High Road Capital Partners‘ portfolio company The Crown Group has completed the acquisition of Electra-Finish. Electra-Finish is a provider of high-quality plastic coating services and solutions to the automotive, agricultural, heavy truck and other industrial end markets. The transaction represents the first add-on acquisition The Crown Group has completed under High Road’s ownership.
High Road Capital Partners announced today that its portfolio company The Crown Group has completed the acquisition of Electra-Finish, Inc. (EFI). Electra-Finish is a leading provider of high-quality plastic coating services and solutions to the automotive, agricultural, heavy truck and other industrial end markets. The company is based in Asheboro, North Carolina with a second facility in Spartanburg, South Carolina. The transaction represents the first add-on acquisition The Crown Group has completed under High Road’s ownership.
“The acquisition of Electra-Finish expands The Crown Group’s product offerings to include high-end plastic coating solutions. It is a perfect complement to the high-end metal coating solutions for which Crown is renowned,” said William Connell, Partner at High Road. “In addition to expanding Crown’s footprint in the southeastern United States, an area which continues to see growing automotive industry investment, Electra-Finish also expands Crown’s already impressive customer base.”
Dane Ball, Founder and President of Electra-Finish said, “We are excited about joining the Crown platform and offering a wider range of products and services and resources to both our customers and Crown’s. It is a powerful combination that best positions Electra-Finish for continued success.”
“The acquisition of Electra-Finish marks a significant expansion in Crown’s business. Dane Ball and his team have done an exceptional job building a best-in-class company and we very much look forward to working with the EFI team to continue growing the combined business,” noted Frank Knoth, President and CEO of The Crown Group.
The Crown Group’s acquisition of Electra-Finish closed on November 1, 2013. Financing for the transaction was provided by U.S. Bank, Comerica Bank, Johnson Bank and Babson Capital Management, LLC. Charter Oak Equity and Babson Capital also invested equity alongside High Road. Transaction consideration was not disclosed.
William Connell, Partner, and Dan Gaspar, Principal, led the transaction for High Road. Also working on the transaction from High Road was Bill Hobbs. McGuireWoods Capital Group advised the sellers.
High Road has completed 27 transactions, comprising 25 acquisitions – 11 platform investments, 14 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 $450 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.
Charter Oak Equity
Charter Oak Equity is a leveraged buyout firm located in Westport, Connecticut 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. The partners of the firm are Paul Roughan, Zubin Avari and Mark Ullman.
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.
Electra-Finish, Inc., founded in 1999, is a leading provider of high-quality plastic coating services and solutions to the automotive, agricultural, heavy truck and other industrial markets. The company specializes in decorative painting on interior plastic parts. EFI is headquartered in Asheboro, North Carolina and operates from an additional facility in Spartanburg, South Carolina.