Heavy-duty trucking industry aftermarket parts manufacturer and distributor High Bar Brands LLC has reported its “strategic recapitalization” with Sentinel Capital Partners, effective December 19, 2023.
Owatonna, Minnesota-based HBB was formed as the holding company following the acquisition of Minimizer by Heartwood Partners in August 2018 and the acquisition of Premier Mfg. in January 2020. Subsequent acquisitions of Viking Sales in August 2022 and Dieters Accessories and Panelite in May 2023 solidified HBB's position in the heavy-duty aftermarket.
New York-based alternative asset manager Sentinel, specializing in middle-market private equity, acquired HBB from Heartwood. Focusing on management buyouts, acquisitions of family businesses, corporate divestitures, and industry consolidations, Sentinel targets investments in high-quality middle-market companies in the United States and Canada. With this approach, Sentinel Partners has raised over $11.2 billion in capital since its inception, with Sentinel having an established track record of helping companies grow through access to the critical resources growing businesses need.
Christopher P. Thorpe, HBB president and CEO, expressed gratitude for the successful five-year partnership with Heartwood, along with equal anticipation for the future with Sentinel.
"The Heartwood team did exactly what they said they would do by providing direction and support for the company's successful growth, both organically and through acquisitions. We are also looking forward to the next step in our journey with Sentinel, a very reputable firm with almost 30 years of private equity experience, who are aligned with our strategic goals,” Thorpe said. “Over the next few years, HBB, with Sentinel as its partner, will continue to grow by adding value to our loyal customers through product line expansion and geographic reach that will expand our customer base and market share significantly in the heavy-duty trucking market."
James Coady, partner at Sentinel, conveyed excitement about partnering with High Bar Brands to support continued growth.
"High Bar Brands is an incredible company with an exciting story,” Coady said. “We're thrilled to partner with them on their next phase of expansion by providing the resources and guidance necessary to elevate the company to the next level."
Mark Allsteadt, managing partner at Heartwood, commended the successful partnership with HBB over the past five years, and expressed pride in High Bar's excellence and exceptional management team.