MiddleGround Capital Announces the Sale of EDSCO Fasteners
17 Julho 2023 - 8:01AM
MiddleGround Capital, an operationally focused private equity firm
that makes control investments in North American middle market B2B
industrial and specialty distribution companies, today announced
the sale of its portfolio company EDSCO Fasteners (“EDSCO” or “the
Company”) to Commercial Metals Company (NYSE: CMC) (“CMC”). EDSCO
is a market leading manufacturer of mission-critical anchor bolts,
fasteners, and specialty-fabricated anchoring products used in
critical infrastructure applications.
Headquartered in Denton, Texas, EDSCO is the industry's
preferred partner supplying anchoring systems, which are
predominantly embedded in concrete foundations and custom
engineered to allow structures to be securely placed on top of
them. Since its founding in 1985, the Company has grown to become a
significant provider of anchor cages for concrete reinforcement and
has developed a strong reputation for customer service and
reliability. Each anchoring system is specifically designed for its
location and usage, factoring in soil, weather conditions,
temperature, and angle.
Predominantly serving Utility Transmission and Distribution
(“T&D”) structure manufacturers, EDSCO’s product offering
includes anchor cages, 18J rebar bolts, smooth bar bolts, bolt
hardware, plates, and other fabricated products. The Company’s four
strategically located facilities drive industry-best lead times,
reduce freight costs and provide manufacturing location
flexibility.
“We are thrilled by today’s news, particularly given the success
the MiddleGround and EDSCO teams have achieved together over the
past several years. We are extremely excited for EDSCO to embark on
its next phase of growth and will remain passionate advocates of
the Company and its remarkable team,” said John Stewart,
MiddleGround Founding Partner. “We believe that CMC is the perfect
home for the EDSCO team and will enable the Company to continue to
execute on identified growth opportunities.”
With an average $75 billion in annual T&D market capital
spend and over 642,000 national transmission miles, EDSCO is
well-positioned as utilities continue to make record investments
into the refurbishment and modernization of their T&D Grids. As
grid owners continue to face vast challenges, including aging
infrastructure, extreme weather conditions, physical security
threats, and the integration of renewable power sources, EDSCO’s
solutions remain critical to the long-term health and maintenance
of the nation’s transmission lines and substations.
Under the ownership of the MiddleGround Capital team, in
partnership with management, EDSCO successfully executed on various
operational and strategic initiatives which have and will continue
to position the business for continued and sustainable growth.
MiddleGround will continue to retain ownership of Attala Steel
Industries (“Attala”), a manufacturer of steel foundation products
for utility-scale solar power infrastructure, which was previously
a part of EDSCO.
Stephens Inc. acted as exclusive financial advisor to
MiddleGround Capital in its sale to Commercial Metals
Corporation.
About MiddleGround CapitalMiddleGround Capital
is a private equity firm based in Lexington, KY with over $3.3
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 Media ContactsDoug
Allen/Maya HanowitzDukas Linden Public
RelationsMiddleGround@dlpr.com +1 (646) 722-6530
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