April 2023 – Progress Equity Partners (“Progress Equity”) is pleased to announce its recent recapitalization of Hanson Lab Solutions (“Hanson Labs” or “HLS”). Founded in 1977, Hanson Labs is the largest direct, vertically-integrated manufacturer and supplier of laboratory casework, fume hoods, and related accessories to R&D laboratory owners and users in the western U.S. including the world’s […]
May 2022 – Progress Equity Partners is excited to announce the appointment of Jake Furbee as the Chief Executive Officer of its portfolio company Creative Tent International, LLC (“Creative Tent” or “CTI”). Jake joins the company as an additional executive to work collaboratively with Chris McLemore, Chief Operating Officer, and the existing employees at Creative Tent.
Jake brings deep knowledge and experience within the military and Department of Defense marketplaces, having previously held leadership and business development positions with various companies in the expeditionary shelter, survivability, and military shelter support equipment markets. Jake began his career serving eight years in the United States Marine Corps.
“Jake’s background and proven track record within the military logistics support sector aligns perfectly with CTI,” said Carolina Hensley, Principal at Progress Equity Partners. “We are excited to welcome Jake and believe his extensive expertise will be instrumental in advancing CTI’s market position and long-term growth strategy.”
In the collaborative effort to build an industry leading organization, the addition of Jake to the CEO position will champion the company’s continued professional development and guide the company’s accelerated sales and service strategies around long-term military contracts, opportunistic military sales, and commercial shelter markets.
“I am very excited to be joining CTI. I have admired their best-in-class shelter products for many years,” Jake said, further adding “from the outset of meeting the principals of Progress Equity, I quickly realized our shared value of integrity and vision for collaboration in building world-class businesses would result in a great partnership and bright future for CTI.”
About Creative Tent International
Headquartered in Henderson, NV, Creative Tent International, is a leading designer and manufacturer of highly engineered modular soft-wall structures and expeditionary shelters deployable for a wide range of military and commercial applications, including aircraft and vehicle maintenance facilities, warehouses, disaster relief centers, hospitality, sports pavilions, and other applications. CTI has deployed more than 10,000 turnkey shelter systems in over 60 countries and prides itself on best-in-class design, manufacturing excellence, and installation and maintenance services.
For more information, visit www.creativetent.us
About Progress Equity Partners
Progress Equity is a private investment firm that partners with lower middle market companies in a variety of industries. Our principals have been investing together in the private equity market for more than 25 years and have been a highly regarded investment partner to entrepreneurs, providing them the opportunity to gain liquidity while partnering with us to transition their businesses for future growth.
For more information, visit www.ProgressEquity.com
February 2022 – Medical Indicators, Inc. (“MII”), is pleased to announce the appointment of Ajey Atre as its new Chief Executive Officer. Mr. Atre has spent the majority of his career within the Medical Device and Medical Products industry, serving as COO, Chief Strategy and Chief Marketing Officer at previous firms. “Since first meeting Ajey, it was clear that he had the expertise, drive, and leadership skills to propel the growth of MII” said Paul Yeoham, Partner at Progress Equity Partners. “Ajey’s extensive experience within strategy, operations, and product innovation makes him the ideal partner to guide MII through a transformational time. We also want to thank retiring CEO Joel Welde who led the company through unprecedented pandemic-driven growth with an unwavering dedication to quality and customer satisfaction.”
Exemplifying the company’s commitment to excellence, Medical Indicators was recently named the 2021 Business of the Year in the 51-100 employee category by NJ BIZ. The award honors companies that strive for excellence and contribute to New Jersey’s economic growth and success. For more information about winners and finalists, please see: https://njbiz.com/business-of-the-year-award-winners-revealed-by-njbiz/
About Medical Indicators
Medical Indicators, Inc. serves a unique niche providing clinically accurate, single use thermometers within the US and internationally. The company proudly manufactures all of its products at its headquarters in New Jersey. Unsurpassed clinical accuracy, portability, convenience, ease of use and excellent germ control make the company’s products the trusted thermometers among health care professionals and consumers alike. For more information, please visit www.medicalindicators.com.
About Progress Equity Partners
Progress Equity Partners is a private investment firm that acquires majority control of operating companies typically from founder-entrepreneurs. We are particularly successful in providing entrepreneurs the opportunity to gain liquidity while partnering with us to transition their business for future growth. For more information, please visit www.progressequity.com.
June 2021
Progress Equity Partners (“Progress Equity”) is pleased to announce its recent acquisition of Creative Tent International (“Creative Tent” or “CTI”). Founded in 2004 and based in Henderson, NV, Creative Tent is a leading designer and manufacturer of highly engineered tension fabric, clear-span structures deployable for a wide range of defense, aerospace, government, and commercial applications. The company works under their widely recognized brands Shasta Shelter® and Fastrack®. CTI integrates a range of accessories including doors, electrical, HVAC, flooring, and liners and offers full-service capabilities from installation, maintenance & repair, to take-downs, for a full turnkey solution to its customers.
Steve Sangalis, Partner at Progress Equity, commented “We are honored and excited to partner with CTI’s founders, Carol Fontius and Bob Stafford, and management, led by Chris Mclemore, in the next chapter of growth expanding already best-in-class products and services into new markets and geographies. CTI’s products are highly regarded, as evidenced by its broad range of installations in more than 60 countries around the globe for both the U.S. and Allied Armed Forces and commercial customers.”
Chris Mclemore, Chief Operating Officer of Creative Tent, expressed his enthusiasm by adding: “I look forward to continuing to lead the company forward and partnering with Progress Equity. Throughout the transaction process, I’ve already come to appreciate their collaborative approach and commitment to our future success.”
Progress Equity partnered with Lake Country Capital (www.lakecountrycapital.com) and Parkside Financial Bank & Trust (www.pfbt.com) to complete the transaction. Creative Tent was represented by Eureka Capital Markets, LLC as its exclusive financial advisor (www.eurekacap.com). Learn more about CTI at www.creativetent.us.
About Progress Equity Partners
Progress Equity Partners is a private investment firm that acquires majority control of operating companies typically from founder-entrepreneurs. We are particularly successful in providing entrepreneurs the opportunity to gain liquidity while partnering with us to transition their business for future growth. For more information, please visit www.progressequity.com.
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 www.InDemandIS.com.
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.
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 www.daveycoach.com for more information about Davey Coach.
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 (www.harbert.net), Live Oak Growth Capital (www.liveoakgrowthcapital.com), and Enterprise Bank (www.enterprisebank.com) to complete the transaction. Learn more about the company at www.medicalindicators.com.
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 www.crestcom.com for more information about Crestcom and www.texascapitalbank.com and www.farragutcapitalpartners.com for additional information regarding the lender partners.
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.
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About Diversified Machine Systems
Diversified Machine Systems, LLC (www.DMSCNCrouters.com) 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. (www.ProgressEquity.com), 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.