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 portfolio company, New Eagle - a provider of proprietary hardware and software controls technology for the automotive, commercial vehicle, off-highway, aerospace and defense industries.
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.
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.
"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 Mobility Thesis."
"As a long-standing partner to OEMs and Tier-1 suppliers in commercial transportation and specialty mobility, Pi Innovo delivers open platform, configurable ECU solutions with integrated functional safety and cybersecurity capabilities for electric vehicle charging, clean fuel propulsion, and hybrid applications —helping customers accelerate development timelines and reduce time to market," said Adrian Carnie, Head of Business Development at Pi Innovo. "We aim to enhance collaboration opportunities with customers in partnership with New Eagle by combining our next-generation ECU platforms with New Eagle's flexible RaptorTM software toolchain and established controls capabilities. Together, we aim to broaden our range of functional safety and cybersecurity-enabled solutions, and to expand into new electrification programs, increasing the support we offer across the full lifecycle of controls development and integration."
"We're thrilled to welcome Pi Innovo to the New Eagle family," said Kevin Alley, Chief Commercial Officer, and Parker Mosman, Chief Product Officer, at New Eagle. "Pi Innovo's controls hardware, software, and engineering services complement New Eagle's proprietary RaptorTM platform and aims to broaden the range of solutions we offer across both ICE and electrified vehicle programs, supports our focus on the low- to medium-volume automotive segment, and enhancing our ability to bring next-generation solutions to market, with the goal of enabling customers and providing solutions that meet their needs."
With the acquisition of Pi Innovo, MiddleGround is continuing its focus in the mobility sector, building on its investment in New Eagle in 2021.
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Past performance and progress described herein are not indicative of future results. There is no assurance that similar outcomes will be achieved in the future.
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About Pi Innovo
Pi Innovo is an expert partner for the design and development of electronic systems and control software for the automotive, transportation, defense, industrial, and aviation industries. Pi Innovo's multi-skilled engineering teams can develop vehicle electronic systems from concept to production and have applied this capability in recent years to the challenges of vehicle electrification. OpenECU TM is Pi Innovo's range of adaptable, modular, reusable field-ready products that are implemented to volume production standards, and are fully "open" to custom configuration, adaptation, and further development. The OpenECU TM family includes ECUs, prototyping accessories, electronic circuit libraries, platform base software, model-based control strategies, and application software.
About New Eagle
New Eagle is a pioneer and trusted partner in engineering solutions, specializing in electronic systems and control software development for a wide range of industries, including automotive, transportation, industrial, military, aerospace, and off-highway. New Eagle specializes in mechatronic controls, assisting developers in managing project development, supply chain, cost, and achieving success using our Raptor® eMBD™ software platform and off-the-shelf hardware control solutions. Our versatile engineering teams are skilled in developing electronic systems for the electric vehicle propulsion and autonomy markets, from concept to production. For more information, please visit: https://neweagle.net/.
About Dana Incorporated
Dana Incorporated (NYSE:DAN) is a leader in the design and manufacture of highly efficient propulsion and energy-management solutions that power vehicles in all mobility markets across the globe. The company is shaping sustainable progress through its conventional and clean-energy solutions, supporting nearly every vehicle manufacturer with drive systems, electrodynamic technologies, and thermal and sealing solutions.
Based in Maumee, Ohio, USA, and with a history dating back to 1904, the company reported preliminary sales of $7.5 billion in 2025 and employs 28,000 people in 24 countries across six continents. Learn more at dana.com.
About MiddleGround Capital
MiddleGround Capital is a private equity firm based in Lexington, Kentucky with over $4.1 billion of assets under management. MiddleGround makes control equity investments in middle market B2B industrial and specialty distribution businesses. MiddleGround works with its portfolio companies to create value through a hands-on operational approach and partners with its management teams to support long-term growth strategies. For more information, please visit: https://middleground.com/.
MiddleGround Capital Media Contacts
Doug Allen/Maya Hanowitz
Dukas Linden Public Relations
[email protected]
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