Pipp Mobile Storage Systems Holding Company

FOR IMMEDIATE RELEASE
December 10, 2012
Contact: Lauren B. Sinai

Prospect Partners Sells Pipp Mobile Storage Systems


CHICAGO, Ill.—December 10, 2012: Prospect Partners, LLC, a leading private equity firm investing in smaller lower-middle-market companies, today announced it has completed the sale of its portfolio company, Pipp Mobile Storage Systems, Inc. (Pipp), of Walker, Mich., to Canadian private equity firm Novacap and management.

Pipp is the nation's leading supplier of mobile storage solutions to retailers, and has a growing presence in the hospitality, foodservice, and commercial office markets. Its extensive product line includes lateral and electrical storage systems, inventory management systems, and shelving and storage accessories that help customers efficiently use space, increase productivity, and improve organization.

Prospect Partners partnered with industry veteran Craig Umans and management to acquire Pipp from its founding family in 2005, and Mr. Umans became CEO. Since that time, Pipp has strengthened its leadership position in the retail segment and entered new distribution channels through two strategic add-on acquisitions. Mr. Umans will continue to be a significant investor in Pipp and CEO of the company.

"Pipp is a strong performer with a tremendous national reputation and growth potential as it becomes an even larger player in the mobile storage solutions market," said Erik Maurer, a Principal at Prospect Partners. "Craig Umans typifies the type of outside executive with whom we seek to partner. He is experienced veteran in a well-defined niche market who clearly articulated his vision for how to dramatically grow Pipp. Our partnership has been fulfilling on every level as together we built an outstanding company around Craig's plan. The results were excellent for all of Pipp's stakeholders."

Added Mr. Umans: "Prospect Partners has been an excellent partner to Pipp since day one. Their guidance, cooperation, and enthusiastic support helped provide the opportunity to execute the strong growth that Pipp has achieved. I am very excited about our future prospects with Novacap."

Harris Williams and Co. acted as exclusive financial advisor to Pipp in the sale transaction.

About Prospect Partners, LLC

Prospect Partners is a leading private equity firm investing in smaller lower-middle-market companies, managing $470 million across three funds. A highly experienced and active investor, Prospect Partners focuses exclusively on management-led leveraged recapitalizations and acquisitions of niche market leaders with revenues typically under $75 million. Since 1998, Prospect Partners has invested opportunistically nationwide in more than 90 companies in a broad range of niche manufacturing, distribution, and specialty service markets. Based in Chicago, Prospect Partners also has an office in Menlo Park, Calif.

 

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