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High Road portfolio company completes first add-on acquisition

High Road Capital Partners’ portfolio company The Crown Group has completed the acquisition of Electra-Finish. 

Electra-Finish is a provider of plastic coating services and solutions to the automotive, agricultural, heavy truck and other industrial end markets. 
The company is based in Asheboro, North Carolina with a second facility in Spartanburg, South Carolina. The transaction represents the first add-on acquisition The Crown Group has completed under High Road’s ownership.
“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,” says William Connell, partner at High Road. “In addition to expanding Crown’s footprint in the southeastern US, an area which continues to see growing automotive industry investment, Electra-Finish also expands Crown’s already impressive customer base.”
Dane Ball, founder and president of Electra-Finish, says: “We are excited about joining the Crown platform and offering a wider range of products and services and resources to both our customers and Crown’s.  It is a powerful combination that best positions Electra-Finish for continued success.”     
“The acquisition of Electra-Finish marks a significant expansion in Crown’s business.  Dane Ball and his team have done an exceptional job building a best-in-class company and we very much look forward to working with the EFI team to continue growing the combined business,” says Frank Knoth, president and chief executive of The Crown Group.  
The Crown Group’s acquisition of Electra-Finish closed on 1 November 2013.  Financing for the transaction was provided by US Bank, Comerica Bank, Johnson Bank and Babson Capital Management.  Charter Oak Equity and Babson Capital also invested equity alongside High Road.  Transaction consideration was not disclosed.
William Connell, partner, and Dan Gaspar, principal, led the transaction for High Road. Also working on the transaction from High Road was Bill Hobbs.  McGuireWoods Capital Group advised the sellers. 
High Road has completed 27 transactions, comprising 25 acquisitions – 11 platform investments, 14 add-on acquisitions – and two exits since its founding in 2007.

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