High Road promotes Schnakenberg to partner

The lower mid-market firm’s Fund II closed on its $320m hard-cap last week.

High Road Capital Partners has promoted principal Ben Schnakenberg to partner at the New York-based firm, according to a statement.

Schnakenberg joined High Road as an associate in 2008 and was promoted to vice president in 2009, followed by principal in 2011. During his time with the firm Schnakenberg has been involved with six platform investments, nine add-on acquisitions and one exit. He is a director of six of the firm’s portfolio companies, including industrial hardware distributer Accurate Component Sales and healthcare services marketing firm BlueSpire.

Prior to joining High-Road, Schnakenberg was a senior vice president at LaSalle Bank, now owned by Bank of America. He also worked in mid-market lending at Madison Capital Funding.

High Road closed its second fund on its $320 million hard-cap last week. The firm took less than 12 months to raise the fund, which had an initial target of $200 million, Private Equity International reported. Fund II has invested in two companies including packaging and processing equipment provider SMB Machinery Systems and industrial coatings company The Crown Group.

High Road’s debut fund closed on $153 million in 2009.

High Road makes control investments in the lower mid-market in the US and Canada. The firm targets manufacturing, service, distribution, media and healthcare companies with earnings before interest, tax, depreciation and amoritsation of between $3 million and $10 million, according to its website.

Robert Fitzsimmons, William Connell and Jeffrey Goodrich co-founded High Road in 2007 after working together at The Riverside Company.

High Road was unavailable to comment at press time.