High Road Capital Partners announced that it has completed the acquisition of Radix Wire marking the ninth platform acquisition for High Road Capital Partners Fund II.
Cleveland, Ohio-based Radix Wire is a manufacturer of high-temperature and fire-resistant wire and cable. Radix designs and engineers products proven to perform in temperatures ranging from 150°C to 1000°C and in diverse industrial OEM, maintenance, repair and operations, and fire protection applications. Radix serves global markets with increasingly stringent regulations governing component selection and performance, including cooking and heating equipment, oil and gas, lighting, and fire protection systems. Radix’s branded, high-performance products are manufactured in two facilities in Northeast Ohio and meet regulatory requirements for various Underwriters Laboratories (UL) and Canadian Standards Association (CSA) certified, and UL Vertical Wire-1 (VW-1) flame rated certifications.
“Radix is a recognized leader in the niche high-temperature and fire-resistant market, and its deep expertise across multiple engineering disciplines, proprietary material blends, and product innovation and customization capabilities differentiate the company and contribute to strong, long-term customer relationships,” said Ben Schnakenberg, Partner, High Road Capital Partners. “Radix is well positioned for continued growth, and we look forward to supporting the company’s strong management team to execute on those growth strategies.”
“We’re excited to partner with High Road and appreciate their emphasis on growth and commitment to operational excellence and product innovation,” said Steve Demko, President, Radix Wire. “With High Road’s support, we will expand our product offering, add manufacturing capacity, and invest in our sales force to take Radix to the next level.”
“This investment highlights High Road’s focus on acquiring and building niche-leading companies,” Schnakenberg added. “Radix has tremendous opportunities to leverage its leadership position to expand into underpenetrated end markets and applications, and we expect to accelerate that growth with acquisitions in adjacent product categories.”
Mr. Demko will continue to lead the company post-closing. He and other members of Radix Wire’s senior management team invested in the transaction alongside High Road. The company will be renamed Radix Wire & Cable to better reflect its product portfolio.
High Road’s acquisition of Radix Wire closed on Oct. 31, 2018. Transaction consideration was not disclosed. Mr. Schnakenberg led the transaction for High Road and was assisted by Jerry Anderson, Operating Partner; Scott Rubino, Principal; and Tom Cassidy, Associate. Twin Brook Capital Partners provided financing for the transaction. Jones Day provided legal counsel to High Road. BB&T Capital Markets advised Radix on the transaction.
High Road Capital Partners has completed 51 transactions — 19 platform investments, 25 add-on acquisitions and seven exits — since its founding in 2007.