Portfolio Company, Halcore Group, Inc., in Sale to TransOcean Capital, Inc.
MINNEAPOLIS, Oct. 17 /PRNewswire-FirstCall/ -- U.S. Bancorp Piper Jaffray,
a growth company investment bank, served as exclusive financial advisor to
Halcore Group, Inc. (Halcore), the largest manufacturer of ambulances in North
America, in its sale to TransOcean Capital, Inc., a Boston-based private
equity firm. Halcore has been a portfolio company of New York-based private
equity firm Hammond, Kennedy, Whitney & Company, Inc., since 1998. The
transaction closed on October 16, 2002.
Halcore, headquartered in Columbus, Ohio, was formed in 1998 through the
combination of Horton Emergency Vehicle Co., American Emergency Vehicles and
Leader Industries, three uniquely positioned ambulance manufacturers each with
a tradition of product excellence and superior customer service. The
combination of these three premiere brands in one entity, positions Halcore as
the industry leader serving emergency medical services providers with the
broadest product offering in the market.
Halcore is the clear leader in ambulance manufacturing, said Robert D.
Frost, vice president in U.S. Bancorp Piper Jaffray's Middle Market Mergers &
The transaction presents Halcore with additional
opportunities to expand and grow its already existing strong business.
For TransOcean Capital it was an opportunity to invest in an outstanding
organization and partner with a first-class management team, said Glenn
Scolnik, President of Hammond, Kennedy, Whitney & Company.
The company is
extremely well-positioned to continue its strong growth. We are very proud to
have been able to help the management team build this company.
About Hammond, Kennedy, Whitney & Company, Inc.:
Hammond, Kennedy, Whitney & Company, Inc., a New York-based private
investment firm, concentrates its investment efforts on small middle market
manufacturing companies, both private and public, with low risk of
technological obsolescence. The firm focuses on management buyouts of
companies that have revenues between $20 million and $100 million, are
headquartered in the United States, and are established leaders in their
respective niche markets.
About TransOcean Capital, Inc.:
TransOcean Capital, Inc., a Boston-based private investment firm, makes
majority equity investments in U.S. based enterprises demonstrating
sustainable cash flows and having valuations between $30 million and
$100 million. TransOcean is financed by two innovative and well-capitalized
Asian merchant banks. TransOcean's sponsors have structured and financed
numerous direct investments in the United States, Asia and Africa, across
numerous asset classes, including private equity. These institutions are, in
turn, capitalized by some of the largest and most respected Asian commercial
and merchant banks.
About U.S. Bancorp Piper Jaffray:
U.S. Bancorp Piper Jaffray, a subsidiary of Minneapolis-based
U.S. Bancorp (NYSE: USB) is focused securities firm comprised of three
divisions: Equity Capital Markets, Fixed Income Capital Markets and Private
Advisory Services. The firm provides a full range of investment products and
services to individuals, institutions and businesses. The firm has over 120
offices in 23 states across the country. The Equity Capital Markets Division
focuses on the needs of growth companies in the health care, technology,
financial institutions, consumer and communications growth sectors. The firm
has a national reputation for its expertise in fundamental research and equity
and debt financing. The Fixed Income Capital Markets business provides bond
issuers, individual investors and institutional investors expertise in
investment banking, underwriting, trading, sales and research. The firm
offers innovative solutions in corporate and government debt financings with
particular expertise in corporate, health care/hospitals, real estate, higher
education and government debt. The Private Advisory Services division
financial advisors provide guidance in retirement planning, education
planning, estate planning and wealth accumulation. Investors select from a
wide array of products, including fee-based products, stocks, bonds, mutual
funds, annuities, insurance and trust services. U.S. Bancorp offers a
comprehensive range of financial solutions through U.S. Bank, U.S. Bancorp
Asset Management, U.S. Bancorp Investments and U.S. Bancorp Piper Jaffray.
Securities products and services offered through U.S. Bancorp Piper Jaffray,
Inc., member SIPC and NYSE, Inc., a subsidiary of U.S.Bancorp. For more
information on U.S. Bancorp Piper Jaffray, visit www.piperjaffray.com . Non-
deposit investment products are not insured by the FDIC, are not deposits or
other obligations of or guaranteed by U.S. Bank National Association or its
affiliates, and involve investment risks, including possible loss of the
principal amount invested.
Securities products and services are offered through U.S. Bancorp Piper
Jaffray Inc., member SIPC and NYSE, Inc., a subsidiary of U.S. Bancorp.
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SOURCE U.S. Bancorp Piper Jaffray
/CONTACT: Erin Freeman, Director of Public Relations, +1-415-277-1595, or
Susan Beatty, Public Relations, +1-612-303-5680, both of U.S. Bancorp Piper
/Web site: http://www.piperjaffray.com /
CO: U.S. Bancorp Piper Jaffray; Halcore Group, Inc.; TransOcean Capital,
Inc.; Hammond, Kennedy, Whitney & Company, Inc.; U.S. Bancorp
ST: Minnesota, Massachusetts, New York, Ohio
IN: FIN AUT
-- MNTH018 --
2811 10/17/2002 12:23 EDT http://www.prnewswire.com