Prospect Partners, a leading private equity firm investing in lower-middle-market companies, today announced its recapitalization, with management, of ProClip USA, LLC (ProClip), of Madison, WI.
ProClip is a leading value-added designer and distributor of mounting solutions for commercial and consumer electronic devices. The Company uses a consultative approach to provide its customers with specific mounting solutions for mobile devices, including cell phones, tablets, smartphones, GPS systems, mobile printers, mobile scanning devices, two-way radios and more. ProClip reaches a diverse set of end markets, including transportation and logistics, material handling, environmental services, healthcare, manufacturing, public safety, retail and consumer, throughout North and South America. Bjorn Spilling, who founded the business in 2004, will continue to lead ProClip as CEO, with Don Rankin continuing as COO and CMO.
“ProClip is a highly respected, growing brand with strong customer relationships” said Brett Holcomb, a Partner at Prospect Partners. “The company has a long history of product innovation and a deeply-held customer-centric philosophy. We are thrilled to partner with the ProClip team and continue building on this strong reputation.”
Said ProClip CEO Bjorn Spilling: “Prospect Partners has a great reputation for backing entrepreneurs and working as true partners to build larger businesses over time. The team’s enthusiasm for our business, coupled with its experience and investment, will help us pursue many growth initiatives, both organically and through acquisition. We are very excited to work together and continue the momentum we have in the market.”
ProClip becomes Prospect Partners’ 52nd portfolio company. Enterprise Bank & Trust provided senior debt financing, while Aldine Capital Partners provided subordinated debt financing and an equity co-investment. Milwaukee, WI-based Promontory Point Capital advised the owners of ProClip on this transaction.
“Prospect Partners was a terrific partner,” said Waste Harmonics’ Hess. “They really understand how to successfully finance and capitalize a business, and they understand the steps a maturing company needs to take as it grows. That invaluable wisdom allowed my team to focus on running and growing Waste Harmonics — growth that leapfrogged even our own grand expectations we set at the beginning of our partnership.”