MINNEAPOLIS, March 20 /PRNewswire-FirstCall/ -- U.S. Bancorp Piper
Jaffray, a leading growth company investment bank and merger and acquisition
(M&A) advisory firm, served as exclusive financial advisor to AIR-serv
Holding, LLC (AIR-serv), a portfolio company of Prometheus Partners' Fund, in
its sale to Wind Point Partners, a private equity investment firm. The
transaction closed on March 19, 2003.
Founded in 1981 and headquartered in Mendota Heights, Minn., AIR-serv is
the leading manufacturer and route operator of coin-operated tire inflation
and vehicle vacuum machines at convenience and retail gasoline store locations
throughout the United States (U.S.) and the United Kingdom (UK).
"AIR-serv pioneered the air-vending market and now it owns and operates
the largest air-vending route operations business in the world," said Robert
D. Frost, vice president in U.S. Bancorp Piper Jaffray's Middle Market M&A
Group. "The transaction will allow AIR-serv to continue to expand its air
vending operations throughout the U.S. and UK."
"Over the past five years, AIR-serv's management team has successfully
transformed AIR-serv from a manufacturing company to a route operations
company with a large and stable recurring revenue stream," said Nicholas
Peters, president and chief executive officer (CEO) of Prometheus Partners.
"We are extremely proud to have helped the management team build this
About Prometheus Partners:
Prometheus Partners is an Atlanta-based partnership established to manage
investments made by its fund Windward IV, L.P. in smaller middle market
companies. The firm focuses on management buyouts of recurring revenue
service and distribution companies with valuations between $10 million and
About Wind Point Partners:
Wind Point Partners, with offices in Chicago and Southfield, Mich., is a
private equity firm that acquires middle market companies with revenues
between $50 and $250 million and growth potential. Wind Point Partners
manages over $1 billion in commitments and has invested in over 75 companies
since its inception in 1983.
U.S. Bancorp Piper Jaffray, a subsidiary of Minneapolis-based U.S. Bancorp
(NYSE: USB), is a focused securities firm comprised of three divisions: Equity
Capital Markets, Fixed Income Capital Markets and Private Advisory Services.
The firm provides a full range of investment products and services to
individuals, institutions and businesses. The firm has over 120 offices in 24
states across the country. The Equity Capital Markets Division focuses on the
needs of growth companies in the health care, technology, financial
institutions, consumer and communications growth sectors. The firm has a
national reputation for its expertise in fundamental research and equity and
debt financing. The Fixed Income Capital Markets business provides bond
issuers, individual investors and institutional investors expertise in
investment banking, underwriting, trading, sales and research. The firm offers
innovative solutions in corporate and government debt financings with
particular expertise in corporate, health care/hospitals, real estate, higher
education and government debt. The Private Advisory Services division
financial advisors provide guidance in retirement planning, education
planning, estate planning and wealth accumulation. Investors select from a
wide array of products, including fee-based products, stocks, bonds, mutual
funds, annuities, insurance and trust services. U.S. Bancorp offers a
comprehensive range of financial solutions through U.S. Bank, U.S. Bancorp
Asset Management, U.S. Bancorp Investments and U.S. Bancorp Piper Jaffray. For
more information on U.S. Bancorp Piper Jaffray, visit www.piperjaffray.com .
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SOURCE U.S. Bancorp Piper Jaffray