Investment Opportunity
The portable sanitation industry has developed into a $1.5 billion business, with an estimated 1.4 million portable restrooms in use serviced by a fleet of 9,400 trucks. The toilet units are rented and serviced on scheduled service routes on a weekly- (or more frequent) basis if needed. Traditionally, the industry has been highly fragmented due to relatively high capital costs related to growth. By consolidating in this industry, companies can realize higher profitability due to an increase in route density. Employing a "hub-and-spoke" acquisition strategy allows companies to realize higher profitability through increased efficiency of route drivers. The Company will focus on a regional buildup in the Southeast.

Business Description
PORTA-JON of the Piedmont is the leading provider of portable restrooms across a 14-county market in North and South Carolina, and is the dominant operator in the Greater Charlotte area with over 50% market share.  PORTA-JON has multiple dispatch locations from which the Company operates a large fleet of route trucks responsible for the servicing of the Company’s portable restrooms. The Company also offers a menu of complementary site services, including MiniBin residential construction debris removal and roll-off container services.  The markets in which PORTA-JON operates provide strong demographic trends for continued commercial and residential construction activity.  The Company maintains an outstanding service rate in comparison to the industry average.

Transaction Description
In September 2007, Prometheus acquired PORTA-JON of the Piedmont in conjunction with the recapitalization of its other port-o-john platform, Spanky’s Portable Services.  The deal was structured with approximately 30% of equity and 70% debt.

Prometheus arranged a senior term loan with an additional credit line to provide acquisition and growth capital.  In addition, Norwest Mezzanine Partners provided both subordinated debt as well as equity co-investment to help finance the acquisition.  The Company currently has a very strong add-on acquisition pipeline in its existing and adjacent markets.