Byron Center-based Pro-Vision makes rear-vision systems for law, transit and commercial applications. Photo via fb.com
A local maker of commercial mobile video technology has sold to an out-of-state private equity firm.
Boston-based JMC Capital Partners has acquired Byron Center-based Pro-Vision Video Systems, according to JMC this week.
Terms of the deal were not disclosed.
“We are impressed by the track record that Pro-Vision has achieved and look forward to partnering with their accomplished team for continued success,” said Michael D’Amelio, managing partner, JMC Capital Partners.
Steve Peacock, president and CEO of Pro-Vision, said his team is glad to become part of JMC’s portfolio.
“We are excited to join the JMC team and for the opportunity to accelerate Pro-Vision's growth,” he said. “Our mission is greater than business growth alone — our solutions have a direct impact on the safety of our users and the public. We are inspired that this partnership with JMC will enable us to improve the safety of even more people around the world.”
Founded in 2003, Pro-Vision Video Systems designs, manufactures and installs rugged rear vision and video recording systems, body-worn cameras and video management software for commercial, law enforcement and transit applications.
It has customers in 50 countries and has averaged more than 40% annual revenue growth during the past 15 years.
Pro-Vision was recognized by Inc. magazine on its list of the 5,000 fastest-growing private companies in America seven out of the past nine years.
The company also has been recognized on the Deloitte Technology Fast 500 list of the fastest-growing technology companies in North America.
JMC Capital Partners
Founded in 1999, JMC is a private equity firm that funds industrial products and technology-focused companies.
It seeks to partner with owners and operators of companies, including former presidents, CEOs or divisional managers with profit-and-loss experience for a $100 million company.
JMC currently has 20 portfolio companies, including platform companies and add-on acquisitions.