AEA Private Debt Group, a provider of private credit to the middle market, served as lead arranger for a first lien credit facility in support of MPE Partners’ acquisition of Mid-States Bolt & Screw, a distributor of fasteners and maintenance, repair and operations (MRO) products serving a range of end markets.
Founded in 1973, Mid-States operates seven branches throughout Michigan and additional branches in Ohio, Wisconsin and North Carolina, as well as multiple cribs co-located in customer facilities throughout the U.S. Within its fasteners segment, the company sells hex caps, bolts, screws, socket products and a range of other fasteners. Within MRO, the company sells safety, janitorial, electrical, material handling and various other MRO and related products. Mid-States also provides several valued-added services, including kitting, vendor-managed inventory, vending machine management and application engineering.
“We are looking forward to partnering with the Somers family and the rest of the Mid-States team to accelerate the company’s growth through continued customer service and product availability, as well as organic and inorganic geographic expansion,” Graham Schena, a partner at MPE Partners, said.
“The Somers family has built Mid-States into a world-class distributor over the past several decades and has exciting growth planned,” Nick Stender, principal at MPE Partners, said. “We look forward to helping Mid-States accelerate its growth while maintaining the culture and tradition of excellence that has made the company so successful to date.”
“We appreciate AEAPDG’s support of the transaction and their ability to provide a flexible financing structure enabling us to position the business for success. We look forward to growing our partnership with the AEA Private Debt Group,” Schena said.
“We are proud to partner with the MPE and Mid-States teams to provide financing for this acquisition,” John Smith, a partner at AEA Private Debt Group, said. “Mid-States is a leader in its market and a true partner to its customers, and we look forward to being a part of its next stage of growth.”
