|FOR IMMEDIATE RELEASE
July 2, 1999
FIRST TEXAS PRODUCTS ACQUIRES BOUNTY HUNTER
BRAND METAL DETECTORS
Company Will Pursue Other Consumer Electronics Acquisitions
EL PASO, TX: July 2, 1999…First Texas Manufacturing today announced
that it merged with First Texas Products Company, a newly-formed El
Paso-based holding company. First Texas Manufacturing produces a leading
line of metal detectors used for treasure hunting under the Bounty
Hunter brand name. Thomas Walsh and Prospect Partners, L.P. formed First
Texas Products Company for the purpose of recapitalizing and building
the growing Bounty Hunter business.
"We are excited about
the opportunity to expand on what we have built here. We are fortunate
to have assembled an excellent team that has made our success possible.
This combination will provide us with additional capital, management
and systems resources to respond to the growth opportunities that
are available to our company." said John Turner, the founder
of First Texas Manufacturing.
First Texas will continue to operate from its facility in El Paso.
John Turner will remain a shareholder and be active in the business.
In addition to Mr. Turner's 37 years of industry experience, all
of the operating executives and employees will continue in their
Thomas Walsh, CEO of First Texas Products, most recently served
as President and principal shareholder of the Juarez, Mexico-based
maquilladora affiliate of Stewart Warner Instruments where his responsibilities
included manufacturing, quality, and finance. Stewart Warner Instruments
is an ISO 9000 certified manufacturer of instrumentation such as
speedometers used mostly in heavy-duty trucks and other commercial
equipment. Mr. Walsh was a principal in the management-led acquisition
of Stewart Warner as well as the US parent company CFO prior to
the highly successful sale of the company in 1998.
"I am thrilled about the opportunity to work with John Turner
and Prospect Partners and help lead First Texas into the next era
of growth. The strength of the product line and potential of the
Bounty Hunter brand impressed me from the start. We believe that
First Texas provides an excellent platform to build a multi-product
niche consumer electronics manufacturer." commented Mr. Walsh.
Prospect Partners, LLC manages a $105 million private equity fund
focused on financing management-led leveraged acquisitions and providing
growth capital for lower middle market businesses with niche strategies.
"The combination of First Texas with Tom Walsh and John Turner
made a great deal of sense to us. We look forward to building our
existing customer relationships and over time creating an excellent
niche consumer electronics company," said Erik Maurer of Prospect