(San Francisco, CA) The Prometheus Group, likes to use the following headline: The Ultimate Platform for Managing Your Assets. The previously said, is a reference to the type of services that, the Prometheus Group can offer a business. Specifically, the Prometheus Platform, is a technology solution. The ability to adapt, to the business’s needs, is indeed the highlighted aspect. This aspect is best described as an integrated technology solution, a scalable technology solution and a plug & play technology solution. Additionally, the Prometheus Platform is combined with the expertise of world class asset management. The end result, or the objective, is the ability to deliver to the client consistent results. The Prometheus Group is owned by, Francisco Partners; incidentally. Recently; Genstar Capital announced that, Francisco Partners is no longer the owner of, the Prometheus Group. As a matter of fact, Genstar Capital has revealed that, it has acquired the Prometheus Group for more than $1 billion USD. However, Eric Huang the founder of the Prometheus Group, will remain as an important shareholder. Additionally, Francisco Partners will keep a minority investment stake.
The minority investment stake that, is being retained by Francisco Partners, makes the aforementioned business Genstar Capital’s business partner. Interestingly; Genstar Capital is a major private equity firm that, has its headquarters office in San Francisco, California U.S.A. Specifically, Genstar Capital focuses on investments that are in the following sectors of the economy; software, industrial technology, healthcare and financial services. However and returning to, the acquisition of the Prometheus Group, the aforementioned business specializes in two things. The two specializations are being a major player in plant maintenance operations, and, services that optimize things through software. The proprietary technology solutions that, were previously mentioned, utilize data analytics. This type of data analytics is used to deliver a uniform experience, across, the platform. Additionally; the Prometheus Platform is currently being used by businesses in the oil & gas, chemical, pulp & paper, mining & metals and utilities industries. As previously said, the founder Eric Huang, will remain as an important shareholder; post-acquisition. The Prometheus Group was founded in the year 1998, and, it was founded in Raleigh, North Carolina U.S.A. The business operations of this business are best described, as a global footprint. Currently, the Prometheus Group reports more than 300 employees. Eric Huang is the Founder and the Chief Executive Officer of the Prometheus Group. Through a press statement, Mr. Huang said the following. “We have an unwavering focus on integrating all aspects of plant maintenance and operations and delivering hard dollar ROI for our customers. With Francisco Partners’ support and shared vision, we scaled the business significantly and expanded our platform to solve an even broader set of our customers’ critical pain points. We are very excited to continue that journey with Genstar leveraging their industrial technology expertise.”
As previously said, Francisco Partners will keep a minority investment stake. Petri Oksanen is a Partner at Francisco Partners. Through a press statement, Mr. Oksanen said the following. “We are proud to have partnered with the Prometheus team in building out a unified platform for operational excellence through both organic growth and M&A. We look forward to continuing the relationship and seeing Prometheus further build on its heritage of innovation.”
To end, Genstar Capital did release a press statement. Eli Weiss is the Managing Director of Genstar Capital. Through a press statement, Mr. Weiss said the following. “We have invested extensively in software solutions providers similar to Prometheus, and their reputation as a leader in the plant maintenance technology sector is well deserved. Eric and his team have built an integrated easy-to-use platform, and their solutions help transform plant maintenance operations.” Eli Weiss also said. “Prometheus aligns well with our previous investments, and we are excited to work with Eric and his team to help further expand the solutions portfolio and target acquisitions that will broaden the company’s suite of services.” As previously stated; the aforementioned business recently revealed that, Francisco Partners is no longer the owner of, the Prometheus Group. As a matter of fact, Genstar Capital has revealed that, it has acquired the Prometheus Group for more than $1 billion USD. However, Eric Huang the founder of the Prometheus Group, will remain as an important shareholder. Lastly and additionally, Francisco Partners will keep a minority investment stake.
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Written from Press Release
Registered Writer with
PR Newswire Association, LLC
R-Berumen28
06/05/2019
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