First Texas Products, Inc.

FOR IMMEDIATE RELEASE
May 21, 2001
 

 

FIRST TEXAS PRODUCTS COMPANY ACQUIRES THE BEST IN NIGHT VISION

Acquisition of Night Owl Optics Expands First Texas’ Presence in Electronic Products for Consumer Outdoor Recreation Market

CHICAGO, Ill.—May 21, 2001: Prospect Partners, LLC is proud to announce the acquisition of Night Owl Optics of New York, New York by First Texas Products Corporation of El Paso, Texas.

First Texas Products Corporation is the leading manufacturer of metal detectors for recreational treasure hunting in North America under the brand name Bounty Hunter.

Night Owl Optics is a worldwide leader in consumer night vision products, including night vision monoculars, binoculars and goggles. The innovative styling and value-oriented product line established Night Owl as the leading marketer of night vision products in the United States today.

Both First Texas and Night Owl Optics’ products are sold primarily through merchant, sporting goods and outdoor retail channels.

“Night Owl is an exciting, new and complementary direction for our company,” explains Thomas C. Walsh, CEO of First Texas Products Company. “The quality products upon which both of our companies have built our success will come together as a new market leader in electronic products for consumer outdoor recreation. Jeff Lew is a smart, forward-looking, and entrepreneurial businessman who has built his unrivaled success in this category from scratch. We are all looking forward to having Jeff and Night Owl join First Texas.”

Jeffrey N. Lew, founder and CEO of Night Owl Optics, will continue to serve as President of Night Owl Optics and a shareholder of First Texas.

“This is a great opportunity for Night Owl to capitalize on our market leadership with the great resources of First Texas,” supports Jeffrey N. Lew. “First Texas brings the high-level experience, complementary product lines, and industry reputation we need to secure and expand our product offering into new categories. Tom and his team at First Texas are smart, honest and aggressive businessmen seeking to grow as we are.”

“We are very enthused about bringing together Night Owl and First Texas,” explains Erik E. Maurer of Prospect Partners, LLC and a Director of First Texas Products Corporation. “Electronic products for consumer outdoor recreation is market niche with deep potential. Night Vision provides a wonderful opportunity for First Texas to participate in a growing category, and Night Owl Optics is the best in the field. We are very excited about the acquisition, and look forward to partnering with Tom and Jeff to build the business together.”

Prospect Partners and Thomas C. Walsh acquired First Texas Manufacturing Co. in 1999 from the company’s founder. Together, Prospect Partners and First Texas Products Company will be seeking to acquire other well established, privately owned manufacturers of electronic products for consumer outdoor recreation.

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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MORE PRESS RELEASES

December 17, 2003
Prospect Partners Completes Sale of First Texas Products, Inc.

July 2, 1999
First Texas Products Acquires Bounty Hunter Brand Metal Detectors