City Capital Ventures Announces Strategic Investment in ProSteel Security Products, Inc.
June 28, 2017
Chicago, June 28, 2017 – City Capital Ventures, LLC (“City Capital”), a private investment partnership headquartered in Chicago, Illinois, is pleased to announce its strategic investment in ProSteel Security Holdings, Inc. (“ProSteel” or the “Company”). City Capital is investing alongside ProSteel’s current ownership group led by Promus Equity Partners, LLC (“Promus”), to provide additional strategic support for ProSteel’s continued growth. ProSteel’s current management team will remain in place and maintain an ownership interest in the company.
Based in Provo, Utah, ProSteel is a premier manufacturer of safety and security products - offering a full line of gun and home safes, vault doors and other security products. Through its 35-year strategic partnership with Browning, the Company sells gun safes marketed under the Browning ProSteel brand to a diverse base of retail customers across multiple channels. The financial terms of the transaction were not disclosed.
Founded in 1947, ProSteel is a nationally recognized leader within the gun safe industry. “Our team’s dedication to quality and continuous product innovation allow us to deliver upon our promise of quality and security to our customers,” said Clay Linford, CEO at ProSteel. “City Capital is a great partner for us at this important stage of our company’s growth. Their strategic support will help us achieve our growth objectives while continuing our mission of providing the highest quality and utmost security and peace of mind to our customers.”
“The first thing you notice about Browning ProSteel safes is their beautiful craftmanship, but the aesthetics are just the tip of the iceberg – the safes’ functionality and security features are what truly make them stand apart from the competition” said Dan Kipp, Founder and Managing Partner of City Capital. “Because of this, we believe Browning ProSteel is well positioned to be the leader in gun and home safety and security sector, and we are thrilled to partner with Promus, Clay and the rest of the ProSteel team to build on the proud 70-year tradition of this remarkable American company.”
This transaction marks the third investment by City Capital since the firm was founded in 2015.
About ProSteel Security Products, Inc.
ProSteel Security Products is a nationally recognized manufacturer of quality gun safes and residential and vault doors, security doors and storm doors. More than 15 patents and trademarks help make ProSteel a leader in the gun safe and home security and vault door industry. We help protect individuals, their homes, and their assets by providing innovative security solutions in our quality manufactured goods. Throughout America, hundreds of thousands of people are securing firearms, jewelry, family keepsakes and vital documents in Browning ProSteel Safes and are protecting family members and valuables with ProSteel security, vault, and storm doors. Founded in 1947, ProSteel is headquartered in Provo, Utah. For more information, please visit prosteel.us or call 877-501-7233.
About City Capital Ventures
City Capital Ventures is an investment partnership whose purpose is to pair capital with business opportunity in a better, more-tailored way. Investing on behalf of our exclusive network of family offices, we seek out firms with innovative business designs and look to invest at inflection points—not pre-determined stages. Because of our flexible mandate, our investments are unbound by size or industry, though we typically invest in consumer, commercial and service businesses requiring up to $100 million of capital. Our aim is to create lasting value for our investors, the companies in which we invest, and the broader stakeholders touched by our companies. For more information, visit citycapitalventures.com.