|FOR IMMEDIATE RELEASE
November 17, 1999
EXCELLO PRODUCTS, LLC ACQUIRES EXCELLO LIMITED
Company led by Robert Ryan and Curt Rodenhouse Will Pursue Acquisitions
of Kitchen Textile and Non-chemical Cleaning Products Companies
CHICAGO, IL: November 17, 1999… Excello Products, LLC, a newly
formed Chicago-based holding company, today announced that it acquired
Excello Limited, a leading producer of consumer kitchen textile products
including flour sack towels, bar mops, glass towels, dish towels,
aprons and oven mitts. Prospect Partners, L.P. formed Excello Products,
LLC with Robert Ryan and Curt Rodenhouse for the purpose of recapitalizing
Excello Limited and using it as a foundation to build a leading supplier
of non-chemical cleaning products.
"This is an exciting development
for Excello and it's many loyal customers and suppliers who have
made the company successful over the past 13 years," said John
Nikitas, former President and principal shareholder of Excello Limited.
"With the energy and leadership of Bob Ryan and Curt Rodenhouse
combined with the substantial financial resources of Prospect Partners,
Excello is very well positioned to grow and even better serve its
customer base." Excello will continue to operate from its headquarters
in Chicago. John Nikitas will remain a shareholder and a member
of the board of directors and Excello’s management and employees
will continue in their current positions.
The company will be led by Robert Ryan, who will serve as Chief
Executive Officer, and Curt Rodenhouse, who will serve as President,
Chief Operating Officer and Chief Financial Officer. Mr. Ryan and
Mr. Rodenhouse have a combined 40 years of experience in the housewares
and non-chemical cleaning products industries. Mr. Ryan most recently
served as Chairman and CEO of The Kellogg Companies and Brite Star
Industries, Inc., where he worked closely with Mr. Rodenhouse in
his capacity as COO and CFO. Mr. Ryan and Mr. Rodenhouse were both
principals in the management-led acquisitions of Kellogg and Brite
Star prior to the highly successful divestiture of those companies
in 1995 and 1998, respectively.
"I am thrilled about the opportunity to build Excello and
I am personally very excited to be working with the management and
employees of Excello and with Prospect Partners in taking the company
to the next level," said Ryan.
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. Richard C. Tuttle, William V. Glastris, Jr. and
Edward H. Benford will serve as directors of the new company. "Excello
is truly a quality-focused company and a perfect fit for our investment
strategy. We are thrilled to be partners with Bob and Curt and look
forward to helping their team build Excello over the coming years,"
said Mr. Tuttle.