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SEARCHSNH Capital Partners revealed today it has acquired ProMax for an undisclosed amount, a transaction the automotive software provider's founder hinted at in a social media post two weeks ago.
DAVENPORT, Iowa — Two weeks ago, John Palmer, who founded ProMax in 1994 as a special finance solutions provider, posted the following message: “I want to let all my friends and associates in the auto industry know that, after 23 amazing and wonderful years, I have sold ProMax.”
Today, SNH Capital Partners, a San Diego, Calif.-based private firm, announced that it has acquired the automotive software provider. Financial terms of the transaction were not disclosed
"We are extremely pleased to invest in ProMax, a dynamic market leader with a 20-year history of consistent product innovation. We are excited to gain the experience and capabilities of the valuable team in Davenport, including Darian Miller, chief technology officer, and Shane Born, chief operating officer,” said SNH CEO and Managing Director Jevin Sackett. “SNH has a significant track record of providing strategic and operational expertise to its portfolio companies. We look forward to working with ProMax's management to both continue and augment its customer value proposition of excellent service and innovation over the long-term."
Palmer, who expanded ProMax’s product line into desking, CRM, finance menus, inventory management, reporting, and submission of credit applications in 1998, was not mentioned in the private equity firm’s press release. As for SNH, the addition of ProMax adds to its portfolio of automotive solutions companies, which includes data, credit, compliance, and fraud solutions provider National Credit Center.
The private equity firm describes itself as dedicated to acquiring companies in the lower middle-market. Its portfolio of companies includes providers of information, technology, and other business services to the automotive, financial services, human capital management, and energy sectors.
“I want to thank all the fantastic people that I have had the privilege of working with these last 23 years,” Palmer wrote in his LinkedIn post. “You are the reason we were so successful for such a long time! I look forward to the future, new opportunities, and challenges!”
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