Private equity firm TA Associates has closed a minority recapitalization of Prometheus Group, picking up an undisclosed stake in the company.
Prometheus, headquartered in Raleigh, N.C., provides software that aims to improve efficiency and effectiveness of maintenance planning. The company provides services to the oil and gas, chemical, utility, mining and manufacturing industries.
TA is a Boston-based firm that has invested in more than 425 companies and has more than $18 billion in capital. In June, the firm agreed to buy a minority stake in data provider Fractal Analytics for $25 million and in March, in connection with Updata Partners, announced an investment in the Nintex Group. The firm’s portfolio companies include Aicent Inc., Coaxis Inc. and Dealer Tire LLC.
Signal Hill acted as Prometheus’ financial adviser on the transaction, while Holland & Knight LLP served as legal counsel. Goodwin Procter LLP provided legal advice to TA.