TMCnet News
Hicks Holdings, LLC Acquires Ocular LCD, Inc.DALLAS --(Business Wire)-- Nov. 28, 2005 -- Hicks Holdings, LLC, a Dallas-based, family-owned private investment enterprise headed by Thomas O. Hicks, today announced that it has acquired Ocular LCD, Inc. ("Ocular"), a leading designer, manufacturer and marketer of high-performance liquid crystal displays, modules and systems. The transaction, financial terms of which were not disclosed, is Hicks Holdings' first corporate acquisition since its formation in January 2005 as a holding company for the Hicks family's Texas Rangers Baseball Club, Dallas Stars Hockey Club, real estate, and other assets and activities. Mr. Hicks, chairman and chief executive officer of Hicks Holdings and before that co-founder and chairman of Hicks, Muse, Tate & Furst Incorporated, said: "Since I and my family formed Hicks Holdings earlier this year following my retirement from Hicks Muse, we have been primarily engaged in overseeing the management of our sports teams; real estate development projects including Victory Park--a seventy-five-acre, mixed-use development project in downtown Dallas--in partnership with Hillwood Capital; planning the future development of a new urban town center adjacent to both Ameriquest Field in Arlington and the new football stadium being built there by the Dallas Cowboys; and planning a forty-acre mixed-use development surrounding Dr Pepper/Seven-Up Ballpark in Frisco, Texas. With this transaction, we are broadening our investment program to also include corporate acquisitions, and Ocular--a company with an excellent track record, strong leadership and significant growth potential--is a great way to begin." Ocular was founded in 1986 by Ben Kwong, president and chief executive officer, and Larry Mozdzyn, executive vice president, who will together own a significant minority stake in, and continue to manage, the going-forward business. Ocular designs, manufactures and markets high-performance passive and active liquid crystal displays ("LCDs"), which it sells in panels, modules and complete systems ("box builds") to more than 150, largely Tier One customers in a variety of industries including industrial controls, medical devices, recreational and fitness equipment, retail/POS equipment, office automation equipment, communications hardware and consumer electronics. Headquartered in Richardson, Texas, Ocular's main manufacturing facility is in Guang Dong Province in China. Mr. Kwong said: "It has been nearly twenty years since Larry Mozdzyn and I co-founded Ocular with a $1,000 investment, in Larry's garage, and began building Ocular into the successful enterprise we have been ever since. This transaction is an opportunity for both of us to realize the value of that enterprise, while retaining a significant ownership stake in the business. From a strategic standpoint it is especially relevant, at Ocular's current growth stage, to team up with a seasoned partner like Tom Hicks to help maximize the growth potential of the company. We are delighted to partner with Tom and his colleagues at Hicks Holdings, and look forward to continuing to run and build Ocular and serve its rapidly growing customer base, both in North America and around the world, for many years to come." In addition to its ownership of the Texas Rangers and Dallas Stars, Hicks Holdings LLC specializes in urban mixed-use developments and high-end hospitality and residential projects and, through Hicks Trans American Partners, selectively makes corporate and real estate investments in South America. Among its sports and real estate assets is a 50 percent ownership interest in the American Airlines Center in downtown Dallas. Mr. Hicks previously co-founded, and from 1984 to 1989 was co-chairman and co-chief executive officer of, Hicks & Haas, Inc., a Dallas-based private equity firm whose successful investments included A&W Brands, Dr Pepper/Seven Up Companies, Sybron International Corporation and Thermadyne Corporation. In 1989, Mr. Hicks co-founded, and until January 2005 served as chairman of, Hicks, Muse, Tate & Furst Incorporated (HMTF), also serving from 1989 to 2001 as chief executive officer and thereafter as a member of the Management Committee. During Mr. Hicks's tenure, HMTF raised more than $12 billion of private equity funds, consummated more than $50 billion of leveraged acquisitions, and was among the nation's most active private investment firms. Successful acquisitions of HMTF from inception through 2004 included, among others, Berg Electronics, Capstar Broadcasting, Chancellor Media, DESA International, International Home Foods, Life Partners Group, Pinnacle Foods, Trident NGL, Triton Energy and Yell Group plc, plus significant ownership stakes in Clear Channel Communications and LIN Television. |
