Yahoo Finance Advent Nears Deal for Prometheus Software Firm Stake
(Bloomberg) -- Buyout firm Advent International is nearing a deal to acquire a stake in Prometheus Group in a transaction that could value the industrial software company at more than $4 billion, including debt, according to people with knowledge of the matter.
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A deal could be announced within days, assuming there are no last-minute snags, said the people, who asked not to be identified discussing confidential information.
Representatives for Advent International and Prometheus’s owner Genstar Capital declined to comment.
Genstar had been working with advisers to explore the sale of either a minority or controlling interest in Raleigh, North Carolina-based Prometheus at a valuation of as much as $6 billion, Bloomberg News previously reported.
Founded in 1998, Prometheus makes plant maintenance operations and optimization software for sectors including oil and gas, paper, mining and metals and utilities, according to its website. Genstar bought a majority stake in the company for more than $1 billion from Francisco Partners in 2019 and had explored a sale of the company in 2022.
Industrial software providers have been attracting high valuations as companies across a range of sectors look to overhaul operations for the digital age. Chip designer Synopsys Inc. agreed to software developer Ansys Inc. for about $34 billion earlier this year. In 2021, Emerson Electric Co. said it would combine its industrial software business with Aspen Technology Inc. in a deal valued at about $11 billion.
Private credit lender Oak Hill Advisors is leading a roughly $1.4 billion debt package to help finance Advent’s acquisition of Prometheus, Bloomberg News reported earlier Thursday.
(Updates with Genstar’s response in third paragraph.)
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