A private equity fund said Friday it has completed the acquisition of Accurate Component Sales, a New Brighton maker of industrial hardware and components.
Terms were not disclosed.
New York-based High Road Capital Partners, which focuses on smaller middle-market transactions, said financing for the deal was provided by U.S. Bank and Northstar Capital. The acquisition was finalized Monday.
Founded in 1986, Accurate is a distributor of industrial fasteners, hardware, stampings and production components used by original-equipment manufacturers. The firm's co-founder and CEO Jerry Moehnke will continue to lead the company. He and his management team invested in the transaction along with High Road Capital.
Noting in a statement that his firm has developed "strong and deep relationships across a variety of end markets," Moehnke said his firm is "excited to have [High Road's] support."
High Road Partner Jeffrey Goodrich, said in a statement that "Accurate's consultative and service-oriented model helps small- and mid-sized manufacturers improve and streamline their production operations." He noted Accurate is well-positioned to benefit from manufacturing growth in the United States and the trend towards producers tightening supply-chain integration.
High Road Capital was formed in 2007 and currently manages over $150 million of committed capital.
The Accurate transaction is High Road's ninth for its debut fund, High Road Capital Partners Fund I LP.
Janet Moore • 612-673-7752