Prospect Partners Acquires Leading
Custom Publisher
Private Equity Fund Builds Platform for Tourism and Convention
Publishing Industry
CHICAGO, Ill.—April
5, 2004: Prospect Partners, LLC announced today that it has invested
in Weaver Publications, Inc., the leading custom publisher for the
convention and visitor industry. Weaver, based in Denver, Colorado,
partners with convention and visitor bureaus throughout the U.S.
to produce top-rated tourism publications for travel professionals,
meeting planners and visitors.
For Prospect Partners,
the investment - a recapitalization with Weaver's founder and CEO,
Peter J. Koclanes - marks the seventeenth platform and 37th acquisition
for the private equity fund formed in 1998.
"Weaver is an excellent
example of the small niche leaders we seek for our portfolio,"
says Maneesh K. Chawla of Prospect Partners. "The company already
publishes visitor guides for 10 leading convention and tourism markets,
and we see tremendous potential not only to serve additional markets
but also for the development of complementary products that build
upon Weaver's offerings."
Chawla continues, "We
are very excited to work with Peter in his continued role as preseident
and CEO. Peter founded Weaver in 1987, has built the company into
a very successful business, and his experience, savvy and industry
insights are unparalleled."
"The partnership
provides a great opportunity for Weaver," says Koclanes. "The
depth of experience and talent Prospect brings will help to accelerate
our organization's growth and achieve our strategic goals."
As part of its expansion
strategy, Prospect Partners will look for acquisitions of other
companies that offer the potential to enter into additional segments
of the travel, tourism and convention publishing industry.
Prospect Partners, LLC
of Chicago, Illinois, manages a $105 million private equity fund
focused on management-led leveraged acquisitions and providing growth
capital for unique lower middle market businesses with niche strategies.
The firm's investments span a variety of niche consumer, commercial,
specialty distribution and service markets throughout the United
States.
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