Escort is a designer, manufacturer and distributor of highway radar and laser detectors. Escort manufactures more than 20 radar and laser-related products and sells them domestically and internationally under the Escort and Beltronics brands. The company, with manufacturing facilities in West Chester, OH and Mississauga, Ontario, distributes product though major retail outlets such as Best Buy, Radio Shack, and Pep Boys, as well as through its online store. The company has more than 200 employees and is headquartered in West Chester, OH (www.escortradar.com).
“Escort’s dominant brand and strong management team create an exciting platform for growth and profitability,” said Monomoy Partner Justin Hillenbrand. “We are excited to add Escort to the Monomoy portfolio of companies.” Monomoy acquired Escort through its second fund, Monomoy Capital Partners II, L.P.
“This transaction represents an exciting next step for Escort, as a premier provider of automotive accessories and the leading provider of ticket protection equipment across the world,” said John Larson, Chief Executive Officer of Escort. “Monomoy’s strong operational expertise and focus on organic growth will provide Escort with the necessary resources and capital to expand our product offering abroad and deepen our existing relationships at home. We look forward to the opportunities ahead.”
Monomoy Capital Partners makes control investments in middle market businesses with $50 million to $500 million in annual sales. Sectors of interest include manufacturing, distribution, consumer product and foodservice industries. The firm has $700 million in assets under management and is headquartered in New York (www.mcpfunds.com).
Acquisition financing was provided by Monroe Capital. Ernst and Young performed financial and accounting diligence for Monomoy.
© 2013 PEPD • Private Equity’s Leading News Magazine • 10-8-13