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RETURN TO NEWS RELEASES
May 12, 2003
Huron Capital Divests Medical Company, Generates Top Quartile Returns
Detroit, MI – May 12, 2003 // Huron Capital Partners LLC, a Michigan-based private equity firm, announced today that it has completed the sale of one of its portfolio companies, Prism Enterprises LP, to The Cooper Companies, Inc. (NYSE: COO). Prism is a leading manufacturer of women’s healthcare products based in San Antonio, Texas. Huron purchased the Company in August 2000 in partnership with the Company’s management team. During their ownership, Huron successfully repositioned the business as an attractive pure-play medical products company via divesting Prism’s non-core sports therapy and automotive operations, acquiring additional women’s healthcare product lines and revitalizing new product development.
According to Brian Demkowicz, Managing Partner of Huron Capital, "The Prism management team did a superb job of executing the strategic plan. Given the current market environment, we are very pleased to be able to deliver top quartile returns to our limited partners in excess of our original expectations."
Merle Smith, Prism’s CEO, added, "Obviously, it’s a very good story. Huron has been a great partner from the beginning. They were instrumental in helping us land a complicated deal and provided us with the opportunity to be material owners of the Company. Fortunately, there was strong strategic interest in the Company during the recent sale process and we were able to participate significantly in the upside. I look forward to continuing to work with the Huron team as a member of their Executive Council and in pursuing other medical product opportunities."
Huron Capital Partners invests in acquisitions, buyouts and recapitalizations of growing middle-market companies having revenues between $10 million and $100 million. Huron Capital’s strategy is to partner with strong management teams in acquiring niche manufacturing, specialty service, and value-added distribution companies that can be built through acquisition and organic growth.