Dechert Advises MiddleGround Capital on Take-Private Merger Agreement with L.S. Starrett Company

March 14, 2024

Dechert recently advised MiddleGround Capital, a private equity firm managing over US$3.5 billion in assets, on a go-private merger agreement between its affiliate and L.S. Starrett Company, a leading manufacturer of premium precision tools, cutting equipment and metrology systems.

The all-cash transaction, expected to close in mid-2024, is contingent on approval from Starrett’s shareholders and other closing conditions. Upon completion, Starrett will be owned by funds controlled by MiddleGround, and its Class A stock will no longer be listed on any public market. The transaction is expected to provide Starrett with enhanced financial and operational flexibility, bolstering the company's position for future innovation, advanced manufacturing, and reshoring.

The team advising MiddleGround includes financial services partner Omoz Osayimwese; corporate partners David Cosgrove and Stephen Leitzell with associate Nick Pullen; and global finance partner Lindsay Flora.

About Dechert

Dechert is a global law firm that advises asset managers, financial institutions and corporations on issues critical to managing their business and their capital – from high-stakes litigation to complex transactions and regulatory matters. We answer questions that seem unsolvable, develop deal structures that are new to the market and protect clients’ rights in extreme situations. Our 1,000+ lawyers across 21 offices globally focus on the financial services, private equity, private credit, real estate, life sciences and technology sectors.

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