NEW YORK, Feb. 3, 2021 /PRNewswire/ -- High Road
Capital Partners (www.highroadcap.com) announced the sale of its
portfolio company GTI Holding Company, the parent company of
General Tools and Instruments, LLC ("General Tools")
(www.generaltools.com), to Worthington Industries, Inc. (NYSE:
WOR), for $115,000,000. The
sale, which closed on January 29,
2021, marks the third exit for High Road Capital Partners
Fund II.
Secaucus, NJ-based General
Tools is a leading designer, developer, and marketer of
feature-rich, specialized hand-held tools and instruments for DIY
users, safety equipment users, tradesmen, and craftsmen.
General Tools' products are marketed primarily under the General®,
PacTool®, Garden Weasel®, and Hawkeye™ brands, to leading home
improvement retailers, online marketers, hardware retailers, and
wholesale hardware and industrial distributors.
High Road acquired General Tools in February 2014. During High Road's ownership,
General Tools completed the acquisitions of PacTool International,
which brought a line of home repair and remodel tools into its
portfolio, and Garden Weasel, which added premium lawn and garden
tools with enduring brand equity. Under High Road's
ownership, revenue nearly doubled, and EBITDA nearly tripled.
"Our successful investment in General Tools is a perfect example
of High Road's strategy to build lower-middle-market niche leaders
into bigger and better companies in partnership with management,"
said Jeff Goodrich, a Partner at
High Road Capital Partners. "General Tools' CEO Ralph Mallozzi built and led a topflight
management team, strengthened General Tools' position in all
channels, particularly online, inspired a culture of continuous
product development, and seamlessly integrated acquisitions,"
Goodrich said.
Ralph Mallozzi, General Tools'
CEO, said, "High Road was a true partner in General Tools' success,
in every sense of the word. High Road provided the guidance
and support to help me and the team build a great business that is
well-positioned for continued growth at Worthington
Industries."
Mr. Goodrich led the investment for High Road and was assisted
by Jerome Anderson, Operating
Partner; Eojin Lee, Principal; and Austin
Arnold, Associate. Lincoln International advised High Road
and the company, and Jones Day
provided legal counsel.
High Road Capital Partners has completed 63 transactions – 20
platform investments, 33 add-on acquisitions, and 10 exits – since
its founding in 2007.
For further information, please contact Bob Fitzsimmons of High Road Capital Partners at
(212) 554-3265.
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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SOURCE High Road Capital Partners