Optronics Products, Inc.

FOR IMMEDIATE RELEASE
November 8, 2000
 

 

PROSPECT PARTNERS LLC ACQUIRES OPTRONICS, INC. AND PURSUES GROWTH

Specialty Lighting Concern Seeks to Acquire Additional Companies


CHICAGO, Ill.—November 8, 2000: In partnership with management, Prospect Partners, LLC is proud to announce the acquisition of Optronics, Inc. of Muskogee, Oklahoma, a subsidiary of Thermo Electron Corporation (TMO: NYSE), a New York Stock Exchange Company. Optronics, Prospect Partners’ ninth portfolio company, is a leading provider of recreational and vehicular lighting products and related accessories to the North American automotive aftermarket, sporting goods and marine markets, as well as an exporter to fifty countries.

“We seek companies in the lower middle market that have secured a promising niche platform upon which to build,” explains Rick Tuttle, Principal of Prospect Partners. “Our most recent acquisition is a great case-in-point. In the course of nearly thirty years, Optronics has captured a strategic market position in specialty lighting that is conducive to supporting a broad range of other products that will provide additional growth opportunities.”

“We believe we can capitalize on Optronics’ outstanding customer base and strong reputation for customer service,” adds Erik Maurer of Prospect Partners. “By bringing other companies and products under the Optronics umbrella, we can carve out a strong position in the lighting accessory market. We are excited to be able to build on this base with CEO Duncan Payne and his team.”

Optronics’ product line includes spotlights, truck/trailer lighting, auxiliary lighting and hunting/fishing lights. With a diverse market reached through automotive, sporting goods and marine specialty chain, mail order and retailer channels, Optronics has a well-established base of loyal customers upon which to build, and an established distribution system through which to channel other recreational and automotive aftermarket accessories.

“We will now be able to focus on growing our business as an independent company,” explains Duncan Payne, Chief Executive Officer of Optronics. “We are looking forward to adding other specialty lighting products to our mix. We have a great company that’s ready to take the lead in this sector, and we believe working with Prospect Partners will help us accomplish our goals.”

For Prospect Partners, the acquisition is a promising platform. Optronics will benefit from Prospect Partners’ successful experience in building lower middle market consumer products’ companies. Together, Prospect Partners and Optronics are seeking to acquire manufacturers of specialty lighting and niche consumer electronics sold via the automotive aftermarket, hardware, marine and sporting goods retailers.

Back to Press Releases