U.S. Bank, Babson Finance High Road Capital’s SMB Acquisition
High Road Capital Partners completed acquisition of SMB Machinery Systems (SMB) on October 18, 2013. Financing for the transaction was provided by U.S. Bank and Babson Capital Management. Babson Capital also invested equity alongside High Road. BB&T Capital Markets provided financial advice to the company. Transaction consideration was not disclosed.
“SMB has grown to become the leading provider of used food and beverage equipment due to the company’s deep product knowledge, comprehensive service offering, and broad inventory,” said Benjamin Schnakenberg, high road principal. “The company is well positioned to capitalize on the proliferation of specialty beverages in both the United States and emerging markets, and bring its know-how and reputation for reliability to new verticals. We look forward to working with SMB’s exceptional management team to continue to grow the company.”
Tom Ewing, president of SMB, will continue to lead the company post-closing. He and SMB’s management team invested in the transaction alongside High Road.
“We are excited to partner with High Road,” said Ewing. “With their financial and operational support, we are poised to further expand our comprehensive service offerings, which include equipment decommissioning, reconfiguration and installation, and to broaden the equipment solutions we offer our customers.”
Benjamin Schnakenberg, principal, led the transaction for High Road. Also working on the transaction from High Road were Jerome Anderson, Partner and Paul Langley, senior associate.
High Road has completed 26 transactions, comprising 24 acquisitions: 11 platform investments, 13 add-on acquisitions and two exits since its founding in 2007.
Based in Ball Ground, GA, SMB is a leading provider of used packaging and process equipment to the food and beverage industries.