Press Releases
Palomar Display Products Acquires Citicorp Interest in Company
August 4, 2008
George P. Shenas Incorporated represented Palomar Display Products, Inc. in the company's efforts to acquire all of the outstanding interests of its principal financial partners and controlling shareholders, Citicorp Venture Capital Ltd. and Citicorp Mezzanine Partners, L.P., in the corporation. This transaction, which closed on July 23, 2008, was the fifth and last transaction handled by George Shenas and Marcus Klebe at the Shenas firm involving the five subsidiaries and business units acquired from Hughes Aircraft Company in November 1995 by Palomar Technologies Corporation (later known as Palomar Companies LLC) headed by Gary Gist.
The other operating companies of Palomar Companies LLC included HID Global Corporation, the world leader in access control technology and products (sold in 2001to Assa Abloy AB, a Swedish public company), Palomar Products, Inc., a manufacturer of high quality audio, data and video distribution systems for military customers (sold in 2005 to Esterline Technologies Corporation, an NYSE listed company), AML Wireless Systems, Inc., a wireless communications company located in Winnipeg, Canada, and Palomar Technologies, Inc., a provider of high-reliability solutions for complex electronic assembly applications (recently sold by Citicorp to senior PTI management).
"We have taken great pleasure in assisting Gary Gist and his management team at Palomar Companies LLC to realize their original goals in the leveraged buy-out from Hughes Aircraft in 1995," said George Shenas, who has been involved in representing each of the subsidiaries since that date. "Both management and Citicorp have far exceeded their original expectations, thanks to the efforts of this outstanding organization. We have enjoyed contributing to that success, both in supporting the legal needs of the parent and operating companies and in the process of selling the companies in complex M&A transactions."
George P. Shenas Incorporated continues to represent several of the former Palomar subsidiaries now operating independently in general corporate matters, including Palomar Display Products, Inc.