David Althoff
Managing Director
Industrials M&A
Chicago
David AlthoffIn 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.
Comprehensive support throughout mergers and acquisitions and other corporate transactions.
Middle-market M&A advisory differentiated by industry expertise and superior deal execution.
Industrials expertise for middle-market M&A transactions.
Independent opinions for boards of directors and special committees.
Seamless analytical advisory through the deal continuum, from transaction origination to closing.
Dedicated coverage and access to M&A deal-flow for financial sponsors.
Senior, subordinated and mezzanine debt and venture/private equity for a wide range of transactions.
Valuation and consulting for financial reporting, federal, state and local tax, investment and risk management purposes.
Property tax, site selection, transfer pricing, sales and use tax and unclaimed property advisory.