ProClip

Quick Stats

  • Leadership: Bjorn Spilling, Don Rankin
  • Prospect Team: Brett Holcomb, Erik Maurer
  • Location: Madison, WI
  • Industry: Value-Added Distribution
  • Investment Date: October 2020
  • Exit Date: Active

Overview

ProClip is a leading value-added designer and distributor of mounting solutions for commercial and consumer electronic devices. The Company uses a consultative approach to provide its customers with specific mounting solutions for mobile devices, including cell phones, tablets, smartphones, GPS systems, mobile printers, mobile scanning devices, two-way radios and more. ProClip reaches a diverse set of end markets, including transportation and logistics, material handling, environmental services, healthcare, manufacturing, public safety, retail and consumer, throughout North and South America.

Our active investment in ProClip is a great example of how we partner with management teams to build on a long history of product innovation and a deeply-held customer-centric philosophy.

We were introduced to Bjorn Spilling, CEO of ProClip, via an intermediary in Wisconsin. Bjorn was excited about our reputation for backing entrepreneurs and working as true partners to build larger businesses over time. He was attracted to our enthusiasm for his business, coupled with our experience pursuing many different growth initiatives, both organically and through acquisition. It was important for Bjorn to find a partner that valued ProClip’s culture, employees and key strategic relationships. We were able to structure a transaction that allowed Bjorn an opportunity to retain significant ownership in the business while creating an equity opportunity for other individuals in the Company.

Partnership Rationale

We saw an entrepreneur with a premium brand, deep B2B relationships and a unique opportunity to capitalize on beneficial industry and technology trends. As a result, Prospect Partners made a control‑equity investment in ProClip. Our focus is to capitalize on the Company’s momentum to grow both organically and through acquisitions.

growth

Growth Initiatives

  • Pursue add-on acquisitions: expanding the product lines and end markets
  • Capitalize on ProClip’s premium brand to expand beyond traditional core markets
  • Maintain and expand upon ProClip’s reputation for product innovation, investing resources into new products
strategic

Strategic Partnership

  • Implemented Pinnacle strategic planning process
  • Invest significant time with the Company’s manufacturing partner to position ProClip as a solution-provider
  • Pursue licensing, JV and other strategic agreements to accelerate growth
  • Implement equity incentive plan for key members of the management team
infrastructure

Infrastructure Building

  • Developed monthly financial reporting packages, established KPI reporting and tracking, and built out Board materials
  • Develop next generation website to continue B2C momentum and increase brand awareness/education for B2B customers
  • Implemented new CRM system to drive relationships with B2B end-users 
management

Management Team Additions

  • Added CFO and VP of Sales to further support Bjorn Spilling (CEO) and Don Rankin (COO)
  • Hired additional salespeople to build upon existing momentum in key end markets
  • Develop a finance group to meet the needs of a rapidly growing organization 

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