High Road Capital Partners has acquired Celco Controls, a Winnipeg-based maker of customized automation control systems for a variety of industries. No pricing terms were disclosed. Bank of Montreal provided senior debt financing, while BMO Capital provided subordinated notes.
High Road Capital Partners (www.highroadcap.com) has completed the sixth transaction for its debut fund, High Road Capital Partners Fund I, LP, with the acquisition of Celco Controls (www.celcocontrols.com), which closed on March 2, 2010. Based in Winnipeg, Manitoba, Celco designs, programs, and implements customized automation control systems for a diverse set of end-markets, including food processing, metals and mining, power generation, and infrastructure.
“Celco is the leading provider of automation solutions in its region and an ideal platform for expansion throughout Canada and the United States,” said Robert Fitzsimmons, High Road’s Managing Partner. “Celco’s success stems from its broad engineering expertise, stringent quality standards, attention to detail, and close communication with the client throughout a project,” added Jeff Goodrich, High Road’s lead partner on the transaction.
Richard Brodeur, CEO of Celco and a significant investor in the company along with Sales Manager Murray Burkett and other members of management, said, “We were looking for a partner to provide us with the capital and know-how necessary to better serve our existing customers and support our geographic growth. We found that, along with the collaborative approach we were seeking, in High Road.”
Senior debt financing for the transaction was provided by Bank of Montreal, and subordinated debt was provided by BMO Capital Corporation. PricewaterhouseCoopers advised Celco’s shareholders on the transaction. Transaction consideration was not disclosed.
Also working on the transaction from High Road were Partner William Hobbs and Vice President Ben Schnakenberg.
For further information, please contact Bob Fitzsimmons of High Road Capital Partners at (212) 554-3265.
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 $150 million of committed capital. High Road focuses on niche-leading companies with revenues of $10 million to $100 million and EBITDA of $2 million to $10 million. Once acquired, High Road works in partnership with management to take the companies to the next level, with the expectation of doubling or tripling EBITDA during the course of its ownership 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.