Progress Equity Announces Investment in InDemand Industrial Services

January 2021 – Progress Equity Partners is pleased to announce its recent investment in InDemand Industrial Services, a provider of industrial maintenance and construction services to owners and operators of industrial facilities across the United States. 

“We are honored to once again partner with Mark Peterson, founder of previous PEP portfolio company Westcon Industries, in creating another industry leading company in the industrial facilities services space”, said Steve Sangalis, Partner of Progress Equity. 

“Our partnership with Progress Equity and Mark Peterson enhances our ability to scale InDemand’s  resources and capabilities to provide best-in-class services”, said Brian Smith, CEO of InDemand Industrial Services, adding “We are excited to build relationship-driven partnerships with our world-class customers who demand the best in project execution practices.”    

Currently operating from office locations in Camden, AR and Bismarck, ND, InDemand operates across the U.S. in a variety of end-markets, including petrochemical, food processing, power generation, oil and gas and other industries.  For more information, please visit   


Davey Coach Completes California Acquisition

Progress Equity Partners is pleased to announce that its portfolio company Davey Coach Holdings, a leading dealer and lease fleet provider of shuttle buses, has acquired the California division of Nations Bus Sales located in the greater Los Angeles area. Nations Bus continues to own and operate its dealership located in Florida. Several Nations Bus employees in California will join the Davey Coach team as part of the transaction.

“The acquisition strengthens our capabilities to serve our expanding regional and national customer base through operations in Colorado, Indiana, and now California”, said Mark Stenseth, President of Davey Coach. Josh Davey, VP of Sales added “We are excited to serve Nations Bus customers in the western U.S. through the same manufacturer relationships as well as add our full-service capabilities to California, including our fleet of shuttle buses for seasonal and short-term lease.  

David Meck, CFO of Nations Bus, added, “Chip Osborne and I share the same operating philosophies as the team at Davey Coach. We trust them to continue to serve our manufacturing brand partners and our western customers with the same dedication as we have for the last 20 years, while we continue to streamline our focus and growth initiatives from our southeastern U.S. operations in Florida.  

Progress Equity Partners Completes New Financing for Davey Coach Holdings, Inc.

January 2020 – Progress Equity Partners is pleased to announce its portfolio company, Davey Coach Holdings, has completed a new financing relationship with PNC Business Credit.  Headquartered in Denver, Colorado, Davey Coach is one of the nation’s largest fully integrated dealerships of shuttle buses.  Davey Coach offers a comprehensive line of new and used buses for sale, long-term and seasonal lease, short-term rental, as well as best-in-class maintenance services, parts, graphics and custom accessories that support customers across a vast array of industries including assisted living, charter operators, resort management, municipalities and transportation districts, among many others.  

PNC provided a comprehensive credit facility to support the company’s floorplan of inventory and expanding fleet of buses for lease and rent.   

Steve Sangalis of Progress Equity said of the transaction, “Since our investment in Davey Coach in 2017, the company’s revenues have grown more than 40% and its scope of operations has expanded significantly.  We are thrilled to partner with PNC to provide the essential resources needed for the company’s continued expansion.  The professionals at PNC were quick to understand the company’s needs and provide a comprehensive and creative financing solution for Davey’s future.”

Visit for more information about Davey Coach. 

Progress Equity Partners Completes Acquisition of Medical Indicators

Progress Equity Partners is pleased to announce its recent acquisition of Medical Indicators, Inc. (“MII”). Based outside of Princeton, NJ, MII serves a unique niche providing clinically-accurate single-use disposable and single-person reusable thermometers within the US and internationally.  These thermometers provide a cost-effective way to accurately measure a patient’s temperature while at the same time reducing infection risk by eliminating cross-contamination.  The Company’s end-customers include dialysis centers, hospitals, long term care facilities, and acute care centers, among others. 

Paul Yeoham, Partner at Progress Equity, commented “MII has a long history of success producing accurate and easy-to-use medical products that are cost-effective and offer infection control benefits. We are honored to partner with the management team and look forward to being part of the company’s future.”

Joel Welde, President of Medical Indicators, expressed his enthusiasm by adding: “From our first meeting with the Progress team we knew we had found the right partner to help us realize the potential of our business.”

Progress Equity partnered with Harbert Credit Solutions (, Live Oak Growth Capital (, and Enterprise Bank ( to complete the transaction. Learn more about the company at

Progress Equity Partners Completes Refinance of Crestcom International

May 2019 – Progress Equity Partners is pleased to announce the refinance of Crestcom International, a portfolio company since 2013.  Headquartered in Denver, Colorado, Crestcom is a leading provider of management training and leadership development services conducted through a network of approximately 200 franchise outlets located in over 60 countries around the world. Crestcom’s training is a blend of live classroom seminars and video-based instruction, supplemented by a growing collection of online curriculum and tools.  

Texas Capital Bank (“TCB”) provided a revolving line of credit and a term loan while Farragut Capital Partners (“Farragut”) provided a combination of subordinated debt and preferred equity.

Steve Sangalis of Progress Equity said of the transaction, “Partnering with TCB and Farragut provides us a tremendous opportunity to continue Crestcom’s growth. Farragut, as well as our long-term partner Texas Capital Bank, have been true professionals to work with during the investment process and we are thrilled to be aligned with them moving forward.”

Alan Cuthbertson of Farragut added, “We’re excited to partner with Progress Equity in this transaction. Crestcom has been a leader in the management training industry for decades and has built a sprawling network of franchises across the globe. With Progress Equity’s support and guidance, the Company has improved its core offering and laid the groundwork for meaningful growth over the coming years.”

Visit for more information about Crestcom and and for additional information regarding the lender partners.

Progress Equity Partners Exits DMS Investment

Progress Equity Partners, LLC. is pleased to announce the recent sale of Diversified Machine Systems, LLC (“DMS”) to SCM Group, a leading Italian multinational company in machinery and industrial equipment.  Progress Equity partnered with DMS and its founder Patrick Bollar in 2011.   Annual revenues have nearly tripled since that time through continuous innovation within its core business of providing and building custom CNC machine solutions and support services for its world-wide customer base, particularly for many in plastics and composite materials applications.

“It has been a pleasure to be a part of DMS’s growth and evolution over the past 7 years”, stated Steve Sangalis, Partner of Progress Equity, continuing “we also believe the partnership with SCM Group comes at the right time for the company and its employees, expanding DMS’s global service capacity and technological capabilities to best serve its growing customer base well into the future.”   Patrick Bollar added “I am very pleased to have partnered with Progress Equity and appreciate the insight and support they provided as we worked together to grow DMS.”

DMS represents another successful investment for Progress Equity and its investors, returning over four-times capital invested.


About Diversified Machine Systems

Diversified Machine Systems, LLC ( is an industry-leading manufacturer of 3-axis and 5-axis CNC routers and machining centers.  Located in Colorado Springs, CO, and serving customers world-wide, DMS supplies machines to a variety of manufacturing sectors including aerospace, automotive, marine, 3D sculpture, and formed plastics among many others.

About Progress Equity Partners

Progress Equity Partners, LLC. (, with offices in Denver and Dallas, is a private equity investment firm that acquires majority control of entrepreneurial, middle market businesses.  The principals of Progress Equity are relationship driven, long-term investors and have a proven track record of transitioning entrepreneurial companies into professionally managed, industry-leading organizations.

PEP Portfolio Company DMS Wins Colorado Manufacturing Award

Progress Equity Partners is pleased to report that its portfolio company Diversified Machine Systems (DMS), based in Colorado Springs, CO, was a 2018 winner of The Colorado Manufacturing Awards (CMA) in the “Outstanding Industrial/Equipment Manufacturer” category. This award exemplifies the commitment to excellence that has been DMS’s trademark since its inception over 15 years ago.

For more information about the award and to see a list of winners in each category, please read the full article:

PEP Portfolio Company Davey Coach Completes Add-On Acquisition

April 2018 – Progress Equity Partners (“PEP”) is pleased to announce the acquisition of certain assets of Intermountain Coach (“IMC”) by portfolio-company Davey Coach Holdings.  Intermountain Coach, based in Colorado Springs, CO, has been a dealer and lessor of mid-size buses in the Rocky Mountain Region for over 20 years.  Several employees, including industry veteran Steve Francom, joined the Davey Coach team as part of the transaction.

“IMC’s robust lease and short-term rental business is a great addition to our own lease business”, said Tom Davey, CEO.  “This transaction strengthens our capabilities and broadens our reach. We couldn’t be more pleased to offer our full range of bus products and services to a new customer base, while growing in our existing markets.”

John Walsh, COO, added, “Steve and his team are a great addition to our core staff. Their knowledge and experience will help us fully establish our regional strength. This acquisition allows us to launch into our next phase of expansion.”

Davey Coach, based outside Denver, CO, has been one of the leading dealers and lessors of mid-sized buses in North America since the 1990s.  Davey Coach represents 16 mid-size bus manufacturers and serves diverse end-markets including senior care facilities, transportation companies, resorts, and governmental entities throughout the Rocky Mountain region and Western US. For more information regarding Davey Coach, please visit

Progress Equity Partners Exits Terracare Associates

Progress Equity Partners, LLC. is pleased to announce the recent sale of Terracare Associates, LLC (“TCA”) to Monarch Landscape Holdings, LLC (“Monarch”), a portfolio company of One Rock Capital Partners, LLC. Progress Equity acquired TCA in May of 2009 and since the acquisition, the company successfully expanded its operations and evolved into a leading regional provider of outdoor maintenance services with ten branches located throughout Colorado, Texas, and California. Revenue nearly tripled during the investment period through both organic growth and add-on acquisitions.

We are pleased by the results of this transaction and believe Monarch is an excellent partner for TCA and its employees as it enters its next phase of growth. Steve Sangalis, Partner of Progress Equity, commented “We are proud of our successful partnership with Dean Murphy and the entire TCA management team and commend them for their outstanding achievements in building an industry leading company.” Dean Murphy, Terracare CEO, added “It was a pleasure to work with Progress Equity. Our entire team is appreciative of their collaborative and long-term focused investment approach. We are equally excited to partner with Monarch as the company enters its next stage of growth.”

About Terracare Associates

Terracare Associates, LLC is a leading provider of outdoor maintenance services for commercial and public properties. Headquartered in Littleton, CO, the company offers a comprehensive suite of landscape and infrastructure maintenance services to clients throughout California, Colorado, and Texas.

PEP Portfolio Company Revere Completes Add-on Acquisition

Dallas, TX – Revere Packaging, a portfolio company of Progress Equity Partners, LLC. is pleased to announce its recent acquisition of Plastic Package, Inc.

Revere Packaging, in business for more than 60 years, is a niche provider of custom recyclable aluminum and plastic packaging solutions to the food services industry. Plastic Package, Inc. produces proprietary and custom trays and containers primarily to the bakery, confectionary, pre-packaged meals and school nutrition markets.

“With more than 150 employees and over $40 million in annual revenues, the newly-combined entity will more than double the size of sales, employees, and manufacturing capacity,” commented David Watts, CEO of Revere Packaging. “This will translate to shorter lead times, faster delivery, and the availability of a broader product mix for our customers.”

Mike Miller, President of Plastic Package remarked, “This partnership reflects our shared philosophy of providing exceptional, sustainable packaging solutions with an unparalleled level of service to our customers. We’re proud to be a part of this revolutionary company.”

Progress Equity partnered with Stonehenge Partners and Texas Capital Bank in completing the transaction.

About Revere Packaging, LLC

Revere, founded in 1801, provides customers with a creative and innovative source of recyclable plastic and aluminum food packaging solutions delivering customization, flexibility and exceptional speed-to-market products. Revere is certified in food safety by the Safe Quality Food Institute (SQFI). For more information, please visit or follow @ReverePackaging on Twitter.

About Plastic Package, LLC

Plastic Package (headquartered in Sacramento, California) produces proprietary and custom trays and containers primarily for the bakery, confectionary, prepackaged meals and school nutrition markets. Plastic Package is inspected annually by the National Sanitation Foundation (NSF), an independent quality auditor. For more information, please visit