Exited Investment
ProVest
Prairie Capital Fund III
Location | Tampa, FL |
Transaction Type | Growth Recap |
Investment Date | February 2006 |
Exit Date | December 2018 |
Business | Provider of service of process and related services to foreclosure attorneys and mortgage servicers nationwide. |
Industry | Business Services |
Investment Rationale
- The Company maintained a strong market share in Florida in residential foreclosure service of process, and had strong relationships with the top foreclosure attorneys in the state.
- Due to its scalable infrastructure, the Company had demonstrated the ability to replicate its success in Florida in several other states and was positioned to grow into a nationwide provider of foreclosure service of process.
- Prairie Capital anticipated that as mortgage interest rates rose, default rates on residential properties would increase, which in turn would drive an increase in the number of residential foreclosures.
Value Add
- Human Capital
- Technology
- Infrastructure
- Add-on Acquisitions