Prospect Partners has acquired QMI Security Solutions in partnership with the company’s management team.
QMI is a manufacturer of exterior and interior physical security and protection products used in commercial and residential applications. The company’s products – which are used to deter retail break-ins, prevent theft, and protect against storms – include rolling shutters for storefronts, counters and cases; as well as side folding shutters, hurricane rolling shutters, and screens. QMI’s customers include retail bank chains, mass merchandisers, pharmacies, wireless stores, and households throughout the US, Canada, Mexico, and the Caribbean. The company is based near Chicago in Itasca, IL (www.qmiusa.com).
Jim Miller, who founded the business in 1986, will continue to lead QMI as President and CEO. QMI is an acronym for Qualitas Manufacturing Inc., the company’s original name. Qualitas (pronounced “kwal-e-tas”) is Latin for “quality”.
“QMI is an exceptional niche market leader, with top-rated products, a deep commitment to innovation, and a customer-first operating strategy,” said Brett Holcomb, a Principal of Prospect Partners. “QMI has consistently set the industry standard for product design and capabilities, and we are excited to partner with Jim and his team to continue building upon the company’s strong brand going forward.”
“Prospect Partners has a great reputation for working as true partners with many successful companies like ours,” said Mr. Miler. “The team’s belief in our mission, coupled with its investment and support, will help us aggressively pursue many growth initiatives, including developing more physical security products for current and new end markets and expanding QMI’s distribution and market reach.”
Prospect Partners focuses exclusively on management-led leveraged recapitalizations and acquisitions of niche market leaders with revenues of less than $75 million. Areas of interest include niche manufacturing, distribution, and specialty service markets. Since 1998, Prospect Partners has built 49 platforms by investing in more than 140 businesses. The firm has $470 million of capital under management and is based in Chicago (www.prospect-partners.com).
QMI is Prospect’s 13th portfolio company in the firm’s current fund, Prospect Partners III, LP, which closed in August 2010 with $200 million of capital commitments.
© 2017 Private Equity Professional | June 26, 2017