High Road Acquires Electra-Finish

High Road Acquires Electra-Finish

efi nfThe Crown Group, a portfolio company of High Road Capital Partners, has completed the acquisition of Electra-Finish, a provider of plastic coating services. This transaction represents the first add-on acquisition The Crown Group has completed since its acquisition by High Road in May 2013.

Electra-Finish is a provider of plastic coating services to the automotive, agricultural, heavy truck and other industrial markets. The company specializes in decorative painting on interior plastic parts. The company was founded in 1999 and is based in Asheboro, NC (www.electra-finish.com).

“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.”

The Crown Group provides coatings for electrocoat, powder coat, and liquid applications to the automotive, agricultural, heavy truck and other industrial end markets. The company also provides assembly, warehousing, and sequencing services, as well as component finishing operations and inventory management. The Crown Group has facilities in the Michigan cities of Port Huron, Detroit and Shelby Township; Fort Wayne, IN; Portland, TN; Waterloo, IA; and Greenville, SC. The Crown Group was founded in 1965 and is headquartered in Warren, MI (www.thecrowngrp.com).

William Connell, Partner, and Dan Gaspar, Principal, led the transaction for High Road. Also working on the transaction from High Road was Bill Hobbs.

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 was formed in 2007 and currently manages over $450 million of committed capital. High Road has completed 26 transactions, comprising 25 acquisitions – 11 platform investments, 14 add-on acquisitions – and two exits since its founding in 2007. The firm is based in New York (www.highroadcap.com).

Financing for this transaction was provided by US Bank, Comerica Bank, Johnson Bank and Babson Capital Management. Charter Oak Equity (www.charteroak-equity.com) and Babson Capital (www.BabsonCapital.com) also invested equity alongside High Road.

© 2013 PEPD • Private Equity’s Leading News Magazine • 11-4-13

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