The amount of the deal was not disclosed.
The company will use the funds to accelerate its long-term growth.
Established in 1914, Peterson is a designer and manufacturer of springs, snap-rings, wire forms, clips, clamps, stampings, and a variety of sub-assemblies.
The company, which has thirteen facilities throughout North America and the United Kingdom, serves clients across several industries such as, automotive, aerospace/defense, agriculture, construction, consumer, medical/healthcare markets, among others.
Founded by John Stewart, Lauren Mulholland and Scot Duncan, MiddleGround Capital is a newly formed private equity firm that makes control equity investments in lower middle market North American companies in the B2B industrial and specialty distribution sectors.
the firm is located in Lexington, Kentucky and New York City.