Private equity firm High Road Capital Partners has purchased Electra-Finish Inc.
Asheboro, N.C.-based Electra-Finish provides plastic coatings and services to the automotive, agricultural, heavy truck and other industrial sectors. Terms of the deal were not disclosed.
High Road made the acquisition through portfolio company the Crown Group, which will be able to offer plastic coatings now that the deal has closed. Crown Group, headquartered in Warren, Mich., focuses on coatings, including pre-treatment, acid-cleaning, electro-coating, powder top-coating, water-based spray coating and cavity wax coatings.
New York-based High Road has about $450 million in committed capital under management. The firm has completed 27 transactions, including 25 acquisitions and two exits since its founding in 2007. In May, the firm closed a deal for SMB Machinery Systems. In December, the firm bought Ry-Con Specialty Foods Inc.
Financing for the deal was provided by U.S. Bank, Comerica Bank, Johnson Bank and Babson Capital Management LLC. Charter Oak Equity and Babson Capital also invested equity in the deal.
Partner William Connell and principal Dan Gaspar led the deal for High Road. McGuireWoods Capital Group provided financial advice to the sellers.