Challenge: Quick turn to close
"We had a very narrow window in which to
get this deal done – 45 days. Prairie did everything they said they were going to do, right on schedule."
– T.J. Chung, CEO, Navman
Company Navman Wireless Holdings. L.P. – Provider of GPS-enabled fleet tracking solutions to clients in New Zealand, Australia, Europe, U.S., Mexico and Taiwan.
Situation Senior management at Navman was looking for a partner to help them with a corporate spinout/management buyout from its publicly-traded parent company, Brunswick Corp. The parent company had placed a premium on certainty of close and timing which made Prairie’s track record, experience and contacts a good fit with both sides of the transaction.
Attributes Navman was attractive to Prairie because it was well-positioned for growth:
- Large, under-penetrated and growing market
- Sizable and growing customer base
- Experienced and equity-incentivized management team
- Leading market position
- Solid product offering with measurable value proposition
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Results The deal was closed within the allotted time frame, satisfying both the seller and Navman management. With the short turnaround, Prairie bridged the senior financing and successfully placed the senior debt with a traditional lender post closing.
To date, the company has performed very well. Navman has significantly reduced its debt while delivering solid financial performance.
Prairie View "We were recommended to Navman management and its seller by three sources. Our experience in executing management buyouts of this size and our practice of respecting strong management teams made Prairie Capital a great fit for Navman. The company’s market position, opportunities for growth and stellar management team made Navman a great fit for us and our investors."
– Nate Good, Managing Director |
