Prospect Partners has invested in Velocity Aerospace Group, a provider of aviation aftermarket services. Velocity Aerospace Group provides aviation maintenance, repair, and overhaul services to a global customer base of commercial air transports, corporate business aircraft, regional airlines, and helicopters.

Pipp Mobile Storage Systems, a provider of backroom management solutions in the U.S. retail industry, has been sold to Novacap Industries. Pipp was previously a portfolio company of a private equity fund managed by Prospect Partners. Harris Williams & Co acted as the exclusive financial advisor to Pipp.

Chicago-based Prospect Partners has announced the management-led recapitalization of Irrigation Components International. The Daphne, Ala.-based provider of agricultural irrigation equipment components becomes the fourth platform company of Prospect Partners’ third fund.

Chicago-based Prospect Partners, a private equity firm investing in smaller lower-middle-market companies has acquired eleven of the company-owned dealers of Culligan International, a Rosemont, Ill.-based global provider of household, commercial, and industrial water treatment products and services. In the acquisition, Prospect Partners partnered with two Culligan operating executives and independent equity sponsor Stone Pointe of [...]

Walker, Mich.-based Pipp Mobile Storage Systems, a company that sells shelving and other storage products for retail, hospitality, foodservice, and commercial office clients, has acquired the handling, storage, and packing company the retail inventory management division of Capsa Solutions of Columbus, Ohio. Pipp is a portfolio company of the Chicago-based private equity firm Prospect Partners, which invests in smaller [...]

Chicago-based private equity firm Prospect Partners has invested an undisclosed amount in Lawrence, Kansas-based SurePoint Medical. The management-led recapitalization is Prospects Partners’ first investment from its $200 million third fund. Formed in 2006, SurePoint Medical provides mail-order diabetes supplies. Prospect Partners focuses on lower-middle-market investments and manages $470 million across its three funds.

Prospect Partners LLC closed its third fund above the original hard cap of $185 million. Prospect Partners III LP picked up $200 million in commitments. The Chicago-based shop’s fund II closed in 2004 at $165 million. It plans to use the latest fund to invest exclusively in small companies based in the U.S. across a range of specialty manufacturing, distribution and service industry segments.

Prospect Partners has sponsored a recapitalization of Navix Diagnostics Inc., a Taunton, Mass.-based provider of outsourced cardiovascular diagnostic services. No financial terms were disclosed. www.prospect-partners.com