High Road Capital Partners has sold its portfolio company All Current Electrical Sales to EBSCO Industries. This marks the fourth exit for the firm’s debut fund, High Road Capital Partners Fund I, LP. High Road acquired All Current in September 2008.
All Current is a wholesale reseller of electrical parts and components used in heavy duty industrial, infrastructure, and energy applications, including conduit fittings, circuit breakers, motor control systems, and wiring devices. The company is headquartered in near Philadelphia in Pennsauken, NJ (www.allcurrent.com).
“During High’s Road ownership, All Current’s revenue grew by 58 percent and the company established a significant national presence,” said Bob Fitzsimmons, High Road’s Managing Partner. “All Current exemplifies our strategy of buying niche leaders and working with management to build bigger, more efficient, and qualitatively better businesses. In partnership with All Current, we executed our value creation strategy by completing three add-on acquisitions, implementing IT systems upgrades, and enhancing sales and marketing capabilities.”
All Current was acquired by EBSCO Capital, an investment division of EBSCO Industries. EBSCO Capital, with $300 million in committed equity capital, acquires middle market companies that have EBITDAs from $5 million to $20 million. Sectors of interest include business services, manufacturing, distribution, consumer products, information services, outdoor products, promotional products, and risk management. EBSCO Capital is based in Birmingham, AL (www.ebscocapital.com). EBSCO Industries is a privately held company with 40+ businesses and over $2 billion in annual revenues. The company was founded in 1944 by Elton B. Stephens and is based in Birmingham, AL (www.ebscoind.com).
High Road Capital Partners invests in manufacturing, service, or value-added distribution businesses with revenues of $10 million to $100 million and EBITDAs of $3 million to $10 million. High Road has now completed 34 transactions – 12 platform investments, 18 add-on acquisitions and four exits – since its founding in 2007. The firm most recently exited Handi Quilter in December 2014. High Road is based in New York (www.highroadcap.com).
High Road partners Jeff Goodrich, Bill Hobbs and Ben Schnakenberg led the All Current investment team. Piper Jaffray was the financial advisor to All Current and Jones Day provided legal counsel.
© 2015 PEPD • Private Equity’s Leading News Magazine • 2-24-15