The Crown Group Acquired By High Road Capital Partners
May 10, 2013
High Road Capital Partners has completed the acquisition of The Crown Group, a Warren, Michigan-based coating company that serves the automotive, agricultural, heavy truck and other industrial end markets.
Founded in 1950, The Crown Group provides pre-treatment, acid-cleaning, electrocoating, powder coating, water-based spray and cavity wax coating. The company operates from seven manufacturing facilities in Shelby, Detroit, and Livonia in Michigan; Fort Wayne, Indiana; Portland, Tennessee; Greenville, South Carolina and Waterloo, Iowa.
“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.”
Frank Knoth, President of The Crown Group, will continue to lead the company post-closing. He and The Crown Group’s management team invested in the transaction alongside High Road.
“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,” Knoth said.
High Road’s acquisition of The Crown Group closed on May 9. 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.