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August 26, 2014

Prophet Equity inks first deal after $345 mln fundraise

By Steve Gelsi

Prophet Equity plans to ramp up growth at Acton Mobile, a provider of office trailers and construction storage, after paying an undisclosed sum to acquire the company in its first investment from its new, $345 million Prophet Equity II LP fund.

CHS Capital, a firm now in wind-down mode, was the seller of Acton Mobile after its vintage 2005 CHS Private Equity VI LP fund purchased the company. SAC Capital was mezzanine lender. Wells Fargo and PNC handled financing for Prophet Equity’s acquisition.

Baltimore-based Acton Mobile sees ample opportunity for market expansion beyond its 22 regional offices in 12 U.S. states. Prophet Equity plans to build Acton Mobile into a “premier” modular rental and storage business in the Gulf Coast, Southeast, Mid-Atlantic and Midwest regions.

“Acton is ideally positioned to capitalize on a growing commercial construction market,” Brian Hegi, senior principal of Prophet Equity, said in a prepared statement.

Southlake, Texas-based Prophet Equity raised its first fund in 2008 with $271 million. It began raising Fund II early in 2014, with a final close on May 31. CEO and Managing Partner Ross Gatlin said the fund was oversubscribed by about $40 million. The firm hit its $325 million hard cap for limited partners, plus a $20 million commitment from the GP.

Featured in Thomson Reuters Buyouts Magazine on August 26, 2014.

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