High Road Closes In On $300M For Fund II

Firm: High Road Capital

Fund: High Road Capital Partners II LP

Target: $300 million

Amount Raised: $285.5 million

The New York-based private equity firm has collected $285.5 million, according to the the filing dated Aug. 12. High Road Capital Partners II LP had initially sought to collect $200 million but then raised its target to $300 million, the placement source said. A final close for Fund II is slated for September, the person said.

At $300 million Fund II would be double the size of High Road’s first pool, which collected $150 million in 2008.

Buyouts reported High Road’s fundraising plans for its second pool in October.

Founded in 2007 by former executives of The Riverside Company, High Road targets lower-mid-market companies in manufacturing, services, media and healthcare. The firm typically invests in companies generating at least $10 million in revenue and at least $3 million of EBITDA.

High Road has been active. It has completed 24 transactions, including 22 acquisitions and two exits, since its founding in 2007. In May the firm acquired The Crown Group, a provider of coating services to the automotive, agricultural, heavy truck and other industrial markets. In December High Road bought Accurate Component, a distributor of industrial fasteners, hardware and components to manufacturers.

High Road’s first exit came in February 2012, when it sold Milwaukee Gear Co for $80 million. In December High Road sold Accentus, a provider of medical transcription, document imaging and remote coding technology. The Accentus sale generated a 3.1x gross cash-on-cash return and a 49 percent gross IRR, High Road said at the time.

Executives at High Road couldn’t be reached for comment.

Luisa Beltran is a senior writer for peHUB.