Promus Equity Partners LLC, the private equity arm of Promus Capital, has acquired ProSteel Security Products Inc. Terms of the deal have not been released, though the firm said that senior debt was provided by US Bank.
Based in Provo, Utah, ProSteel is a leading provider of gun safes marketed under the Browning ProSteel brand, as well as other vault doors and security enclosures. The company is well-regarded for its superior product design and high quality security products.
“The company’s differentiated products and proprietary technologies, marketed in partnership with Browning, made this an attractive investment opportunity for us,” says Zach Musso, Managing Partner of Promus Equity Partners.
Together, ProSteel and Browning have been providing gun safes to independent gun and gun safe, and national and regional hunting, fishing and sporting goods retailers for nearly thirty years.
Sarah Wuellner, a Principal at Promus Equity Partners, says: “We are thrilled to be partnering with ProSteel’s management team who has developed an impressive pipeline of growth opportunities and a stellar reputation for outstanding customer service.”
Promus acquired the business in partnership with management on March 31, 2011. “We are excited about Promus making an investment in our business and believe this change will position us for further growth and success in the gun safe industry as well as other security market segments” says Clay Linford, President and Chief Executive Officer of ProSteel Security Products.
