May 10, 2011
Prophet Equity LP Launches Cummings Resources LLC and Acquires the Business of Cummings Incorporated
Prophet Equity LP launches Cummings Resources LLC and acquires the business of Cummings Incorporated, The International Sign Service Nashville, TN - May 10, 2011 – Prophet Equity LP announced its acquisition of the business of Cummings Incorporated, The International Sign Service through its affiliate, Cummings Resources LLC (“Cummings Signs”). Cummings Signs acquired the assets through a UCC Article 9 foreclosure sale.
"This transaction, along with fresh liquidity, will allow the new entity to leverage a 65 year reputation of being an innovator in the sign industry", Ross Gatlin, CEO of Cummings Resources LLC and Prophet Equity's CEO and Managing Partner explained. "Cummings Signs is now positioned to regain a leading position in the sign manufacturing industry and drive additional growth through its turnkey project management of retail reimaging projects."
"After months of searching for a solution to solve Cummings Incorporated's debt and working capital challenges, Prophet Equity provided the best recovery to the senior secured lender, while also providing the liquidity for the new business to grow," explained Steve Kerr, former President and CEO of Cummings Incorporated.
"Prophet Equity's collaborative approach with management to improving performance combined with Cummings Incorporated's history of manufacturing top quality products and managing turnkey projects is an ideal combination for Cummings Signs at this time."
As part of the transaction, Steve Kerr and Jim Murray have agreed toetequity.com stay on and participate with the new management team. Cummings Signs will be headquartered in Nashville, TN and will manufacture products out of its Dothan, Alabama and Riverside, California locations.
"Cummings Incorporated had a very strong and loyal employee base, and we are excited to hire the approximately 200 employees at the newly formed entity," commented Brian Hegi, Chief Marketing Officer of Cummings Resources LLC and a Senior Vice President at Prophet Equity. "Prophet Equity's strategic and operational toolkit will help the employee base improve performance going forward."
About Cummings Signs
Cummings Signs is a leading turn-key supplier of made-to-order on premise illuminated signs and other reimaging elements for national account customers in industries that include hospitality, automotive, petroleum, retail, and financial services. The company focuses on large scale national accounts and manages the entire reimaging process at each customer location, including design, engineering, manufacturing and installation of on-premise signs and exterior building elements. For more information, contact us at (800) 489- 7446.
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