FOR IMMEDIATE RELEASE
November 8, 2000 |
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PROSPECT PARTNERS LLC ACQUIRES OPTRONICS, INC. AND PURSUES GROWTH
Specialty Lighting Concern Seeks to Acquire Additional Companies
CHICAGO, Ill.—November 8, 2000: In partnership with management,
Prospect Partners, LLC is proud to announce the acquisition of Optronics,
Inc. of Muskogee, Oklahoma, a subsidiary of Thermo Electron Corporation
(TMO: NYSE), a New York Stock Exchange Company. Optronics, Prospect
Partners’ ninth portfolio company, is a leading provider of
recreational and vehicular lighting products and related accessories
to the North American automotive aftermarket, sporting goods and marine
markets, as well as an exporter to fifty countries.
“We seek companies in the lower middle market that have secured
a promising niche platform upon which to build,” explains
Rick Tuttle, Principal of Prospect Partners. “Our most recent
acquisition is a great case-in-point. In the course of nearly thirty
years, Optronics has captured a strategic market position in specialty
lighting that is conducive to supporting a broad range of other
products that will provide additional growth opportunities.”
“We believe we can capitalize on Optronics’ outstanding
customer base and strong reputation for customer service,”
adds Erik Maurer of Prospect Partners. “By bringing other
companies and products under the Optronics umbrella, we can carve
out a strong position in the lighting accessory market. We are excited
to be able to build on this base with CEO Duncan Payne and his team.”
Optronics’ product line includes spotlights, truck/trailer
lighting, auxiliary lighting and hunting/fishing lights. With a
diverse market reached through automotive, sporting goods and marine
specialty chain, mail order and retailer channels, Optronics has
a well-established base of loyal customers upon which to build,
and an established distribution system through which to channel
other recreational and automotive aftermarket accessories.
“We will now be able to focus on growing our business as
an independent company,” explains Duncan Payne, Chief Executive
Officer of Optronics. “We are looking forward to adding other
specialty lighting products to our mix. We have a great company
that’s ready to take the lead in this sector, and we believe
working with Prospect Partners will help us accomplish our goals.”
For Prospect Partners, the acquisition is a promising platform.
Optronics will benefit from Prospect Partners’ successful
experience in building lower middle market consumer products’
companies. Together, Prospect Partners and Optronics are seeking
to acquire manufacturers of specialty lighting and niche consumer
electronics sold via the automotive aftermarket, hardware, marine
and sporting goods retailers.
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