OPTRONICS PRODUCTS, INC. ACQUIRES LEADING
PROVIDER OF INTERIOR LIGHTING FOR RECREATIONAL VEHICLES AND HEAVY-DUTY
With Acquisition, Prospect Partners' Fund I Platform Company Augments
Product Line, Distribution Network
24, 2005: Optronics Products, Inc., a platform company of Prospect
Partners I, L.P. based in Muskogee, Oklahoma, has acquired LITECO,
a leading manufacturer and wholesale supplier of high-quality interior
lighting products and accessories. LITECO, of Elkhart, Indiana,
supplies a wide variety of OEMs in the recreational vehicle (RV),
marine, heavy-duty truck, van and specialty vehicle markets in the
United States and Canada.
LITECO's product line
includes segments such as fluorescent, incandescent and halogen
lighting as well as a variety of electrical and non-electrical accessories.
"LITECO is a solid
business with a long history of success," says Greg Bland,
Chief Executive Officer of Optronics. "It offers the broadest
product line in its industry, and we're excited to expand our presence
in and beyond our current markets, especially RVs and heavy-duty
trucks, with such a strong brand."
Optronics Products, Inc.
is a leading provider of outdoor products and specialty lighting
accessories. It designs, imports and markets recreational, industrial
and vehicular lighting for the automotive, marine and sporting goods
markets. Sold nationwide via automotive, sporting goods, marine
specialty chain and other other retailers, including mail-order,
Optronics' products and related accessories include head lamps,
spotlights, truck/trailer lighting, auxiliary lighting and hunting/fishing
lights under such brand names as Optronics, Illuma-Light, Burners,
BlueEye Beam, BlackEye Beam and Nightblaster. The company also markets
branded binoculars, compasses and other outdoor products through
sporting goods and specialty retailers.
Prospect Partners, LLC
of Chicago, Illinois is a leading investor in unique lower-middle-market
companies, managing two private equity funds totaling $270 million.
Since its founding in 1998, Prospect Partners has focused on management-led
leveraged acquisitions and has invested in nearly 45 leading companies
within many niche consumer, commercial, specialty distribution and
service markets throughout the United States.