Advent International is nearing a deal to acquire a stake in Prometheus Group in a transaction that could value the industrial software company at more than $4 billion, including debt, according to Bloomberg News.
Genstar had been working with advisers to explore the sale of either a minority or controlling interest in Raleigh, North Carolina-based Prometheus at a valuation of as much as $6 billion, Bloomberg News previously reported.
Founded in 1998, Prometheus makes plant maintenance operations and optimization software for sectors including oil and gas, paper, mining and metals and utilities. Genstar bought a majority stake in the company for more than $1 billion from Francisco Partners in 2019 and had explored a sale of the company in 2022.
Industrial software providers have been attracting high valuations as companies across a range of sectors look to overhaul operations for the digital age.