- Two executives left Prophet Equity
- Katie Oswald joined earlier this year from Gauge Capital
- Prophet raised its last fund in 2014
Crossplane Capital, a spinout from Prophet Equity, is in the market targeting its debut fund at $250 million, according to a person with knowledge of the firm.
Crossplane, based in Dallas, makes control investments in industrial business services, niche manufacturing and distribution businesses, the firm’s website said.
Ex-Prophet Equity Managing Directors Brian Hegi and Ben Eakes formed Crossplane last year. Hegi worked at Prophet from 2008 to 2018, prior to which he worked at AlixPartners from 2004 to 2008.
Eakes worked at Prophet from 2009 to 2018, prior to which he worked at SunTx Capital from 2002 to 2009, his LinkedIn profile said.
Eakes and Hegi were joined at Crossplane by Ingrid West, operating partner, who previously worked as president at Acton Mobile, her LinkedIn profile said. As president, West sold the company to Prophet Equity, her biography on Crossplane’s website said.
Other executives include Managing Director Mike Sullivan, who previously worked as managing director at Prophet; and Katie Oswald, director of business development. Oswald previously worked at Gauge Capital. She joined Crossplane in April.
Prophet Equity was formed in 2008 and is principally owned by Ross Gatlin and George Stelling, according to the firm’s Form ADV filed in March. Prophet closed its most recent fund, Prophet Equity II, in 2014 on $345 million, Buyouts previously reported.
Action Item: Reach Brian Hegi here: email@example.com