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.