M&A Deal Summary

High Road Capital Partners Acquires Exponential Power

On May 23, 2017, private equity firm High Road Capital Partners acquired utilities company Exponential Power from Supply Chain Equity Partners and PNC Mezzanine Capital

Acquisition Highlights
  • This is High Road Capital Partners’ 1st transaction in the Utilities sector.
  • This is High Road Capital Partners’ 14th transaction in the United States.
  • This is High Road Capital Partners’ 3rd transaction in Wisconsin.

M&A Deal Summary

Date 2017-05-23
Target Exponential Power
Sector Utilities
Buyer(s) High Road Capital Partners
Sellers(s) Supply Chain Equity Partners
PNC Mezzanine Capital
Deal Type Secondary Buyout
Advisor(s) BB&T Capital Markets (Financial)

Target

Exponential Power

Menomonee Falls, Wisconsin, United States
Exponential Power is a provider of stored power solutions utilized by industry leaders in energy services, utilities, industrial, telecom, data center, motive power, and material handling markets. Dedicated to solving problems. Exponential Power was established in 1915 and is based in Menomonee Falls, Wisconsin.

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Buyer(S) 1

Buyer

High Road Capital Partners

Greenwich, Connecticut, United States

Investor Investor Investor


Category Private Equity Firm
Founded 2007
PE ASSETS 470M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

High Road Capital Partners LLC is a private equity firm focused on acquiring smaller middle-market companies in partnership with management. High Road looks to invest in companies with revenues of $10 to $100 million with an EBITDA of $3 to $ 10 million. Broad areas of interest include manufacturing, service, and value-added distribution businesses. Target transaction situations include buyouts and recapitalization. High Road will consider both control and non-control investments. High Road Capital Partners was formed in 2007 and is based in New York City.


DEAL STATS #
Overall 16 of 19
Sector (Utilities) 1 of 1
Type (Secondary Buyout) 2 of 4
State (Wisconsin) 3 of 3
Country (United States) 14 of 17
Year (2017) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-14 Banner Solutions

Kansas City, Missouri, United States

Banner Solutions is a 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. Banner Solutions was founded in 1987 and is based in Kansas City, Missouri.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-20 The Crown Group

Warren, Michigan, United States

The Crown Group, Inc. is a provider of quality coating solutions to industrial end markets. Crown's range of coating technologies include electro-coating ("e-coating"), e-coating with powder coating topcoat and water-based wet painting. The Crown Group, Inc. was established in 1965 and is headquartered in Warren, Michigan.

Sell -

Seller(S) 2

SELLER

Supply Chain Equity Partners

Tampa, Florida, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 2007
Size Small
Type Sector Agnostic
DESCRIPTION

Supply Chain Equity Partners (SCEP) is a private equity firm focused exclusively on the distribution sector. The Firm specifically targets wholesale distributors and related logistics companies that are a critical link in the supply chain. SCEP will consider a variety of transaction situations, including new platform acquisitions, corporate divestitures, underperforming companies, and add-ons. Supply Chain Equity Partners is based in Cleveland, Ohio.


DEAL STATS #
Overall 2 of 2
Sector (Utilities) 1 of 1
Type (Secondary Buyout) 2 of 2
State (Wisconsin) 1 of 1
Country (United States) 2 of 2
Year (2017) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-07 H. L. Flake

Houston, Texas, United States

Herbert L. Flake Co. is a value added business-to-business distributor of security hardware & access control products.

Buy -
SELLER

PNC Mezzanine Capital

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

PNC Mezzanine Capital is the subordinated debt investing arm of PNC Bank. PNC Mezzanine looks to provide $10 to $50 million of junior capital to middle-market companies in a variety of industries. Prospective companies generally have revenues of $20 million and EBITDA greater than $4 million. Broad sectors of interest include niche manufacturing, value-added distribution, and business or consumer services. PNC will not invest in early-stage or technology-driven businesses; real estate, commodity-based or capital-intensive companies; businesses with high customer or vendor concentration; or declining businesses. PNC Mezzanine was formed in 1989 and is based in Pittsburgh, Pennsylvania.


DEAL STATS #
Overall 30 of 49
Sector (Utilities) 1 of 1
Type (Secondary Buyout) 12 of 19
State (Wisconsin) 1 of 2
Country (United States) 29 of 47
Year (2017) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-11 TestEquity

Moorpark, California, United States

TestEquity is a distributor of electronic test and measurement equipment as well as laboratory and production supplies. TestEquity is a source provider for test solutions and electronic production supplies. TestEquity was founded in 1971 and is based in Moorpark, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-27 Stampede

Bridgeview, Illinois, United States

Stampede is a provider of value-added beef products for a nationwide blue-chip customer base that includes leading national restaurant chains, quick service restaurants, foodservice distributors, home delivery networks and grocery retailers. Stampede customizes its protein products to specifications which include portion size, tenderizing, seasoning, marinating, breading, cooking, and packaging. Stampede was founded in 1995 and is based in Bridgeview, Illinois.

Sell -