Blue Point Capital Partners sold its remaining interest in Elyria-based Alco Manufacturing Corp. LLC, a portfolio company in the firm’s 2006 middle-market buyout fund. Blue Point sold to Kentucky-based Middleground Capital, which bought a controlling interest in the company last summer. Terms were not disclosed.
During Blue Point’s investment, Alco reportedly doubled its earnings, built two new greenfield facilities and completed two add-on acquisitions of Michigan-based companies, Lakeshore Fittings and K&M Precision Products Co.
“The support and resources provided by Blue Point accelerated our growth and allowed us to be a dominant leader in the metal components industry,” Alco President DJ Mumma said in a statement. “We are extremely pleased with the results attained while partnered with Blue Point and look forward to pursuing additional value opportunities alongside our new partner.”
Middleground is the third PE owner for Alco. The company was acquired by Stone Arch Capital Partners of Minneapolis in 2006. It was acquired by Blue Point in 2011.