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Saturday, July 4, 
8:57 pm

Prometheus picks up Porta-Jon of Piedmont

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Try to say this three times quickly: Prometheus Partners LP has bought Porta-Jon of the Piedmont Inc.

In fact, it was more than a simple, alliterative buyout of a local portable toilet company; it's the beginning of a roll-up. Prometheus invested in a recapitalization of Charlotte, N.C.-based Porta-Jon and combined it with Spanky’s Portable Services Inc. of Escondido, Calif., which Prometheus has owned since 2004. (The roll-up may make business sense, but it will come at the expense of two colorful names.  The merged business will be known as — yawn — Portable Facilities Holdings Inc.)

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Prometheus did not disclose the deal values or other financial information, but the Atlanta private equity firm's average target has an enterprise value of about $100 million.

The porta-potty industry has its appeal — to private equity firms, anyway. The industry's largest operator, United Site Services Inc. of Westborough, Mass., has passed through the hands of two private equity owners: Credit Suisse Group's buyout arm, DLJ Merchant Banking, bought it from Odyssey Investment Partners last year. — John E. Morris and Paul Bonanos





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