First Texas Products, Inc.

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 current positions.

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 Partners.

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