MiddleGround Capital, a private equity firm based in Lexington, agreed to merge with Starrett, a manufacturer of precision tools, cutting equipment, and metrology systems, in a $119m deal. “We are pleased to reach this agreement with MiddleGround, which provides a meaningful premium cash value to our shareholders. Following comprehensive outreach to potential parties, our Board of Directors determined that MiddleGround is the right partner for Starrett because of its deep knowledge within the manufacturing industry. As a private company, the Company will have additional financial and operational flexibility to continue providing industry-leading service and products to our customers across our markets and maintaining Starrett’s proud tradition among its employees, communities and other stakeholders,” Douglas A. Starrett, Starrett Chairman of the Board of Directors, CEO and President.