Progress Equity Partners Announces Investment in Modular Construction Firm

Photo credit: Progress Equity Partners, LLC

Denver-based Progress Equity Partners has announced its recapitalization of Montrose-based ProSet, LLC (“ProSet Modular” or “ProSet”). The recapitalization of ProSet Modular occurred in August 2024, with the founders retaining significant equity in NewCo alongside Progress Equity and the other investors.

Founded in 2015, ProSet Modular is one of the leading set services companies for permanent modular construction, providing high-value-add, quality set services for manufacturers, general contractors, and developers across the United States. Permanent modular construction is seen as a way to save both time and cost while bringing new projects to market faster. Modular construction continues to gain momentum where speed to opening is a priority and when access to labor is an issue, and is regarded as a more sustainable way of building.

Clay Fox, Progress Equity Vice President, stated, “with the high material and labor prices, disrupted supply chains, and shortages of skilled labor, many multi-story new builds have moved to modular construction as a superior solution to on-site buildouts. We see these trends continuing in the foreseeable future and ProSet is poised to continue to be a model partner for companies expanding into the permanent modular construction market.”

“We designed ProSet to be the standard of excellence in our industry. As we continue to grow as a national leader and the industry continues to grow with us, we always want to keep the customer in mind,” added Matt Mitchell, co-founder and president at ProSet Modular.

Scott Bridger, co-founder and vice president at ProSet Modular, noted, “From the outset of meeting Progress Equity, we realized our shared values and vision for collaboration in building a world-class business would result in a great partnership and bright future for ProSet.”

Carolina Hensley, principal at Progress Equity, commented, “We are excited to partner with Matt, Scott, and the entire ProSet Modular team to continue ProSet’s growth as an industry-leading company.”

Progress Equity partnered with Independent Bankers Capital Fund, Salem Investment Partners, Penstock Equity, and Academy Bank to complete the transaction. WipFli Corporate Finance Advisors represented the sellers and O’Melveny & Myers served as legal counsel to Progress Equity.

Progress Equity Partners is a private investment firm based in Denver that focuses on partnering with successful companies and their management teams to scale for further growth. The firm has made over 30 platform investments since 2005 and currently has seven portfolio companies. Progress principals have decades of experience working with entrepreneurs who are ready for the next evolution of their business. Working across a variety of industries, PEP has built a strong reputation for collaborating with its partners in building sustainable value in lower-middle market companies.

Related Posts

Scroll to Top