Prometheus Group News

RALEIGH, June 5, 2024 - Prometheus Group ("Prometheus"), a Genstar Capital ("Genstar") portfolio company, announced today that Advent International ("Advent"), joined by Leonard Green & Partners ("LGP"), will make a significant strategic investment in the company. As part of the transaction, Genstar, which acquired Prometheus Group in 2019, and Eric Huang, CEO and founder of Prometheus, will continue to retain meaningful stakes in the company.

Eric Huang commented, "Prometheus Group's intuitive enterprise asset management software solutions help clients optimize productivity and efficiency by breaking down the functional silos between maintenance, operations, and engineering. We are very thankful for Genstar's leadership over the past five years and will rely on their continued guidance. We have only increased our capabilities with the addition of Advent, one of the world's largest and most experienced global private equity investors, and LGP, a top-tier growth-focused and management-first private equity firm. We have already benefited from the valuable and actionable insights we gleaned from Advent and LGP during the investor process. We look forward to taking advantage of Advent's international reach and network of industry veterans to significantly bolster our aspirations of being a truly global operator. LGP's proprietary approach towards growth, leading research operations, and business network will significantly reduce our learning curve as we begin the next leg of our journey."

Prometheus Group's solutions utilize intuitive software and data analytics to deliver a uniform experience across the platform and are trusted by the largest asset-intensive companies in the world operating in the oil & gas, chemical, pulp & paper, mining & metals, utilities, food & beverage, and pharmaceutical industries. The company has completed a number of strategic acquisitions since 2019 to expand its offerings in the industrial maintenance software space, with the additional products allowing operators to simplify maintenance and gain additional savings and operational efficiencies from their asset data.

With this incremental investment, Prometheus plans to continue its commitment to innovation and excellence by extending its already comprehensive suite of industrial maintenance software solutions. The company will also expand its customer service and go-to-market efforts, with a particular focus on international markets including Europe and Asia. With this investment, Prometheus aims to support its clients' maintenance and operations efforts even more broadly across their organizations and asset bases.

Eric Wei, Managing Director at Advent, said, "Many asset-intensive industries are still in the early innings of their digitization journey, and we see a long runway for Prometheus to continue to expand beyond its already strong customer base, especially by extending its reach internationally. Eric and his team have developed an innovative end-to-end product that has been purpose-built for the maintenance and operations workflow. We are excited to leverage Advent's multi-sector footprint and global presence to help accelerate Prometheus' impressive growth in partnership with management, Genstar, and LGP."

Usama Cortas, Partner at LGP, said, "Prometheus is an exceptional company - exactly the type of company with which we like to partner. We invest in companies that win with people, have a differentiated culture, and are market leaders with multiple levers for growth. Prometheus has built an incredibly successful track record of helping customers optimize asset management, maintenance, and operations. We are thrilled to partner with Advent, Genstar, Eric Huang, and the broader Prometheus team and look forward to supporting the continued growth of the business."

Eli Weiss, Managing Partner at Genstar Capital, said, "It has been an honor and pleasure to work with Eric Huang and the Prometheus team to build the business together over the last five years. This milestone is a great achievement, and we look forward to continuing to the next chapter of ownership with the Prometheus team, Advent, and LGP."

Evercore served as lead sellside advisor to Genstar and Prometheus Group, and Lazard and Aeris Partners LLC served as co-advisors. Simpson Thacher & Bartlett LLP served as legal advisor to Genstar and Prometheus Group. Centerview Partners LLC served as exclusive financial advisor to Advent, and Ropes & Gray acted as legal advisor to Advent. Barclays served as exclusive financial advisor to LGP, and Latham & Watkins LLP acted as legal advisor to LGP.

About Prometheus Group Prometheus Group is a leading global provider of comprehensive and intuitive enterprise asset management software solutions that work within enterprise resource planning systems and span the full work management life cycle for both maintenance and operations. Developed jointly with end users, Prometheus software enhances the customer experience for planning, scheduling, and executing work for both routine maintenance and shutdowns and turnarounds, all while protecting the workforce with safety solutions and electronic permit to work. For more information, visit www.prometheusgroup.com.

About Advent International Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in 420 private equity investments across 43 countries, and as of December 31, 2023, had $94 billion in assets under management.* With 15 offices in 12 countries, Advent has established a globally integrated team of over 300 private equity investment professionals across North America, Europe, Latin America, and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer, and leisure; and technology. For 40 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies. For more information, visit Website: www.adventinternational.com LinkedIn: www.linkedin.com/company/advent-international * Assets under management include assets attributable to Advent advisory clients as well as employee and third-party co-investment vehicles.

About Leonard Green & Partners LGP is a leading private equity investment firm founded in 1989 and based in Los Angeles with approximately $75 billion of assets under management. The firm partners with experienced management teams and often with founders to invest in market-leading companies. Since inception, LGP has invested in over 120 companies in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. The firm primarily focuses on companies providing services, including consumer, healthcare, and business services, as well as distribution and industrials. For more information, please visit www.leonardgreen.com.

About Genstar Capital Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for over 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $49 billion of assets under management and targets investments focused on targeted segments of the financial services, industrials, software, and healthcare industries

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