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Genstar buys Prometheus Group for more than $1B from Francisco Partners

Genstar Capital LLC acquired Prometheus Group Enterprises LLC from fellow private equity firm Francisco Partners for more than $1 billion.

Prometheus provides plant maintenance operations and optimization software, operating in the oil and gas, chemical, pulp and paper, mining and metals, and utilities industries.

Prometheus founder and CEO Eric Huang will remain a significant shareholder in the company, and Francisco Partners will retain a minority investment, according to a release.

Irell & Manella LLP advised Genstar, Paul Hastings advised Francisco Partners and Holland & Knight advised Huang.

Lazard served as financial adviser to Prometheus Group.