Two New York-based investment companies, ICV Capital Partners and Palladium Equity Partners, have taken over Hilsinger Company (Hilco) together with the management from another investment firm for an undisclosed amount. The takeover should allow the current management, led by Bob Nahmias, top pursue new acquisitions, although nothing specific seems to be in the pipeline for the moment.
Specializing in small optical equipment, Hilco generated sales of about $44 million last year, of which $7 million were in Europe. Another US investment company with a similar name, Capital Partners, acquired Hilco in 1994. Since then Hilco made other acquisitions, including a supplier of safety eyewear, Aden, and most recently, at the beginning of 2002, the protective and sports eyewear business of Leader Industries of Canada.