High Road Closes Fourth Banner Add-On
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High Road Closes Fourth Banner Add-On

Banner Solutions, a portfolio company of High Road Capital Partners, has acquired Berg Wholesale.

Berg Wholesale is a distributor of door hardware, bath hardware, and security products used in the residential and multi-family housing markets.

The company is headquartered near Portland in Tualatin, OR with additional distribution facilities near Anaheim in Norco, CA; and near Orlando in Longwood, FL (www.bergwholesale.com).

Banner Solutions, formerly Midwest Wholesale Hardware, was acquired by High Road’s second fund in February 2017. Banner is a wholesale distributor of commercial and institutional door hardware, electronic access control and security products. The company’s inventory includes all major brands and hard-to-find components for maintenance and repair applications within the commercial and institutional door hardware market. The company was founded in 1987 and is based in Kansas City with additional distribution centers in California, Florida, Pennsylvania, South Carolina and Texas (www.bannersolutions.com).

The buy of Berg is the fourth add-on acquisition completed by Banner under High Road ownership and follows the buys of Akron Hardware and its subsidiary Hardware Suppliers in October 2017, and Strauss Lock Distributors (www.sld-usa.com) in December 2017.

“With the acquisition of Berg Wholesale, Banner Solutions further expands its geographic reach and customer base and adds new capabilities to service the multi-family market,” said Scott Rubino, a principal at High Road.

The buy of Berg was led by Partner Ben Schnakenberg and Mr. Rubino with assistance from Operating Partner Nicholas Martino, Senior Associate Tom Cassidy, and Associate Anthony Tripodoro.

High Road 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.  The firm has completed 53 transactions – 20 platform investments, 26 add-on acquisitions and 7 exits – since its founding in 2007.  High Road is based in New York (www.highroadcap.com).

Monroe Capital, headquartered in Chicago, provided financing for the transaction

© 2019 Private Equity Professional | June 17, 2019

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