Silver Point Leads Financing for Gemspring's Acquisition of Midland Industries
Greenwich, CT, September 27, 2023 - Silver Point Finance, the private credit business of Silver Point Capital, L.P., served as Administrative Agent and Sole Lead Arranger in the Senior Secured financing to support Gemspring Capital Management’s acquisition of Midland Industries, a manufacturer and distributor of pipe, valve, and fitting products across North America. Existing investor Wynnchurch Capital will retain a minority stake in Midland.
“The Silver Point Finance team is pleased to partner with Gemspring, Wynnchurch and Midland Industries and lead this financing as Midland continues to grow its operations and drive product innovation, geographic expansion, and end-market diversification,” said Anthony DiNello, Head of Silver Point Finance.
“We’re excited about the partnership with Silver Point Finance as Midland advances its position in the industrial distribution market,” said Geoff Broglio, Managing Director at Gemspring. “They demonstrated a deep understanding of Midland’s business and were thoughtful in developing a financing solution tailored to this transaction.”
About Midland Industries
Midland is a value-added distributor and manufacturer of fittings, valves, clamps, hoses, and related products across North America. The Company offers a full-suite of mission-critical products to distributors, manufacturers, and retailers that address a wide range of industrial applications. Based in Kansas City, MO, Midland has over 250 employees and operates 11 facilities in the U.S. and Canada. For more information, please visit www.midlandindustries.com.
About Gemspring Capital
Gemspring Capital, a Westport, Connecticut-based private equity firm with $3.4 billion of capital under management, provides flexible capital solutions to middle market companies. Gemspring partners with talented management teams and takes a partnership approach to helping drive revenue growth, value creation, and sustainable competitive advantages. Gemspring targets companies with up to $1 billion in revenue in the aerospace & defense, business services, consumer, financial and insurance services, healthcare services, industrial services, software and tech-enabled services, or specialty manufacturing sectors. For more information, please visit www.gemspring.com.
About Wynnchurch Capital
Wynnchurch Capital, L.P., headquartered in the Chicago suburb of Rosemont, Illinois, with an affiliate in Canada, was founded in 1999 and is a leading middle-market private equity investment firm. Wynnchurch’s strategy is to partner with middle market companies in the United States and Canada that possess the potential for substantial growth and profit improvement. Wynnchurch manages a number of private equity funds with $5.7 billion of regulatory assets under management and specializes in recapitalizations, growth capital, management buyouts, corporate carve-outs, and restructurings. For more information, please visit www.wynnchurch.com.About Silver Point Finance
For over 20 years, Silver Point Finance (SPF) has been an active participant in the direct lending market, providing customized financing solutions to middle-market companies across a broad range of industries. SPF’s transactions support acquisitions, refinancings, bridge loans, growth capital, balance sheet restructurings and leveraged recapitalizations. Along with its affiliates, SPF manages approximately $11 billion in investible capital and, to date in 2023, has agented or arranged approximately $4.7 billion in credit facilities for 15 borrowers. Silver Point Finance is the direct lending business of Silver Point Capital, L.P., a leader in global credit investing that oversees the management of more than $24 billion in investible capital, as of June 2023. For more information, please visit www.silverpointfinance.com.