March 24, 2003 “
Deal of the Week”: Prometheus Partners’ Fund Sells
AIR-serv Holding, LLC to Wind Point Partners, M&A Monitor,
U.S. Bancorp Piper Jaffray Middle Market Mergers & Acquisitions
M&A Monitor, U.S. Bancorp Piper Jaffray Middle Market Mergers & Acquisitions:
March 24, 2003: On Wednesday March 19, 2003, Prometheus Partners' Fund completed
the sale of their portfolio company, AIR-serv Holding, LLC (AIR-serv), to Wind
Point Partners. AIR-serv is the leading manufacturer and route operator of coin-operated
tire inflation and vehicle vacuum machines to convenience and retail gasoline
store locations throughout the United States and the United Kingdom. During Prometheus
Partners' ownership, the AIR-serv management team successfully transitioned the
Company from a pure-play manufacturer to the largest air-vending route operator
in the world. U.S. Bancorp Piper Jaffray served as financial advisor to AIR-serv
Holding, LLC in this transaction.
Prometheus Partners is an Atlanta-based partnership established to manage
investments made by Windward IV, L.P. in smaller middle market companies. The
firm focuses on management buyouts of service and distribution companies exhibiting
strong recurring revenue streams with valuations between $10 million and $50
million.
Wind Point Partners, with offices in Chicago, Illinois and Southfield, Michigan,
is a private equity firm that acquires middle market companies with revenues
between $50 and $250 million and growth potential. Wind Point Partners manages
over $1 billion in commitments and has invested in over 75 companies since its
inception in 1983.
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(770) 395-9668