Midwest Equipment Sales has taken on investment partners in order to grow the Columbus-headquartered business. The funding was led by Cleveland’s Provariant Equity Partners, with investment from Pittsburgh PE firm Tecum Capital Partners, the existing CEO James Cline Jr., and Indianapolis’ Centerfield Capital Partners.
The Provariant team’s goal was to bring in value-added financing partners with cultural alignment and a demonstratable track record of working successfully with founder-led businesses.
MWE Sales was founded in 2009 by Cline, who will continue to lead the company.
“I was looking for partners to provide guidance on strategic planning and organizational development who had the financial and operating resources to support our growth plans for the next several years,” Cline stated. “The Provariant-led investor group’s knowledge of our business, commitment to our entrepreneurial culture and experience working with teams at our stage of development is a great fit. I am excited to have them partner with us and look forward to what we can accomplish together.”
A nationwide distributor of outdoor products for home and professional uses, MWE Sales leverages multiple brands and solutions for its broad customer base, including TNT tracks and tires, ClimateRight and Westinghouse portable generators.
The investor group was supported by First Commonwealth Bank in its capacity as administrative agent, with First Merchants Bank to support the senior debt financing in the transaction.
Footprint Capital out of Columbus functioned as the exclusive sell-side adviser to MWE in the transaction.