The Chicago-based private equity firm Promus Equity Partners has acquired ProSteel Security Products, a Provo, Utah-based maker of gun safes, vault doors, and other security enclosures. Terms of the deal weren’t disclosed.
Promus Equity Partners, LLC (“Promus”), the private equity investment arm of Promus Capital, headquartered in Chicago, IL, is pleased to announce the acquisition of ProSteel Security Products, Inc. (“ProSteel”). Based in Provo, Utah, ProSteel is a leading provider of gun safes marketed under the Browning ProSteel brand, as well as other vault doors and security enclosures. The company is well-regarded for its superior product design and high quality security products.
“The company’s differentiated products and proprietary technologies, marketed in partnership with Browning, made this an attractive investment opportunity for us,” stated Zach Musso, Managing Partner of Promus Equity Partners. Together, ProSteel and Browning have been providing gun safes to independent gun and gun safe, and national and regional hunting, fishing and sporting goods retailers for nearly thirty years. Sarah Wuellner, a Principal at Promus Equity Partners, added, “We are thrilled to be partnering with ProSteel’s management team who has developed an impressive pipeline of growth opportunities and a stellar reputation for outstanding customer service.” Promus acquired the business in partnership with management on March 31, 2011. “We are excited about Promus making an investment in our business and believe this change will position us for further growth and success in the gun safe industry as well as other security market segments” said Clay Linford, President and Chief Executive Officer of ProSteel Security Products.
Terms of the transaction are confidential. Senior debt was provided by US Bank. Baker & McKenzie LLP provided legal counsel and Crowe Horwath LLP provided accounting and tax due diligence services to Promus Equity Partners in connection with the transaction.
About Promus Equity Partners, LLC
Promus Equity Partners is a private equity investment firm affiliated with Promus Capital, a multi-family asset management firm based in Chicago, Illinois with approximately $400 million under management among its affiliated entities. Promus Equity Partners targets healthy, lower-middle market companies with EBITDA of approximately $7 million or less. As a family office with a flexible investment mandate, Promus is able to make short and long term investments in partnership with outstanding management teams. Members of Promus Equity Partners and Promus Capital bring significant experience in both the private equity industry and the broader alternative asset management space. For more information about Promus Equity Partners, please contact Sarah Wuellner at firstname.lastname@example.org.