High Road Capital Partners bought Celco Controls, a Manitoba, Canada-based designer of automation control systems across a number of industries.

Terms of the deal were not disclosed and calls seeking comment were not returned by press time. Bob Fitzsimmons, a managing partner with High Road, worked on the deal for the PE firm. Also working on the transaction from High Road were partners William Hobbs and Jeff Goodrich and vice president Ben Schnakenberg.

Senior debt for the deal was provided by the Bank of Montreal and subordinated debt was provided by BMO Capital; PricewaterhouseCoopers advised the target’s shareholders on the deal.

Other High Road portfolio companies include Milwaukee Gear Co., a maker of custom gears used in industrial applications, All Current Electrical Sales, a wholesaler of electrical parts and components and Accentus, a Canadian outsourcer of medical transcription services.

High Road completed in 2009 a pair of acquisitions to support its All Current Electrical Sales platform, as well.

Some industrial deals have emerged as the recession drags on, but financial buyers have mostly enjoyed an upper hand in an industry with few bidders.

Bain Capital, for example, recently acquired Styron Corp. from Dow Chemical, beating TPG Capital to win the deal.

Additionally, also this year, Toronto-based TorQuest Partners completed its acquisition of Ashland Inc.’s refined wood rosin and natural wood terpenes unit.