MiddleGround Capital, an operationally-focused private equity firm, has acquired HLC Inc., a distributor of bicycle parts and accessories.

HLC distributes approximately 170 brands in the cycling world and has a portfolio of owned brands including Evo, WheelShop, PWR Bike, and Eclypse. With MiddleGround’s resources, HLC looks to increase its growth. HLC’s president, Pat McGinnis, will continue to oversee day-to-day operations.

“We’re thrilled to invest in and support the growth of a clear North American market leader within the bicycle parts and accessories distribution industry, which has proven to be a promising space given recent tailwinds,” said John Stewart, MiddleGround founding partner. “As the mobility industry develops, bicycles will play an important role in the transformation of the industry. HLC is uniquely positioned serving a broad and fragmented customer base with value added distribution capabilities.”

Lazard acted as financial advisor to HLC in its sale to MiddleGround Capital.