L.S. Starrett plans new debt financing for buyout by MiddleGround

By Sara Rosenberg

New York, March 11 – L.S. Starrett Co. has received a commitment for debt financing to be provided by a certain lender to help fund its acquisition by MiddleGround Capital, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Other funds for the transaction will come from equity.

Under the agreement, L.S. Starrett is being purchased for $16.19 per share.

Closing is expected in mid-2024, subject to shareholder approval and other conditions.

William Blair & Co. LLC is serving as exclusive financial adviser to MiddleGround in connection with the acquisition and debt financing.

L.S. Starrett is an Athol, Mass.-based manufacturer of high-end precision tools, cutting equipment, and metrology systems for industrial, professional and consumer markets.

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