Business
MiddleGround Capital Completes Add-On for New Eagle Platform with Acquisition of Pi Innovo
LEXINGTON, Ky., Feb. 03, 2026 (GLOBE NEWSWIRE) -- MiddleGround Capital (“MiddleGround”), an operationally focused private equity firm that makes control investments in North American and European headquartered middle-market B2B industrial and specialty distribution companies, today announced it has acquired Pi Innovo (“Pi Innovo”), from Dana Incorporated. Pi Innovo, a designer and developer of open platform electronic control systems and control software, will be integrated into MiddleGround’s p
About this update from Dana Incorporated
[{"type":"text","content":"LEXINGTON, Ky., Feb. 03, 2026 (GLOBE NEWSWIRE) -- MiddleGround Capital (“MiddleGround”), an operationally focused private equity firm that makes control investments in North American and European headquartered middle-market B2B industrial and specialty distribution companies, today announced it has acquired Pi Innovo (“Pi Innovo”), from Dana Incorporated. Pi Innovo, a designer and developer of open platform electronic control systems and control software, will be integrated into MiddleGround’s portfolio company, New Eagle - a provider of proprietary hardware and software controls technology for the automotive, commercial vehicle, off-highway, aerospace and defense industries.","length":684,"tagName":"p"},{"type":"text","content":"Founded in 2011 and headquartered near Detroit, Michigan, Pi Innovo designs embedded software solutions and electronic control units for electrification, clean fuel, and specialty mobility applications. Pi Innovo’s OpenECUTM product portfolio includes off-the-shelf and project-specific controllers with embedded software as well as application and systems engineering services that support commercial and specialty vehicle OEMs and Tier-1s.","length":441,"tagName":"p"},{"type":"text","content":"Acquired by MiddleGround in November 2021, New Eagle is an innovator in engineering solutions, delivering electronic systems and control software for automotive, commercial vehicle, off-highway, aerospace and defense industries. The platform focuses on mechatronic controls and supports developers with project management and supply chain coordination, its proprietary Raptor software toolchain and off-the-shelf hardware control solutions. New Eagle’s engineering teams bring extensive experience in designing and deploying electronic systems for electric vehicle propulsion and autonomy programs, guiding projects from initial concept through full production.","length":661,"tagName":"p"},{"type":"text","content":"“We’re very excited to welcome the talented Pi Innovo team to New Eagle,” said John Stewart, Managing Partner at MiddleGround. “This acquisition offers the opportunity to pursue growth initiatives while broadening the flexible, secure, open functional-safety solutions we provide to customers. It further reinforces our commitment to partnering with innovative technology and engineering companies aligned with our M...