David Althoff
Managing Director
Industrials Investment Banking
Chicago
Sell Side Advisor
Duff & Phelps Advised Banner Industries, LLC on Its Sale to MiddleGround Capital
In December 2019, Banner Industries, LLC (“Banner” or the “Company”), a portfolio company of High Street Capital, was acquired by MiddleGround Capital (“MiddleGround”).
Duff & Phelps served as exclusive financial advisor to the shareholders of Banner and provided M&A advisory services in connection with the sale transaction.
About Banner Industries, LLC
Headquartered in Carol Stream, IL, Banner is a leading provider of value-added precision metal products and supply chain solutions for a diverse mix of industrial OEMs, medical device manufacturers, metal service centers and precision machine shops. The Company leverages unmatched sourcing relationships and a full suite of processing capabilities providing a one-stop-shop solution for customers. Banner has cemented market-leading positions through two distinct business segments: Banner Service Corporation for commercial and industrial customers and Banner Medical Innovations for orthopedic and medical end markets. Perkins Coie LLP and Michael Best & Friedrich LLP served as legal counsel to Banner.
About MiddleGround Capital
MiddleGround is a private investment firm with offices in New York and Kentucky, focusing on investments in business-to-business industrial and specialty distribution companies in the North American lower middle market. MiddleGround is an operations-focused group, working closely in support of management to build long-term sustainable value through the implementation of strategic and operating initiatives. Greenberg Traurig served as legal counsel to MiddleGround.
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