Prospect Partners Completes Sale of First
Texas Products, Inc.
Niche Consumer Products Company Grew Substantially During Prospect
Partners' Four-Year Investment
CHICAGO, Ill.—December
17, 2003: Prospect Partners, LLC announced today that it has sold
El Paso, Texas-based First Texas Products, Inc. to Austin, Texas-based
The Texas Growth Fund, one of the largest private equity groups
in Texas.
First Texas Products is
the leading manufacturer of metal detectors for recreational treasure
hunting in North America under the brand name Bounty Hunter and
a worldwide leader in consumer night vision products under the Night
Owl Optics brand name.
First Texas, formed in
July, 1999, by Prospect Partners and Thomas C. Walsh for the purpose
of recapitalization and growth through strategic acquisitions, "has
experienced tremendous growth under Tom Walsh's strong, visionary
leadership," says Erik Maurer of Prospect Partners. "This
was an exciting investment that exemplifies what we seek to accomplish:
Partner with talented managment of niche market leaders, build bigger
businesses, and then exit the company into the true middle market."
Walsh, who led First Texas
as CEO, is a shareholder in the new company and will continue to
head the firm. First Texas will remain at its facility in El Paso,
Texas, and all of the operating executives and employees will remain
intact.
The sale marked a successful
investment for First Texas Products' management, Prospect Partners
and the employees of First Texas.
U.S. Bancorp Piper Jaffray
acted as exclusive financial advisor to Prospect Partners and First
Texas in this transaction.
Prospect Partners, LLC
of Chicago manages a $105 million private equity fund focused on
management-led leveraged acquisitions and providing growth capital
for lower middle market businesses with niche strategies.
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