High Road Capital Partners has sold Handi Quilter, which makes quilting machines for the consumer quilting market, to Blue Point Capital Partners. Terms of the deal were not disclosed. High Road partners Bill Connell and Bill Hobbs and principal Dan Gaspar led the investment. Handi Quilter represents the third exit from High Road’s debut fund.
High Road Capital Partners (www.highroadcap.com) has sold portfolio company Handi Quilter marking the third exit for the firm’s debut fund, High Road Capital Partners Fund I, LP. North Salt Lake, Utah-based Handi Quilter is a leading developer and manufacturer of mid- and long-arm quilting machines for the consumer quilting market. The company was acquired by Blue Point Capital Partners. Transaction terms were not disclosed.
“In the three years High Road owned Handi Quilter, revenue grew by 76% and EBITDA by 87%,” said Bob Fitzsimmons, High Road’s Managing Partner. “Handi Quilter exemplifies our strategy of buying niche leaders and working with management to build bigger, more efficient, and qualitatively better businesses. In partnership with Handi Quilter’s outstanding management team, we executed our value creation strategy by introducing product line improvements and extensions, expanding distribution capabilities, and penetrating a large base of enthusiast quilters.”
Mark Hyland, CEO of Handi Quilter Holdings, Inc., said, “With High Road’s support, we have achieved strong organic growth in North America while expanding into new international markets. We made significant investments in product technology and innovation, and in our team, consumer education and training programs. These investments have helped strengthen the Handi Quilter brand and deepen our relationships with quilters worldwide.”
Partners Bill Connell and Bill Hobbs and Principal Dan Gaspar led the High Road investment team. Piper Jaffray advised Handi Quilter in the transaction. Jones Day provided legal counsel to the company.
High Road Capital Partners has completed 33 transactions – 12 platform investments, 18 add-on acquisitions and three exits – since its founding in 2007.
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 $470 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.