High Road Capital sells Crown Group


High Road Capital Partners has closed the sale of the Crown Group to PPG. The deal was announced in July. Crown, of Warren, Michigan, provides coating, assembly operations and logistics services to automotive, agricultural, heavy truck and white goods industries.

PRESS RELEASE

NEW YORK, October 3, 2017 – High Road Capital Partners (www.highroadcap.com) announced the sale of its portfolio company, The Crown Group (“Crown”), to PPG (NYSE:PPG). The sale, which closed on October 2, 2017, marks the first exit for High Road Capital Partners Fund II. Transaction terms were not disclosed.

 

Warren, Michigan-based The Crown Group is the leading independent North American provider of high-quality coating, assembly operations and logistics services to automotive, agricultural, heavy truck and white goods industries. Crown specializes in high volume, difficult-to-coat products, providing exceptional technical capabilities and quick turnaround to a diverse customer base.

 

“During High Road’s four-year ownership of Crown, revenue grew by more than 80 percent and EBITDA more than doubled,” said Bill Connell, High Road Partner. “Partnering with an exceptional management team, led by Frank Knoth, we expanded Crown’s products, services and footprint, enabling the company to become increasingly important to their blue-chip customer base,” Mr. Connell continued. “Crown’s success underscores High Road’s acumen in taking smaller niche companies to the next level.”

 

“Our customers recognize the high-end, specialty coating process as best suited to technical experts.  High Road helped us capitalize on the customer outsourcing trend and further integrate into customers’ supply chains. High Road’s partnership enabled Crown to solidify our position as the go-to provider for high volume, difficult-to-coat products, as we extended our coating capabilities and expanded our production.  Over the last four years, we nearly doubled both our facilities and employees,” said Frank Knoth, President and CEO, The Crown Group.

 

Mr. Connell led the High Road team, supported by Bill Hobbs, Operating Partner. Houlihan Lokey advised High Road on the transaction and Thompson Hine LLP provided legal counsel. Charter Oak Equity served as High Road’s equity partner in the acquisition of The Crown Group in May 2013.

 

High Road Capital Partners has completed 43 transactions – 17 platform investments, 20 add-on acquisitions and six exits – since its founding in 2007.

 

For further information, please contact Bill Connell of High Road Capital Partners at (212) 554-3267.

 

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 has raised over $470 million of committed capital since inception. 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. www.highroadcap.com

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High Road Capital Partners said it has closed the sale of the Crown Group to PPG. The deal was announced in July. Crown, of Warren, Michigan, provides coating, assembly operations and logistics services to automotive, agricultural, heavy truck and white goods industries.

 

PRESS RELEASE

 

NEW YORK, October 3, 2017 – High Road Capital Partners (www.highroadcap.com) announced the sale of its portfolio company, The Crown Group (“Crown”), to PPG (NYSE:PPG). The sale, which closed on October 2, 2017, marks the first exit for High Road Capital Partners Fund II. Transaction terms were not disclosed.

 

Warren, Michigan-based The Crown Group is the leading independent North American provider of high-quality coating, assembly operations and logistics services to automotive, agricultural, heavy truck and white goods industries. Crown specializes in high volume, difficult-to-coat products, providing exceptional technical capabilities and quick turnaround to a diverse customer base.

 

“During High Road’s four-year ownership of Crown, revenue grew by more than 80 percent and EBITDA more than doubled,” said Bill Connell, High Road Partner. “Partnering with an exceptional management team, led by Frank Knoth, we expanded Crown’s products, services and footprint, enabling the company to become increasingly important to their blue-chip customer base,” Mr. Connell continued. “Crown’s success underscores High Road’s acumen in taking smaller niche companies to the next level.”

 

“Our customers recognize the high-end, specialty coating process as best suited to technical experts.  High Road helped us capitalize on the customer outsourcing trend and further integrate into customers’ supply chains. High Road’s partnership enabled Crown to solidify our position as the go-to provider for high volume, difficult-to-coat products, as we extended our coating capabilities and expanded our production.  Over the last four years, we nearly doubled both our facilities and employees,” said Frank Knoth, President and CEO, The Crown Group.

 

Mr. Connell led the High Road team, supported by Bill Hobbs, Operating Partner. Houlihan Lokey advised High Road on the transaction and Thompson Hine LLP provided legal counsel. Charter Oak Equity served as High Road’s equity partner in the acquisition of The Crown Group in May 2013.

 

High Road Capital Partners has completed 43 transactions – 17 platform investments, 20 add-on acquisitions and six exits – since its founding in 2007.

 

For further information, please contact Bill Connell of High Road Capital Partners at (212) 554-3267.

 

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 has raised over $470 million of committed capital since inception. 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. www.highroadcap.com

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