Private equity firms High Road Capital Partners and Charter Oak Equity agreed to buy coating solutions provider Crown Group Inc. for an undisclosed price.
Crown, based in Warren, Mich., was sold by CEO William Baer, whose family founded the company in 1965. Included in the sale are Crown’s seven manufacturing facilities. The company has three locations across Michigan — in Detroit, Shelby and Livonia — along with facilities in Fort Wayne, Ind.; Portland, Tenn.; Greenville, S.C. and Waterloo, Iowa. In 2012, Crown generated revenue of $65 million, up from $61.2 million in 2011.
Birmingham, Mich.-based Quarton Partners, an affiliate of broker-dealer Spearhead Capital LLC, advised Crown throughout the sale process.
High Road and Charter Oak, which specialize in lower middle market deals, are based in New York and Westport, Conn., respectively. High Road invests in companies with revenues of up to $100 million, while Charter Oak invests in companies ranging in size from start up to $150 million in enterprise value.