Prospect Partners, along with Jeffery R. Porter, have acquired Velvac, a manufacturer and supplier of exterior mirror systems and other component parts for the truck, recreational and specialty vehicle industries.
Velvac’s line includes more than 3,000 components, including a wide-angle mirror system for walk-in vans and delivery vehicles. The company’s products are sold through OEMs and distributors to the OEM recreational vehicle and truck market and aftermarket.
Porter, who invested in the company and will be chief executive officer, succeeds Gwen Greeler, majority Velvac shareholder and former CEO, who is retiring. Porter formerly was a group president at Crane, a Stamford, Conn.-based manufacturer of engineered industrial products for niche markets. He also has served in executive positions at Messer Cutting & Welding, a German cutting, welding and industrial gas company based in Menomonee Falls, Wis.; and Ingersoll Milling Machine, a Rockford, Ill.-based machine tool company.
“We’ve known Jeff and have seen his successes at other companies,” says Richard C. Tuttle, a principal at Prospect Partners. “He has the vision, experience and skill set to run Velvac and back a seasoned management team in a new effort in the RV and heavy-duty truck mirror and components market.”
Prospect Partners and Velvac management will pursue add-on acquisitions of complementary niche accessory businesses.
