High Road Capital Partners has completed the acquisition of The Crown Group. Frank Knoth, president of The Crown Group, will continue to lead the company post-closing. Knoth and The Crown Group’s management team invested in the transaction alongside High Road. High Road partnered with Charter Oak Equity on the transaction.
The Crown Group, based in Warren, Mich., with seven manufacturing facilities across the U.S., is a leading provider of high-quality coating services and solutions to the automotive, agricultural, heavy truck and other industrial end markets. The Crown Group's services include pretreatment, acid-cleaning, electro-coating, powder top-coating, water-based spray coating and cavity wax coating.
“Crown’s disciplined and systematic operational approach, including the ability to seamlessly integrate itself in its customer’s supply chain and provide value-added logistics services, is highly valued by its customers for whom avoiding business interruption or delays is paramount,” said William Connell, High Road Partner. “We are excited to work with Crown’s outstanding management team and Charter Oak to drive multiple growth initiatives.”
Knoth added: “With the capital and operating support of High Road and Charter Oak, the management team looks forward to growing the business and continuing to provide best-in-class coating services to our customers.”
High Road’s acquisition of The Crown Group closed on May 9, 2013. Financing for the transaction was provided by U.S. Bank and Babson Capital Management, LLC. Charter Oak and Babson Capital also invested equity alongside High Road. Transaction consideration was not disclosed.
High Road has completed 24 transactions, comprising 22 acquisitions – 10 platform investments and 12 add-on acquisitions – and two exits since its founding in 2007.