Prairie IV Provides $19 Million in FCA Acquisition
March 2009
Prairie Capital partnered with Ancor Capital Partners and company co-founder and president Jeff Campagna to finance the acquisition of FCA Packaging Products, LLC - a leading provider of custom designed and expendable packaging products and related services for original equipment manufacturers (OEMs). See our announcement.
Fund IV Invests $22.5 Million in Chicago's Cole Taylor Bank
October 2008
Prairie Capital IV provided $22.5 million in senior subordinated notes and convertible preferred stock in the purchase of Chicago-area commercial bank Cole Taylor Bank by a group of investors including Financial Investments Corporation, other Chicago institutions, and other high net worth investors. See our announcement.
Portfolio Company Titanium Hires New CEO
September 2008
Prairie Capital's Fund IV portfolio company Titanium Solutions, a Salt Lake City-based provider of specialized services to clients in mortgage servicing business, has announcement hiring of a new chief executive officer. Patrick Carey, formerly an executive vice president of Default & Retention Operations for Wells Fargo Home Mortgage and a veteran of the financial services industry, joined the company in September. See our announcement.
Prairie IV Provides $15.7 Million to Acquire Insource
January 2008
Prairie Capital IV provided $15.7 million in senior subordinated notes and common stock to support the acquisition of Charlotte, NC-based Insource Contract Services LLC by Colville Capital and its management team. Insource is a leading provider of on-premise contracted services for light manufacturing, assembly, and distribution. See our announcement.
Prairie IV Helps Form Holding Company Fortis
November 2007
Prairie Capital's fourth fund partnered with Daniel Oswald to form Fortis Business Media LLC, providing $15 million in preferred and common equity to support Fortis's initial acquisition of M. Lee Smith Publishers LLC. Based in Brentwood, Tennessee, Fortis was established to acquire specialty information publishing businesses, and plans to leverage M. Lee Smith's customer base and product offerings to grow as a business-to-business information company. See our announcement.
Prairie Supports Management's Buyout of Wisconsin-based Pioneer
August 2007
Prairie Capital IV provided $18.5 million in preferred and common equity and senior subordinated notes to support the buyout of Pioneer Metal Finishing by its CEO, Robert Pyle, and other managers. Based in Green Bay, Wisconsin, and operating four plants in the U.S., Pioneer is a leading metals finisher, specializing in anodizing aluminum and electroless nickel plating of ferrous and non-ferrous metals. See our announcement.
Prairie's Fourth Fund Invests in Global GPS Provider Navman Wireless
July 2007
Prairie Capital provided $13.9 million in preferred and common equity to support the management team's acquisition of Navman Wireless from its publicly traded parent, Brunswick Corporation (NYSE: BC). Based in Auckland, New Zealand, Navman provides GPS-enabled fleet tracking solutions to small and mid-sized enterprises and customized GPS technologies to original equipment manufacturers. See our announcement.
Prairie Invests in Mortgage Services Provider Titanium
May 2007
Prairie Capital IV, L.P. has invested in Titanium Solutions, a mortgage services company based in Salt Lake City, Utah. Titanium provides loss mitigation and home preservation services for mortgage servicers nationwide, using a network of consultants and brokers to help homeowners avoid foreclosure.
Prairie IV Invests in CDEC Acquisition
May 2007
Prairie Capital IV, L.P., provided $12.7 million in preferred and common equity to support management's acquisition of Chicago Deferred Exchange Company—a leading Qualified Intermediary for investors. Founded in 1989, CDEC is based in Chicago. Prairie Capital partnered with Financial Investments Corp., U.S. Ameribank, and management on this transaction. See our announcement.
Prairie IV Invests in EIC Holding, Inc.
April 2007
Prairie Capital IV, L.P., provided $13.5 million in preferred and common equity to support the formation of EIC Holding, Inc., and its acquisition of the Saba University School of Medicine and the Medical University of the Americas, two leading for-profit universities that award four-year graduate degrees in Doctors of Medicine. Prairie Capital partnered with Equinox Capital to acquire the two universities. See our announcement.
Prairie IV Acquires Administar Services Group
January 2007
Prairie's fourth fund, Prairie Capital IV, L.P., announced its acquisition of Administar Services Group, a provider of administrative services related to the efficient management of bankruptcy, class-action, mass tort, and government settlement processes. Prairie Capital partnered with David Leininger, Administar's founder and CEO, and Cheesman & Company in the transaction. See our announcement.
Prairie Announces Fund IV Close at $250 Million
December 2006
Prairie Capital has officially closed its fourth fund with $250 million of committed capital. Prairie will continue its strategy of investing in change of ownership transactions at the lower end of the middle market, and intends to make control equity and subordinated debt investments in increments of $5 million to $15 million. Capital for our fourth fund was provided by high-net-worth individuals, bank groups, and strategic investors—a substantially high percentage of whom were investors in one or more of our previous funds. See our announcement.
Prairie III Funds Recapitalization of Plastimayd
November 2006
Prairie Capital provided both subordinated debt and equity to support the recapitalization by management of pool equipment manufacturer Plastimayd. The company was founded in 1962 and is based in Oregon City, Oregon.
Prairie III Invests in Double E Acquisition
September 2006
Prairie Capital III, L.P. provided $6.3 million in subordinated debt and equity in the acquisition of Double E Co., Inc., a manufacturer of specialized products for the printing and other industries. Prairie invested alongside Highpoint Capital, Pine Street Capital Partners, Seacoast Capital, and TAG Venture Partners to purchase Double E.
Quad/Graphics acquires OpenFirst
July 2006
Quad/Graphics announces it has purchased a majority interest in OpenFirst, a leading direct mail communications provider. A Prairie Capital II investment, OpenFirst is recognized for its expertise in processing complex data files for expedited mail-piece production. OpenFirst will operate as a subsidiary of Quad/Graphics, maintaining its name, facilities and management team, which is lead by OpenFirst President and CEO, Robert Kraft. Mr. Kraft, a veteran of the direct marketing, commercial printing and document management industries, founded the company in 1996.
Prairie Exits Two Vending and Amusement Investments
April 2006
Prairie Capital II announces the refinancing and successful exits of two separate mezzanine investments in the amusement space, Innovative Concepts in Entertainment and American Changers. These represent the 30th and 31st exits for Prairie since its inception.
Prairie's Third Fund Provides Common and Preferred Equity to ProVest, LLC
November 2005
Prairie Capital partnered with Financial Investments Corporation, Concentric Equity Partners, and ProVest's current CEO, Scott Strady to recapitalize ProVest, LLC. ProVest is a leading national provider of mortgage foreclosure service of process and related services to law firm and financial institutions. The company was founded by Scott Strady in 1991 and is headquartered in Tampa, Florida.
Prairie's Third Fund Provides Growth Equity to Regency Beauty Institute
October 2005
Prairie Capital III has partnered with LLR Partners to invest in Regency Beauty Institute alongside its CEO and President, Hayes Batson. Regency is an accredited provider of cosmetology education through a network of upscale campuses. Prairie provided equity to support the company's continued expansion into new geographic markets.
Prairie's Third Fund Acquires St. Matthew's University, Inc.
September 2005
In partnership with Equinox Capital, Prairie Capital III has acquired St. Matthew's University. St. Matthew's is a leading for-profit university that awards four-year graduate degrees in Doctors of Medicine and Doctors of Veterinary Medicine. Prairie provided equity in support of the transaction.
Prairie's Third Fund Acquires Coatings Manufacturer Nicoat
August 2005
In partnership with management, Prairie Capital III has acquired National Industrial Coatings, Inc. (Nicoat), a premier manufacturer of specialty aqueous and ultraviolet coatings for the printing/graphic arts, publishing, and packaging industries. Prairie provided all of the institutional equity and subordinated debt for the transaction. Nicoat is Prairie Capital III's eleventh portfolio company.
Prairie Announces Sale of Direct Mail Holdings
August 2005
Prairie Capital sold portfolio company Direct Mail Holdings (DMH), a leading provider of direct mail production and data management services to the nonprofit fundraising, financial, publishing and consumer products markets, to Stephens Group, Inc., and company management. DMH was an equity and subordinated debt investment in Prairie Capital’s first fund. During Prairie's ownership, the company grew from one facility to being one of the industry's leading firms, with five locations around the country.
Prairie Hires New Senior Analyst from Goldman, Sachs
August 2005
Vikas Wahdwa joined Prairie Capital as a Senior Analyst in August of 2005, after having been an analyst in the investment banking division of Goldman, Sachs & Co. Previously, Wadhwa spent two years with Lehman Brothers. Wadhwa fills the position vacated by Daniel Henn, who completed the analyst program at Prairie and has begun studies for his MBA at the Harvard Business School. We appreciate Dan’s contributions and wish him the best in his studies.
Prairie Leads Acquisition of Mortgage Contracting Svcs.
June 2005
Prairie Capital partnered with Financial Investments Corporation and Allan Martin, Chief Executive Officer, to acquire Mortgage Contracting Services (MCS), a leading national provider of inspection and property preservation services to mortgage servicers. With a network of independent contractors, the MCS operates in all fifty states, as well as Puerto Rico, the US Virgin Islands, American Samoa, and the Philippines. MCS was founded in 1985 and is headquartered in Tampa, Florida.
Prairie Completes Exit from Perceptis
June 2005
This month, VeriChip Corporation, a subsidiary of Applied Digital, completed its acquisition of Instantel Inc., a developer, manufacturer, and marketer of highly engineered vibration-monitoring equipment. The transaction completes Prairie Capital II’s exit of its investment in Perceptis.
Prairie Partially Exits Fund II Investment in Perceptis
May 2005
EDO Corporation completed the acquisition of EVI Technology LLC, a company specializing in the design and production of communications systems for intelligence and law enforcement applications, in May 2005. The transaction represents a partial exit for Prairie Capital II’s investment in Perceptis, L.P.
Fund II Investment Survey Sampling Completes Recap
May 2005
Survey Sampling International, a supplier of samples to survey research agencies worldwide, completed a recapitalization in association with an investor group led by Providence Equity Partners. This transaction represents exit of its investment in Survey Sampling, an investment of Prairie Capital II.
Prairie Provides Mezzanine Capital for M. Lee Smith Buyout
January 2005
Prairie Capital provided mezzanine debt with warrants to support Daniel M. Oswald in his buyout of M. Lee Smith Publishers, LLC, a leading publisher and printer of newsletters for human resources professionals, attorneys, and other business executives in the human resources industry. Founded in 1975 and headquartered in Nashville, Tennessee, the company's products include more than 130 nationally-acclaimed newsletters, videos, software, books, seminars and conferences, and directories.
Prairie's Third Fund Acquired Sheet-Feed Media Distibutor
November 2004
Prairie Capital III, invested with Svoboda-Collins and management to acquire Chicago-based GPA, the largest independent marketer and distributor in North America of branded, sheet-fed specialty media for the offset and digital print markets.
Prairie Provides Sub-Debt to Alden MBO
September 2004
Prairie Capital III this month provided subordinated debt in support of a management-led recapitalization of Alden Industries, Inc. Alden and its subsidiaries manufacture commercial water heaters, firetube boilers, and multi-fuel burners under a number of brand names and with several patented modular designs and vessel coatings. Alden provides premium products with a lower lifetime cost of operation to long-term property owners.
Prairie Moves to New, Larger Offices in Chicago's Loop
September 2004
As a consequence of its hiring new personnel and needing expanded facilities, Prairie Capital has moved into new offices.
Prairie Supports Recap of Colorbök
May 2004
Prairie Capital III provided subordinated debt in support of FdG Associates' recapitalization of Colorbök, Inc. The company will use the funds to support its continued growth and expansion into mass retail markets, along with craft, drug and specialty retailers. Since it was founded in 1984, Colorbök has grown to be one of the top suppliers in the craft and hobby industry, with customers such as Jo-Ann Stores, Michaels Stores, Wal-Mart, Target, and QVC. Headquartered in Dexter, Michigan, Colorbök operates in four business segments: Memory & Craft (scrapbooking), Gift & Stationery, Kids (activities, party favors, back-to-school items, etc.) and Photo Albums.
Prairie Closes Fourth Deal in Fund III
April 2004
Prairie Capital III has closed its fourth deal, partnering with senior management, Svoboda-Collins, and W.S.G. Partners to acquire Coffee Bean International, Inc. (CBI). CBI is a leading North American coffee roaster, serving independent specialty coffee retailers and multi-unit national convenience store and food-service providers. Headquartered in Portland, Oregon, CBI has an extensive product line, including coffee, tea, cocoa and related products. CBI's principal coffee line consists of over 150 unique specialty coffees, including single-origin, dark roast, certified organic, free-trade, flavored, blended and espressos sourced from 17 countries.
Core Systems' Recap Repays Sub-Debt Investment
March 2004
Core Systems has been recapitalized by management and Onyx Capital, providing for MBE status and repaying Prairie Capital Mezzanine Fund's subordinated debt investment from 1999. Prairie had originally provided both debt and equity to support management's buyout of a minority shareholder, and had provided additional equity to support two add-on acquisitions of other plastic injection molders. Core Systems achieved revenue CAGR of 22% during the four-year investment period. This represents eighteenth full or partial exit from the investments of our $70 million first fund, Prairie Capital Mezzanine Fund.
Precor Buys Prairie Portfolio Company Fitness Products
January 2004
Precor International has publicly announced the acquisition of Fitness Products International, a manufacturer of strength training equipment under the Icarian, Jade, Flite, and ABench brand names. The acquisition represents a successful complete exit for Prairie Capital Mezzanine Fund.
Prairie Invests Sub-Debt in Pool Deck Manufacturer
January 2004
Prairie Capital III has made its third investment, providing subordinated debt to S.R. Smith, the nation's largest manufacturer of residential and commercial pool deck equipment.
First Texas Sold to Texas Growth Fund
December 2003
Prairie Capital Mezzanine Funds exited its investment in First Texas Products, through a sale to the Texas Growth Fund. Under the brand name Bounty Hunter, First Texas is the leading manufacturer of metal detectors for recreational treasure hunting in North America, and is a worldwide leader in consumer night vision products under the Night Owl Optics brand name. Prairie provided subordinated debt to support the 1999 buyout of the company by Prospect Partners and Thomas Walsh, the CEO.
Regole Joins Prairie As Operating Consultant
November 2003
Rich Regole, CEO of Mechanical Products and former COO of Conexall, has joined Prairie Capital as an operating consultant.
H3 Sportgear Marks Second Fund III Investment
September 2003
Prairie Capital III has closed its second investment, partnering with Midwest Mezzanine in providing subordinated debt and equity in support of a recapitalization of H3 Sportgear, a leader in designing high-quality licensed and private label headware and apparel products. Prairie's investment supported Milestone Partners and management in the recapitalization.
Fund III Debuts with Investment in Creditors Interchange
September 2003
Prairie Capital III has closed its first investment in Buffalo, NY-based Creditors Interchange Agency, a leading provider of account receivable collection services to credit card, auto, financial, consumer, student loan, medical, and utility markets. Prairie partnered with Caffery Capital Partners and management to acquire the business.
Prairie Announces Fund III Close at $180 Million
September 2003
Prairie Capital III has officially closed, with $180 million of total capital, and is fully licensed as a Small Business Investment Company by the SBA Administration. Prairie will continue its strategy of investing into change of ownership transactions at the lower end of the middle market. Prairie intends to invest in increments of $3-12 million, providing subordinated debt or equity. Capital was provided by approximately 140 high net worth individuals, bank groups, and strategic investors.
Fourth Exit for Prairie II
August 2003
Prairie Capital II has recorded its fourth successful exit transaction via a portfolio company sale. The portfolio company and deal terms were not disclosed.
Prairie "ICEs" Fund II Investment Cycle
June 2003
Prairie Capital II made its final investment, providing sub-debt to support the recapitalization of Innovative Concepts in Entertainment (ICE) by management, Midmark Capital, and SummerStreet Capital. ICE is the leading manufacturer of coin-operated games for family entertainment centers and other venues.
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