NEWS RELEASE
For more information, contact:
Brett Glass Sonja Risner
Chief Executive Officer Controller
Houston Harvest, Inc. Milestone Capital Management, LLC
847-957-9191 202-741-3663
FOR IMMEDIATE RELEASE
Milestone Capital Partners Acquires Houston Harvest Gift Products, LLC from TCW Capital and Merit Capital Partners
Washington, DC (November 24, 2006) – Milestone Capital Partners, a Washington D.C. based private equity fund, announced the purchase of Houston Harvest Gift Products, LLC (“Houston Harvest”) from TCW Capital, an affiliate of Trust Company of the West, and William Blair Mezzanine Capital Fund, which is managed by Merit Capital Partners. The existing management team invested alongside Milestone Capital in the transaction and will continue to lead the Company going forward.
“Houston Harvest’s is the leader in the food gift and popcorn tin industry,” said Murry N. Gunty, Managing Partner of Milestone Capital. “The Company’s production and design capabilities have made Houston Harvest the partner of choice for many leading retailers and Licensing leaders. We are excited about the future of the business.”
Ric Miller was named Chairman of the Board for Houston Harvest. “Houston Harvest’s operational expertise and marketing savvy combined with Milestone’s financial backing will help the Company accelerate its financial results,” said Ric Miller. “This is an excellent opportunity for all parties involved.”
Brett Glass will continue in his role as Chief Executive Officer and President of Houston Harvest. “We’re thrilled to partner with Milestone and expect that together we will see tremendous success and growth for Houston Harvest, our customers and our licensing partners.”
Houston Harvest, based in Franklin Park, Illinois, is the industry leading designer, manufacturer, and distributor of food gifts and popcorn tins. Houston Harvest is the largest supplier of seasonal food gifts and popcorn tins to the mass, drug and grocery channels of distribution. The Company has licensing agreements and strategic partnerships with major food and entertainment companies, which it uses to identify its popcorn tins and gift baskets.
About Milestone Capital
Milestone Capital Management, LLC is a Washington, DC based private equity firm with $88 million of capital under management. Milestone focuses on control buyouts of companies that are either underperforming, in out-of-favor industries or are undergoing some form of transition. Milestone seeks investments in a range of industries, including manufacturing/distribution, restaurants, specialty retail business services and health care.
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