San Francisco – Francisco Partners, a leading global private equity firm that specializes in investments in technology and technology-enabled businesses, announced today the sale of Prometheus Group to Genstar Capital for over $1 billion. Francisco Partners took a majority stake in Prometheus Group, a leader in plant maintenance and Enterprise Asset Management software, in November 2016 and will retain a minority investment.
Over the last three years, Francisco Partners has scaled Prometheus’ business significantly and expanded the company’s platform to serve asset-intensive companies around the world operating in the oil & gas, chemical, pulp & paper, mining & metals, and utilities industries. Today, the North Carolina-based company has more than 300 employees and a vast, global footprint.
"We are proud to have partnered with the Prometheus team in building out a unified platform for operational excellence through both organic growth and M&A," said Petri Oksanen, Partner at Francisco Partners. "We look forward to continuing the relationship and seeing Prometheus further build on its heritage of innovation."
Dana Kromm and Mike Kennedy led the Paul Hastings team that advised Francisco Partners on the transaction. Paul Hastings also advised Francisco Partners on their initial investment into Prometheus in 2016.
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