April 11, 2023 – Prairie Capital, a Chicago-based middle-market private equity firm, is pleased to announce the successful sale of Tower Engineering Professionals (“TEP” or the “Company”), a Prairie Capital V portfolio company. This exit highlights Prairie’s investment strategy of partnering with founders and management teams to build market-leading companies in high-growth industries.
Prairie sold TEP to investment funds managed by H.I.G. Capital. TEP is a market-leading, multidiscipline engineering firm providing infrastructure services to tower and telecom customers throughout the United States and Canada.
Prairie’s investment thesis focused on expanding TEP from a founder-owned business to a scalable platform company in the highly fragmented and growing telecom services industry. This required substantial company-building investments including: (i) opening new office locations in attractive geographies; (ii) hiring key management to supplement the incumbent team; (iii) investing in technology to enhance project management capabilities, customer service, financial reporting, and performance analytics; and (iv) acquiring and integrating specialized telecom engineering firms to expand TEP’s service offering, gain density in existing markets and enter new markets.
These investments, among others, enabled TEP’s revenue to grow more than 3.5x during Prairie’s hold period.
Houlihan Lokey served as TEP’s financial advisor and Katten Muchin Rosenman served as legal counsel.
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