NEW YORK, N.Y. and WEST CHESTER, Ohio, Nov. 18, 2005 – Falconhead Capital, of New York, a private equity firm specializing in investments in leisure, lifestyle, and related media businesses, today announced that it has acquired a majority stake in Escort, Inc., the world's leading manufacturer and supplier of branded radar detection products.
Under the transaction, financial terms of which were not disclosed, significant minority stakes in Escort will be held by several members of the company's senior management, including Chief Executive Officer Greg Blair, and by American Capital Strategies, Ltd., which acquired Escort in 2003.
David S. Moross, Chairman and Chief Executive Officer of Falconhead Capital, said: "We are delighted to invest in an enterprise as strong and successful as Escort, Inc. Under the leadership of CEO Greg Blair and his long-standing management team, Escort today is the unquestioned leader in its segment of the multi-billion-dollar mobile electronics market. It is financially and operationally strong. Its premium-priced products enjoy a well-established reputation for quality and effectiveness, and its engineering team is the best in the business, responsible for 85 percent of the radar detection patents granted to date. We look forward to bringing Falconhead's strategic, operational and financial expertise to bear in helping Greg and his colleagues take Escort to the next level, building its value for Escort's customers, employees and investors."
Founded in 1977 and headquartered in West Chester, Ohio, outside of Cincinnati, Escort is the leading designer, manufacturer and distributor of highway radar and laser detectors. An industry innovator in radar detection technology, Escort manufactures more than 20 radar and laser-related products and sells them domestically and internationally under the Escort and Beltronics brands. The company has more than 250 employees operating in its two facilities, in West Chester and Mississauga, Ontario. Consumers purchase Escort products at such leading retailers as Best Buy, Circuit City, Sharper Image, and Tweeter, Etc.
Falconhead Capital LLC (www.falconheadcapital.com) is a private investment firm established in 1998 to provide investors with significant long-term capital appreciation by investing globally in leisure, lifestyle, and related media businesses. In addition to Escort, Inc., Falconhead Capital's investment portfolio currently includes National Powersport Auctions and Premier Salons International. Recent, successful Falconhead Capital exits include, among others, Maritime Telecommunications Network (MTN) and ESPN Classic Europe, LLC.