If you're a machinist, this is most likely pretty sad news.
http://www.starrett.com/news-events/the-l.s.-starrett-company-enters-into-a-merger-agreement-with-middleground-capital-to-become-private-company
“We are pleased to reach this agreement with MiddleGround, which provides a meaningful premium cash value to our shareholders,” said Douglas A. Starrett, Chairman of the Board of Directors, Chief Executive Officer and President. “Following comprehensive outreach to potential parties, our Board of Directors determined that MiddleGround is the right partner for Starrett because of its deep knowledge within the manufacturing industry. As a private company, the Company will have additional financial and operational flexibility to continue providing industry-leading service and products to our customers across our markets and maintaining Starrett’s proud tradition among its employees, communities and other stakeholders.”
ABOUT MIDDLEGROUND
MiddleGround Capital is a private equity firm based in Lexington, Kentucky with over $3.5 billion of assets under management. MiddleGround makes control equity investments in 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:
https://middleground.com/.