Prairie Capital, a Chicago-based private equity firm focused on the middle-market, is pleased to announce the successful sale of ProVest Holdings, LLC (“ProVest” or the “Company”) from Prairie Capital III (“Prairie”). This exit highlights Prairie’s investment strategy of partnering with founders and management teams to build market-leading companies in high-growth industries.
Prairie sold ProVest to Nonantum Capital Partners, a Boston-based private equity firm. ProVest is a leading provider of service of process and related support services to law firms and financial institutions in the mortgage and consumer credit sectors. The Company’s vendor-managed network of over 2,000 individual process servers provides unmatched scale, flexibility and performance. ProVest was founded in 1991 and Prairie partnered with the Company’s founder and management team in 2006.
Prairie’s investment thesis focused on expanding ProVest from a regional provider of mortgage market service of process to a national provider of service of process and related support services to the mortgage and consumer credit markets. Successfully executing on the thesis required numerous Company building investments, including: (i) significant investments into the executive management team; (ii) an overhaul of the Company’s IT infrastructure to support the conversion from a largely paper-based business to a technology-enabled and digital provider of outsourced legal services; and (iii) the completion of five add-on acquisitions to expand the Company’s geographic footprint, broaden the Company’s customer base and provide the foundation for growth in new markets. These investments enabled the Company to almost triple revenues over Prairie’s hold period.