High Road Capital Partners... among the best of the next generation of alternative asset managers... —Buyouts Magazine, August 16, 2010
- Diane Laux, ABC
- Solas Communications, LLC
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High Road Capital Partners Acquires The Crown Group
NEW YORK, May 10, 2013 – High Road Capital Partners ("www.highroadcap.com") completed the acquisition of The Crown Group ("www.thecrowngrp.com"). Based in Warren, Michigan with seven manufacturing facilities across the U.S., The Crown Group is a leading provider of high-quality coating services and solutions to the automotive, agricultural, heavy truck and other industrial end markets. High Road partnered with Charter Oak Equity Equity (www.charteroak-equity.com) on the transaction.
“Crown’s disciplined and systematic operational approach, including the ability to seamlessly integrate itself in its customer’s supply chain and provide value-added logistics services, is highly valued by its customers for whom avoiding business interruption or delays is paramount,” said William Connell, High Road Partner. “We are excited to work with Crown’s outstanding management team and Charter Oak to drive multiple growth initiatives.”
Frank Knoth, President of The Crown Group, will continue to lead the company post-closing. He and The Crown Group’s management team invested in the transaction alongside High Road.
Mr. Knoth said, “With the capital and operating support of High Road and Charter Oak, the management team looks forward to growing the business and continuing to provide best-in-class coating services to our customers.”
High Road’s acquisition of The Crown Group closed on May 9, 2013. Financing for the transaction was provided by U.S. Bank and Babson Capital Management, LLC. Charter Oak and Babson Capital also invested equity alongside High Road. Transaction consideration was not disclosed.
William Connell, Partner, and Dan Gaspar, Vice President, led the transaction for High Road. Also working on the transaction from High Road were Bill Hobbs, Partner, and Paul Langley, Senior Associate. Paul Roughan, Managing Partner, and Steve Noe, Principal worked on the transaction for Charter Oak. Quarton Partners advised the sellers.
High Road has completed 24 transactions, comprising 22 acquisitions – 10 platform investments and 12 add-on acquisitions – and two exits since its founding in 2007.High Road Capital Partners
High Road Capital Partners is a private equity firm focused on smaller middle market transactions. High Road was formed in 2007 and currently manages over $335 million of committed capital. High Road focuses on niche-leading companies with revenues of $10 million to $100 million and EBITDA of $3 million to $10 million. Once acquired, High Road works in partnership with management to take the companies to the next level through a combination of organic growth initiatives and add-on acquisitions. More information on High Road may be found on its website, www.highroadcap.com.Charter Oak Equity
Charter Oak Equity is a leveraged buyout firm located in Westport, CT also focused on smaller middle market deals. Charter Oak Equity is the third investment vehicle in the Charter Oak family and was formed in 2006. The firm invests primarily in manufacturing, packaging, and medical device / engineering companies of a similar size and EBITDA as High Road. This acquisition is its tenth transaction. The partners of the firm are Paul Roughan, Zubin Avari and Mark Ullman. More information on Charter Oak may be found on its website, www.charteroak-equity.com.The Crown Group, Inc.
The Crown Group, Inc., founded in 1950, is a leading provider of high-quality coating services and solutions to the automotive, agricultural, heavy truck and other industrial markets. The company’s services include pre-treatment, acid-cleaning, electro-coating (e-coating), powder top-coating, water-based spray coating and cavity wax coating. The Crown Group is headquartered in Warren, Michigan and currently operates from seven manufacturing facilities in Shelby, Detroit, and Livonia, Michigan; Fort Wayne, Indiana; Portland, Tennessee; Greenville, South Carolina and Waterloo, Iowa. More information on The Crown Group may be found on its website, www.thecrowngrp.com.