoring app. myQ also delivers seamless, secure, access to businesses and communities worldwide. CG’s LiftMaster® and Chamberlain® products are found in 50+ million homes, and 13 million+ people rely on myQ® daily. Our patented vehicle-to-home connectivity solution, myQ Connected Garage, is available in millions of vehicles from the leading automakers.

Follow Chamberlain Group on LinkedIn and Instagram.

About Blackstone
Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s more than $1.1 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.  

MiddleGround Capital Media Contacts
Doug Allen/Maya Hanowitz
Dukas Linden Public Relations
MiddleGround@dlpr.com
+1 (646) 722-6530


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