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- TCF Middle Market Banking Provides Secured Financing to Support Slifco Electric, LLC
- Allied Affiliated Funding Announces Closed Transactions
- North Mill Capital Announces New Transactions
- Amerisource Closes $1,000,000 Credit Facility for Wholesale/ Distribution Firm
High Road Cap Sells Banner Solutions; Second Exit from Second Fund
November 15, 2019
Source: High Road Capital Partners
High Road Capital Partners (www.highroadcap.com) announced the sale of its portfolio company Banner Solutions (www.bannersolutions.com) to Tailwind Capital. The sale, which closed on October 31, 2019, marks the second exit for High Road Capital Partners Fund II.
Kansas City, Missouri-based Banner Solutions is a leading wholesale distributor of door hardware, electronic access control, and security products primarily for repair, replacement, and renovation applications in the commercial/institutional and residential markets.
High Road acquired Banner, formerly known as Midwest Wholesale Hardware, in February 2017. During High Road’s ownership, the company completed four acquisitions, and revenue and EBITDA more than tripled.
“Our successful investment in Banner Solutions exemplifies High Road’s strategy of building lower-middle-market niche leaders into bigger and qualitatively better companies in partnership with management,” said Ben Schnakenberg, Partner, High Road Capital Partners. “Under CEO Brendan Deely, Banner expanded its geographic reach, product categories, and end markets. Today, the company has a robust management team, twice the number of distribution centers, a larger technical sales force, more sophisticated information systems, and enhanced e-commerce capabilities,” Schnakenberg continued.
Brendan Deely, Chief Executive Officer, Banner Solutions, said, “With High Road’s guidance and support, Banner has become a leader in a still fragmented business, distinguished by our close relationships with manufacturers, just-in-time fulfillment capabilities, and outstanding customer service. The company is well positioned for continued growth and success.”
Mr. Schnakenberg led the investment for High Road and was assisted by Nicholas Martino, Operating Partner; Scott Rubino, Principal; Tom Cassidy, Senior Associate; and Anthony Tripodoro, Associate. BB&T Capital Markets advised High Road and the company, and Jones Day provided legal counsel. Transaction terms were not disclosed.
High Road Capital Partners has completed 59 transactions – 20 platform investments, 31 add-on acquisitions, and 8 exits – since its founding in 2007.
For further information, please contact Ben Schnakenberg of High Road Capital Partners at (212) 554-3269.
High Road Capital Partners
High Road Capital Partners is a private equity firm focused on the smaller middle market. High Road was formed in 2007 and has raised over $470 million of committed capital since inception. High Road targets niche-leading companies with revenues of $10 million to $100 million and EBITDA of $3 million to $10 million. Post-acquisition, High Road works in partnership with management to take the companies to the next level through a combination of organic growth initiatives and add-on acquisitions. www.highroadcap.com
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