An affiliate of Staple Street Capital, a middle market private equity firm, has acquired substantially all of the assets of Mid-States Supply Company.
Mid-States is a distributor of industrial valves, pipe, automation products, fittings, steam specialty items and controls. The Kansas City, MO-based company provides its customers with a variety of value added fabrication and services.
The acquisition was effectuated through a stalking horse bid by an affiliate of Staple Street Capital in a Chapter 11 reorganization. Kirkland & Ellis served as legal advisor to Staple Street Capital. SSG Capital Advisors and Frontier served as investment banker in the transaction. Spencer Fane and Winter Harbor served as legal and restructuring advisors, respectively, to the seller.
Staple Street Capital has a proven model for value creation and particular expertise executing complex transactions, including corporate carve-outs, family-owned business acquisitions and restructurings. Staple Street Capital is currently investing out of a $265 million private equity fund and typically seeks to invest $15 million - $75 million of equity per transaction.