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MiddleGround Capital has announced the acquisition of two automotive facilities from Benteler International by its portfolio company, Shiloh Industries. This marks MiddleGround’s first add-on investment in Shiloh since taking it private last year and represents its third automotive investment in just 13 months. The facilities in Kalamazoo, Michigan, and Goshen, Indiana, bolster Shiloh's capabilities in lightweighting—a crucial area for meeting fuel efficiency and electrification standards in the automotive sector. MiddleGround is committed to supporting the ongoing transformation in the automotive industry.
Positive
Acquisition enhances Shiloh's capabilities in lightweighting, critical for automotive OEMs.
Facilities have open capacity to serve current and future customers, supporting growth potential.
MiddleGround's strategic focus on automotive investments aligns with industry trends in electrification and efficiency.
Negative
None.
LEXINGTON, Ky.--(BUSINESS WIRE)--
MiddleGround Capital, an operationally focused private equity firm that makes control investments in North American middle market B2B industrial and specialty distribution companies, is excited to announce the acquisition of two automotive facilities from Benteler International (“Benteler”) by its portfolio company Shiloh Industries (“Shiloh”). The acquisition is MiddleGround’s first add-on investment to Shiloh, which MiddleGround took private last year. This transaction also marks MiddleGround’s third investment in the automotive industry in the 13 months. Earlier this year, MiddleGround raised its Mobility Opportunity Fund, LP, a vehicle dedicated to investing behind disruptive trends transforming the automotive industry including vehicle lightweighting, electrification of the powertrain, autonomous driving and connected car technologies.
The Benteler facilities, located in Kalamazoo, Michigan and Goshen, Indiana, provide complementary hot forming and welding capabilities to Shiloh, as Shiloh has streamlined its operations to focus on lightweighting within its stamping business under MiddleGround’s ownership. In June 2021, certain assets of Shiloh’s U.S. BlankLight® business were sold to Worthington Industries (NYSE: WOR). The transaction included four facilities with locations in Bowling Green, Kentucky; Canton, Michigan; and two in Valley City, Ohio. Months earlier in April, Shiloh sold its CastLight® business to Aludyne.
MiddleGround Founding Partner John Stewart, who spent 18 years of his career at Toyota Motor Corporation, stated, “With more than 140 years of experience, Benteler is highly regarded in the automotive industry. We look forward to working with the teams at these facilities to further support our investment in the Dura / Shiloh platforms. By bringing hot stamping into the light weight structures group of the platform we continue to build out an offering of talent and assets that are critical for automotive OEMs as they look to remove weight out of the vehicle to meet fuel emission standards and to improve efficiency of electric vehicles.”
“The Goshen and Kalamazoo facilities are well capitalized and have open capacity to serve both current and future customers. MiddleGround has a long-term vision for the automotive industry and these facilities offer great opportunities for our Dura / Shiloh platforms to serve those needs,” Founding Partner Scot Duncan, who spent 13 years of his career at Toyota, added.
About Benteler
Benteler is a global, family-owned company serving customers in automotive technology, the energy sector and mechanical engineering. As metal processing specialists, Benteler develops, produces and distributes safety-related products, systems and services worldwide.
About Shiloh Industries, Inc.
Shiloh Industries is a global innovative solutions provider focusing on lightweighting technologies that provide environmental and safety benefits to the mobility market. Shiloh designs and manufactures products within body structure, chassis and propulsion systems. Shiloh’s multicomponent, multi-material solutions are comprised of a variety of alloys in aluminum, magnesium and steel grades, along with its proprietary line of noise and vibration reducing ShilohCore® acoustic laminate products. For more information, please visit: www.shiloh.com.
About Dura Automotive
Dura Automotive Systems is a global automotive supplier specializing in the design, engineering, and manufacturing of solutions that drive the evolution of mobility. With a legacy comprising more than 100 years of inspired invention, the company is recognized by leading vehicle manufacturers as a preferred supplier partner for innovative, highly integrated mechatronic systems and lightweight solutions. Dura’s forward-thinking technology roadmap includes mechatronic control systems, including shift-by-wire systems; electronic systems, including actuators and advanced driver assist systems (ADAS); lightweight structural body systems, including electric vehicle battery trays; and exterior systems, including roof rails and electronic-infused exterior trim. Dura is headquartered in Auburn Hills, Michigan, USA. The company has 6,700 employees worldwide and operates 31 facilities in 13 countries. For more information, please visit: www.duraauto.com.
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 lower 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.
