SAN DIEGO, CA - April 23, 2003 - 17th Street Capital Partners of Greenwood Village, Colorado and Forrest Binkley & Brown of Irvine, California announced the acquisition of American Lighting & Distribution, Inc. of San Diego, California. Based in San Diego, California, American Lighting is one of the leading providers of energy conservation solutions for the electric utility industry. The company is recognized for its years of successful performance on rebate programs that help reduce energy consumption. As a result of American Lighting's success, the company is well positioned to successfully enter additional geographic markets and become a national provider of utility rebate solutions.
Mike Starkle, a Managing Partner of 17th Street Capital Partners, commented, "American Lighting has a superior reputation on the West Coast for outstanding service and extensive expertise in developing and installing energy efficient lighting solutions. We were attracted to the company's strong market position in California and its significant opportunities for national expansion. We fully expect to build upon its core values across the country." Bill Wollrab, a Managing Partner of 17th Street, will serve as President of the new company.
RSM EquiCo, a leading global investment banking firm for the private middle market, served as exclusive financial advisor to American Lighting Supply, Inc., initiating, negotiating and structuring the transaction. "We are very pleased with both the process and outcome of this transaction," said Tracy DeBerry, co-owner and director of residential programs at American Lighting.
"RSM EquiCo worked swiftly and expertly to guide the transaction to a successful close. With the marriage to 17th Street Capital Partners and Forrest Binkley & Brown, we will now be able to dramatically increase the size of our geographic footprint and expand our reach into new sectors."
Neil Miller, co-owner and director of commercial programs and quality assurance acknowledges, "At American Lighting, we are very excited to bring our organization into the 17th Street Capital Partners and Forrest Binkley & Brown group. This is the right match at the right time, one that will enable us to reach the next level of success and maximize opportunities for our shareholders and our employees. I look forward to continuing with our company on this strategic evolution."
About American Lighting & Distribution, Inc.
American Lighting Supply, Inc. was founded in 1986 as a lighting distribution and supply company, but over the years has evolved into an energy efficient lighting retrofit specialist. The company has deep knowledge of utility rebate programs and extensive technical expertise in developing and installing superior lighting retrofit solutions. By combining its knowledge of the electric utility rebate programs and its technical knowledge in implementing efficient lighting programs, American Lighting has positioned itself as a leader in offering energy conservation solutions to commercial and residential customers.
About 17th Street Capital Partners, LLC
17th Street Capital Partners, LLC acts as the lead equity sponsor for acquisitions of companies from $10 to $50 million in revenues. 17th Street Capital Partners typically works with shareholders of private businesses to provide for current liquidity and participation in the upside of the business post acquisition. They partner with existing management in their acquisitions, or bring in new management as situations may require. 17th Street Capital Partners' acquisition targets are in specialty or niche distribution, manufacturing, and services industries. 17th Street has offices in Greenwood Village, Colorado; Phoenix, Arizona; La Jolla, California; and Miami Florida.
About Forrest Binkley & Brown
Forrest Binkley & Brown is an established venture capital firm focused on investing in early stage and emerging growth companies that offer potential for a substantial increase in shareholder value and exceptional rates of return to investors. With offices in Irvine and San Diego, FBB makes investments in companies across the U.S., with particular emphasis on the Southern California region. Since its formation in 1993, FBB has invested more that $150 million in 39 portfolio companies.
About RSM EquiCo, Inc.
RSM EquiCo, Inc. is a leading global investment banking firm specializing in mergers and acquisitions, divestitures and corporate finance for private middle-market businesses. RSM EquiCo has approximately 270 professionals and support personnel in the U.S., with additional staff and resources in London. Based in Costa Mesa, California, RSM EquiCo is a wholly owned subsidiary of H&R Block Inc.