Monomoy Capital Partners, a New York private equity fund focused on value investing and business improvement, has acquired Escort from a consortium of investors led by Falconhead Capital.
Monomoy acquired Escort through its second fund, Monomoy Capital Partners II. Terms of the transaction were not disclosed.
Escort offers a line of automotive accessories and is the market leader in the design, manufacture and distribution of radar detectors and mobile data used for ticket protection. Escort’s products are marketed under two brands – ESCORT and BELTRONICS. Through these brands, the company maintains the leading market position in the sale of ticket protection equipment in the US and a strong and growing presence in international markets such as China and Russia.
“Escort’s dominant brand and strong management team create an exciting platform for growth and profitability,” says Monomoy partner Justin Hillenbrand. “We are excited to add Escort to the Monomoy portfolio of companies.”
“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,” says 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.”
Kevin Morris from Kirkland & Ellis provided Monomoy with legal counsel for the acquisition, Ernst and Young performed financial and accounting diligence. Garry Jaunal of Baker & McKenzie provided legal counsel for the acquisition financing, which was funded by Monroe Capital.
