MARIETTA, GA. – PMC Financial Services Group LLC purchased craft ice cream company High Road on Sept. 6 for $12 million, the Atlanta Business Chronicle reported. 

The California-based financial company made the purchase through an auction, after High Road defaulted on a loan from PMC that was agreed to in 2018, per the report.

As detailed in the Atlanta Business Chronicle, the company’s founders, Keith and Nicki Schroeder, left High Road in late August. High Road consultant Randy Weaver is taking over as the next chief executive officer.

The Schroeders founded High Road in 2010, when the company started off by selling its ice cream to the foodservice industry. High Road began partnering with Whole Foods in 2012, leading to further success and expansion.