MiddleGround Capital completes third add-on for its Alco platform with the acquisition of Teale Machine Company

LEXINGTON, Ky.–(BUSINESS WIRE)–MiddleGround Capital, an operations-focused private equity firm that makes control investments in North American middle-market B2B industrial and specialty distribution businesses, is pleased to announce the acquisition of Teale Machine Company (“Teale”) through its holding company Alco Manufacturing Corporation (“Alco”). This transaction marks MiddleGround’s third add-on acquisition to its Alco platform since acquiring the company in July 2018.

Teale is a manufacturer of high-tolerance, high-volume machined parts for the valve, aerospace, appliance, building products, electronics, pump, automotive, and end markets and applications. of the medical. Based in Rochester, New York, the company has a variety of different machining capabilities including multi-spindle, CNC, centerless grinding, secondary processing and assembly on various types of metals including stainless steel, steel , aluminum and copper.

“Teale marks another milestone in pursuing our strategy of expanding the Alco platform through smart and targeted acquisitions. Teale is a truly complementary specialty machining business that is adding new customers, further strengthening our growing presence in New York, and enhancing the diversity of our capabilities around brass, steel and aluminum materials, said Matt Dietrich, CEO of Alco. “We are very focused on bringing new value to our customers by expanding our capabilities, and the addition of Teale allows us to offer a broader range of cost-effective, value-added products and services,” said he added.

Justin Steil, Managing Director of MiddleGround, said, “We are delighted to add Teale to Alco’s growing track record of attractive acquisitions, and we expect Alco, as an industry leader, to continue to drive take advantage of consolidation opportunities in this highly fragmented sector.

About Teale Machine

With over 75 years of experience in automatic machining, Teale manufactures high-tolerance, high-volume machined parts for a variety of end markets and applications. Based in Rochester, New York, Teale offers a diverse set of machining capabilities on different types of metals. For more information, please visit: www.tealemachine.com.

About Alco

Based in Elyria, OH, Alco is a leading manufacturer of hydraulic connectors for industrial and consumer end markets in the United States. Alco manufactures steel, aluminum and brass products including hydraulic connectors, garden hose connectors, plumbing cartridges, natural gas fittings and quick connect devices, among others. Alco was founded in 1971 and has been a holding company of MiddleGround Capital since 2018. For more information, please visit: www.alco.com.

About MiddleGround Capital

MiddleGround Capital is a Lexington, Kentucky-based private equity firm with over $2.4 billion in assets under management. MiddleGround acquires controlling interests in industrial and specialized B2B distribution companies in the middle market. 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, visit: www.middlegroundcapital.com.

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