October 22, 2004 ***FOR
BEHRMAN CAPITAL ACQUIRES PELICAN™ PRODUCTS, INC. IN $200 MILLION TRANSACTION
NEW YORK, October 22, 2004 — Behrman Capital, a private equity investment firm based in New York and San Francisco, announced today that it has acquired privately-held Pelican™ Products, Inc, a global leader in the design, development and manufacture of unbreakable, watertight protective cases and technically advanced professional flashlights. The Company’s senior management is also participating in this transaction, which has an aggregate value of approximately $200 million.
Based in Torrance, California, Pelican Products cases and flashlights are complementary products sold to a diverse group of industrial, military, OEM, government, and specialty sports end markets throughout the United States and in many international markets. Founded in 1976 by CEO David H. Parker, the company’s earliest products served scuba enthusiasts. The Company’s product portfolio has expanded substantially to provide protective cases and highly advanced flashlights for a wide variety of applications. Pelican has revenues of approximately $100 million and employs over 500 people.
“Pelican’s innovative, high quality products are known the world over for their unique strength and utility in some of the most demanding environments on earth,” said Grant G. Behrman, Managing Partner of Behrman Capital. “Dave Parker is a true entrepreneur, having grown Pelican from an operation begun in his own garage to an industry leader in an expanding niche that provides Pelican’s cases and flashlights to a wide variety of customers worldwide. Together with our operating partner Rob Gluskin, a seasoned veteran in the specialty packaging area, we are pleased to join with Dave Parker and his team to support the continued growth and development of Pelican Products.”
“We’ve been looking for some time for an equity partner capable of supporting Pelican’s growth while appreciating our own entrepreneurial culture,” said David H. Parker, CEO of Pelican Products. “Behrman Capital has a long track record of successfully working with businesses such as ours to take their best qualities, combine them with additional financial and operational expertise, and bring the business to the next level. We’re excited to begin the next chapter in Pelican’s story of expansion and growth.”
Based in New York City and San Francisco, Behrman Capital was founded in 1992 by Grant G. Behrman and Darryl G. Behrman. The firm invests in management buyouts, leveraged buildups and recapitalizations of established growth companies and provides expansion capital to emerging growth companies. The company’s investments are focused primarily in four industries: information technology, contract manufacturing, outsourcing and healthcare. The firm currently has a combined capital base of $1.8 billion.
For Behrman Capital:
David Lilly/Michael Freitag
Kekst and Company
For Pelican Products:
Chief Financial Officer
All trademarks and logos displayed herein are registered and unregistered trademarks of Pelican Products, Inc. and others.