In July 2007, Prairie Capital invested $13.9 million in preferred and common equity to support the management team’s acquisition of Navman Wireless from its publicly traded parent, Brunswick Corporation.
Navman Wireless provides GPS-enabled fleet tracking services to a variety of service companies, school bus fleets, municipal governments and construction companies. Navman operates principally in the US, the UK, New Zealand, Australia, and Singapore. The company has approximately 300 employees and is based in Glenview, IL (www.navmanwireless.com).
Prairie Capital invests in lower middle market companies and corporate carve-outs. Typical investments will have annual revenues of $20 million to $100 million and cash flows of $4 million to $12 million. Sectors of interest include niche manufacturing, business and financial services, and education. Prairie Capital was founded in 1997 and is currently investing out of its $300 million fifth fund. The firm is based in Chicago (www.prairie-capital.com).
Robert W. Baird & Co. served as the exclusive financial advisor to Navman Wireless. Baird is a middle-market focused investment bank serving the M&A, equity financing and debt advisory needs of its clients throughout the United States, Europe and Asia. Since 2008, Baird has advised on nearly 250 M&A transactions representing approximately $50 billion in transaction value and has served as lead or co-manager on 335 equity offerings raising approximately $98 billion. The firm is based in Milwaukee (www.rwbaird.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 2-11-13