|FOR IMMEDIATE RELEASE
May 21, 2001
FIRST TEXAS PRODUCTS COMPANY ACQUIRES THE BEST IN NIGHT
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
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
“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
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