Velvac Holdings, Inc.

August 31, 2005
Contact: Lauren B. Sinai

Prospect Partners Acquires Leading Manufacturer of RV and Truck Components

CHICAGO, ILL.—August 31 , 2005: Prospect Partners, LLC along with Jeffery R. Porter, announce the formation of Velvac Holdings, Inc. to acquire Velvac, Inc. of New Berlin, Wisconsin. Velvac is a leading manufacturer and supplier of exterior mirror systems and other component parts to the truck, recreational and specialty vehicle industries. The company's products are sold through OEM's and distributors to the OEM recreational vehicle and truck market and aftermarket.

Mr. Porter, who invested in the new company and will be Chief Executive Officer, has substantial P&L experience building and growing businesses. He was formerly a Group President at Crane Company (NYSE, CR), of Stamford, Connecticut, a diversified manufacturer of engineered industrial products for niche markets. He also has served in executive positions at Messer Cutting & Welding, a German cutting, welding and industrial gas company in Menomonee Falls, Wisconsin, and at Ingersoll Milling Machine Company, an international machine tool company in Rockford, Illinois.

Mr. Porter succeeds Gwen Greeler, majority Velvac shareholder and former CEO, who is retiring as part of the transaction. He will be joined by the members of Velvac's current management team, who will remain actively involved in the company's growth and development.

"We've known Jeff and have seen his successes at other companies," says Richard C. Tuttle, a principal at Prospect Partners. "He has the vision, experience and skill set to run Velvac and back a seasoned management team in a new effort in the RV and heavy duty truck mirror and components market."

"This is a great time to join Velvac," Mr. Porter says. "The company has a 70-year history as a market leader in exterior mirrors. I look forward to continuing and expanding its legacy as an innovator."

He continues, "I also am excited by the opportunity to work with Prospect Partners. I am very impressed by the experience and diligence of its investment team, which worked collaboratively with all parties to reach a successful closing of the transaction."

Velvac's product line includes more than 3,000 popular vehicle components. The Velvac wide angle mirror system is recognized as the industry standard by walk-in van manufacturers and delivery fleets, and its recreational vehicle mirror division services over 90% of the recreational vehicle market's OEMs

Prospect Partners and Velvac management will pursue add-on acquisitions of complementary niche accessory businesses for the RV and heavy-duty truck markets.

Mr. Tuttle, Mr. Porter and Prospect Partners' Principal Erik E. Maurer will serve on Velvac's Board of Directors as Chairman and Directors, respectively.

Velvac Holdings, Inc. is the sixth platform company of Prospect Partners II, L.P., the $165 million private equity fund that closed in June, 2004. The Fund's other platform companies include Tacoma, Washington-based Codel Entry Systems, Inc., a leading Pacific Northwest fabricator, assembler, marketer and distributor of pre-hung steel and fiberglass entry door systems and related accessories for residential homes; Walker, Michigan-based Pipp Mobile Storage Systems, a leading manufacturer, designer and installer of mobile shelving and storage systems; Chicago-based Kronos Products, Inc., a leading Greek foods manufacturer; Brazoria, Texas-based Industrial Hoist Services, LP, a leading national provider and lessor of hoists used in industrial applications; and Superior Tool Holding Company, a leading manufacturer and distributor of a complete range of professional and consumer pipe-working and specialty plumbing tools sold nationwide.

About Prospect Partners

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 of small niche leaders with revenues typically between $10 and $30 million. The firm has invested in more than 45 leading companies within many niche consumer, commercial, specialty distribution and service markets throughout the United States.

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April 10, 2017
Prospect Partners Completes Sale of Velvac, Inc.