SAN FRANCISCO (May 31, 2019) – Holland & Knight represented Prometheus Group's founder and CEO, Eric Huang, in the company's sale to Genstar Capital for over $1 billion. Mr. Huang will remain a significant shareholder and private equity investor Francisco Partners will retain a minority investment. The deal closed on May 30.
Prometheus, which is based in Raleigh, North Carolina, is an industry leading provider of comprehensive and intuitive plant maintenance operations and optimization software. Its clients include some of the largest asset-intensive companies in the world operating in the oil & gas, chemical, pulp & paper, mining & metals, and utilities industries.
Genstar Capital is a leading private equity firm with approximately $17 billion of assets under management. The San Francisco-based firm targets investments focused on the software, industrial technology, healthcare, and financial services industries. Francisco Partners is a leading global private equity firm that specializes in investments in technology and technology-enabled businesses. Since its founding, it has raised over $14 billion in committed capital and invested in more than 200 technology companies. The company is also based in San Francisco.
Holland & Knight Partners Eric Wechselblatt and Valarie Ney led Holland & Knight's representation of Prometheus and Mr. Huang. They were assisted by Partner Gary Schoenbrun, who advised on tax issues, and Partner Claudia Hinsch, who advised on employee benefits matters.
Attorneys in Holland & Knight's Private Equity Practice act as trusted legal and business advisors to funds, portfolio companies, family offices, independent sponsors and other investors. The practice, which has a mostly middle-market focus, recently launched HK Deal Flow®, a unique program that facilitates deal leads for clients and prospective clients by matching acquisition or capital raising opportunities with buyers and investors.
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