HEARTWOOD PARTNERS EXITS ITS INVESTMENT IN HIGH BAR BRANDS

NORWALK, Conn., Dec. 20, 2023 /PRNewswire/ — Heartwood Partners is pleased to announce that on December 19, 2023, Heartwood Partners Fund III, LP exited its investment in High Bar Brands, LLC (“High Bar”, or the “Company”) (www.highbarbrands.com).

Heartwood Partners’ lower-debt structure and supportive investment approach allowed management to focus on its growth.

High Bar is the leading manufacturer and distributor of heavy-duty truck and trailer components and solutions, with a portfolio of iconic brands, including Minimizer, Premier Mfg., Dieter’s Accessories, Panelite, and Viking Sales. The Company, based in Owatonna, Minnesota, is the leading provider of high-quality commercial vehicle solutions in the heavy-duty trucking industry. High Bar sells to aftermarket dealers and distributors, parts distributor centers, and original equipment manufacturers in North America, Central America, and South America. Driven by innovation and an entrepreneurial spirit, High Bar strives for total customer satisfaction through their passionate team and superior products.

Throughout Heartwood Partners’ investment tenure, High Bar invested in a top-tier management team who successfully expanded the Company’s sales channels, product lines, and brand portfolio. The team also enhanced the Company’s value proposition to customers, fostered customer loyalty, streamlined its supply chain, and modernized its technology landscape. Additionally, the Company completed three add-on acquisitions, expanding its iconic product portfolio, geographic reach, customer base, and market share in the heavy-duty trucking market.

High Bar President & CEO, Christopher P. Thorpe (“CT”) commented: “The strength and stability of Heartwood Partners’ unique lower-debt structure and supportive investment approach allowed management at High Bar to focus on its strategic market expansion, sales growth, and execution of its strategic value creation playbook, while not being distracted by external capital market factors. Our success is grounded in our people, product quality, engineering excellence, and unwavering commitment to customer satisfaction. These pillars form the cornerstones of our leading position in the heavy-duty market, and we eagerly anticipate the next chapter of High Bar’s growth story.”

Mark Allsteadt, Managing Partner at Heartwood Partners, stated: “We are very proud of our successful partnership with High Bar over the past five years. High Bar is an excellent business led by an excellent management team. Excellence is the basis for running great companies and delivering great returns for our investors. It has been a pleasure partnering with the management team and assisting with the development of the Company. We look forward to watching the business continue its growth trajectory under CT’s leadership.”

“Over the past five years, CT and his leadership team did the hard work to transform the Company by adding new products, rapidly growing the customer base, and integrating operations across the acquired businesses,” said Jason Phillips, Partner & Chief Operating Officer at Heartwood Partners. “High Bar’s success is a testament to a great strategy combined with even better execution.”

Holland & Knight served as legal advisor and Piper Sandler served as exclusive financial adviser to High Bar and its investors.

Heartwood Partners (www.heartwoodpartners.com), located in Norwalk, Connecticut, is a middle market private equity firm founded in 1982. Heartwood is differentiated by a unique lower-leverage, distribution-yielding approach to private equity designed to create equity partnerships with continuing management. Heartwood managed over $1.7 billion in investments and commitments, as of September 30, 2023, and its principals have invested in more than 100 platform and add-on acquisitions. Presently, Heartwood is investing from Heartwood Partners Fund IV, LP which closed in September 2023 and is focused on family and management-owned companies serving the food, agriculture, chemicals, automotive / heavy trucking, packaging, and environmental services markets.