W&O Supply Acquired by MiddleGround Capital

Private equity firm MiddleGround Capital has acquired PVI Holdings, Inc., the parent company of W&O Supply, Setpoint Integrated Solutions and A-T Controls.

“It was a cultural fit from our first meeting. MiddleGround brings a unique style to private equity that has my team fired up about the future,” said Brad Bergeron, PVI CEO. “We value their operational expertise, passion for continuous improvement, and believe they are the perfect owner for PVI’s next phase of growth.”

PVI is a flow control distributor focused on serving MRO applications across marine, chemical, downstream energy, and other industrial end markets. Its W&O Supply arm is a distributor of valves, actuated valves, pipe, fittings and engineered solutions to the maritime industry.

“The W&O team is excited to partner with MiddleGround,” said Todd Nestel, president of W&O. “We strongly believe this will accelerate our growth plans, increase our ability to provide solutions to our customer’s needs, and expand opportunities for our employees. That said, it is important to acknowledge the exceptional run W&O has had under Pon’s ownership. Their support during the last 23 years led to W&O’s growth and success, including our international expansion into Canada, Europe and Singapore.”

MiddleGround founding partner Lauren Mulholland commented, “PVI represents an opportunity to carve out a market-leading flow control distribution platform. We are impressed by the success these businesses have realized to date and look forward to expanding on their growth as well as identifying incremental opportunities for the company’s expansion under our ownership.”

“We are thrilled to be adding a specialty distribution business to our portfolio. PVI serves as a critical link in its supply chain and is a true value-added partner to both its customers and suppliers. We are excited to partner with the PVI management team to invest in organic and inorganic growth initiatives that will continue to expand the company’s value proposition,” added MiddleGround vice president Marty Sjoquist.

“We are so excited to work with such a talented management team to help invest and accelerate growth, while also developing a corporate structure for the company. We look forward to working with PVI to identify and take advantage of synergies between the three divisions,” said MiddleGround founding partner Scot Duncan.