PROSPECT PARTNERS AND
MANAGEMENT FORM UTILITY SERVICE PARTNERS, INC.
New Partnership Marks Sixteenth Platform for Private
CHICAGO, Ill.—October, 2003:
Prospect Partners, LLC together with a highly
experienced management team has formed Utility Service Partners,
Inc., a Washington, Pennsylvania-based provider of line
repair coverage to homeowners for external gas, water and sewer
lines as well as in-home gas lines.
Prospect Partners, the partnership represents the company's sixteenth
platform and an entree into the homeowner utility protection arena.
platform occupies a unique niche," says Rick Tuttle, a principal
at Prospect Partners. "Very often, basic homeowner's insurance
may not provide coverage of the repair and/or replacement of lines
due to normal wear and tear. These products offer added protection
against expensive repairs for a very small price."
Service Partners' three-person executive team has a collective track
record of more than 20 years of experience running companies like
this one," Tuttle says. "We are excited to back them to
build a significant company in homeowner utility protection."
operations will be handled by CEO Philip Riley and Vice President,
Operations Brad Carmichael, both 30-year utility and energy industry
veterans, as well as by Vice President, Marketing Tru Dee Bamberg,
an executive with more than 20 years of marketing experience.
to Riley, Utility Service Partners seeks to expand its existing
Midwestern franchise territory as well as to partner with utilities
in other areas by promoting the company's products under the partner
utility's local brand name.
Service Partners is looking for acquisitions of other companies
that offer household coverage products.
Partners, LLC of Chicago, Illinois, is a $105 million private equity
fund focused on management-led leveraged acquisitions of lower middle
market companies with niche strategies.