Private equity firm acquires Mid-States Supply
New York-based private equity firm Staple Street Capital said it acquired nearly all the assets of Mid-States Supply Co., a distributor of industrial valves and pipes, through a bankruptcy process.
Missouri-headquarted Mid-States distributes pipes, valves and fittings as well as other products such as thermometers, supply hoses and gauges for the refining, oil and gas, commercial and industrial sectors.
Terms of the acquisition were not disclosed.
Staple Street Capital’s partners said: “We are excited to acquire Mid-States and provide the capital, operating and strategic resources to position the company for long term growth.
“We plan to conservatively capitalise the company and to invest in the company’s people, processes, and systems to grow the business and further differentiate its product offerings.”
Ben Hurst, Mid-States' CEO, said: “We are thrilled to be partnering with Staple Street Capital.
“Staple Street Capital’s emphasis on providing value added resources, commitment to operational excellence and continuous improvement, and conservative approach to financial leverage makes them a great partner for Mid-States.
“These are the ingredients we need in a partner to grow and strengthen our position in the industry.”