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, Ltd. 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, Ltd. (, 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

PEP Portfolio Company Davey Coach Adds New President

John Walsh Joins Davey Coach Sales as President/COO

SEDALIA, COLO. (PRWEB) Davey Coach Sales is pleased to announce the appointment of John Walsh as President and COO. Mr. Walsh, most recently the President of REV Bus Group, has more than 30 years of experience in the bus industry. He will report to Tom Davey, CEO.

“At Davey Coach Sales, our values revolve around continually improving our customer experience through our performance-driven attitudes,” commented Tom Davey, CEO. “We believe that John’s experience and strategic approach, combined with our recent investment from Progress Equity Partners, will help propel our business forward while keeping our commitment to customer satisfaction and service.”

Walsh has spent his entire career at bus manufacturers and bus dealerships. Prior to Davey Coach, he was President of REV Bus Group, leading nine different brands of buses and vans in the luxury, transit, school, and mobility markets. John served as the CEO of VPG Autos, makers of the MV-1 car, and as the Vice President of Arboc. John’s dealership experience had him leading National Bus Sales and Leasing as President where he spent 23 years growing National from a small school bus dealership in Georgia to the largest bus dealership at the time with 6 locations covering 14 States.

“Davey Coach Sales is poised for exponential growth in the coming years. They’ve put in the work to acquire the right assets, the right people, and a clear mission that guides them,” said Walsh. “I’m eager to work with Tom Davey, the employees, and our equity partner, Progress Equity Partners, to further the company’s growth and expansion into new markets.”

Davey Coach Sales, one of the leading dealers of new and used mid-sized buses and shuttles in North America, was established in 1992. Davey Coach Sales is consistently awarded Top Distributor honors by our customers and manufacturers alike for 20 years. As the leader in the Specialized Transportation Vehicle Industry we adhered to a basic philosophy of treating our customers in the same fashion as we individually want to be treated. Our emphasis on quality and customer satisfaction continues to stimulate our growth. Davey Coach is backed by Denver-based Progress Equity Partners, a private equity investment firm. The principals of Progress Equity are relationship driven, long-term investors and have been partnering with owners and management teams to build industry leading companies since 1993 (

Progress Equity Partners Exits Terracare Associates

Progress Equity Partners, Ltd. 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, Ltd. 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


Progress Equity Partners Completes New Investment in Davey Coach

Progress Equity Partners, Ltd. is pleased to announce its recent investment in Davey Coach and Cornerstone Bus Leasing and Rentals. Based outside of Denver, CO, the company is one of the nation’s leading dealers of new and used mid-sized buses and shuttles, as well as a premier provider of passenger transport vehicles for lease and rental.

Tom Davey, who founded the company in 1992, will continue as CEO and stated, “We are excited to partner with an experienced investment group that shares our vision for the continued expansion of our service capabilities and supports our growth initiatives in this unique and evolving industry.” Steve Sangalis, Partner at Progress Equity, commented “Davey has a long history of success in providing its diverse customers with comprehensive solutions to satisfy their passenger transportation needs. We are honored to partner with Tom and look forward to being part of the company’s future.”

Progress Equity partnered with Harbert Mezzanine Partners and Great Western Bank in completing the transaction. Learn more about the company at


PEP Portfolio Company Terracare Associates Completes Add-On Acquisition

Progress Equity Partners (“PEP”) is pleased to announce the acquisition of Tierra Verde Resources and Blue Skies Landscape Maintenance, affiliated commercial landscape companies based in San Diego, CA. The transaction represents the fourth add-on acquisition, and second this year, to PEP portfolio company Terracare Associates (“TCA”), which is based in Denver, CO. The acquisition is a strategic extension of TCA’s current operations in Southern California.

“This transaction is a terrific opportunity to expand our current operations throughout the entire San Diego County area”, said Dean Murphy, President of TCA. “We look forward to partnering with the existing team of employees to continue their growth and working together in providing high quality services to its already impressive roster of existing clients.”

Bud Delgado, owner and founder of Tierra Verde Resources, added “I feel fortunate to have found a partner like TCA who will continue to support our growth and our employees well into the future. I have no doubt the broad resources of TCA will add significant value to our operations.”

TCA, based in Littleton, CO, has over 1,000 employees in four states and is a leader in outdoor maintenance, providing services to both commercial and municipal clients, including landscape, asphalt and concrete maintenance, street sweeping, snow removal, lake maintenance and other related outdoor services.

TCA currently operates from 14 branch locations throughout California, Colorado, Texas, and Utah. For more information about TCA, please go to