Prospect Group
The Prospect Group Inc. was an American investment and venture capital company based in New York City. The company, founded in 1983 was temporarily owner of the railway company s MidSouth Rail Corporation and Illinois Central Railroad .
history
The Prospect Group Inc. was founded in 1980 by investment banker and venture capitalist Louis Marx Jr. as Danville Resources, renamed in November 1983 and repositioned as an investment company.
In the same year, the funding and participation in Children's Discovery Centers of America, a chain of childcare facilities, followed. In early 1985, the biscuit manufacturer Murray Bakery Products was acquired, which was sold again in early 1989. The company also acquired a stake in the Forschner Group, the US importer of Victorinox products. In 1988 the proportion of this was 55%. This later became the company Swiss Army Brands Inc.
Additional investments were made in the insurers Ivy Insurance Group Inc. and National Automobile and Casualty Insurance Co., the cheerleading outfitter National Spirit Group, the outfitter Recognition Equipment Inc. and the edible mushroom producer Sylvan Foods (1989–1990).
In 1985/1986 the founding of the MidSouth Rail Corporation was co-financed by Edward L. Moyers and Mark Levin , which provided the Illinois Central Gulf Railroad with a route network of around 600 kilometers around the Meridian ( Mississippi ) to Shreveport ( Louisiana ) connection for 123, Earned $ 5 million.
After the Illinois Central Railroad had been separated from the group of the former parent company Whitman Corporation (formerly IC Industries) in January 1989 , Edward L. Moyers Prospect convinced the takeover of the railway company and his plans to improve the profitability of the company. In March 1989, the Prospect Group and the Illinois Central Transportation Company, parent company of Illinois Central Railroad, agreed on a takeover for $ 435 million. At the same time, the Prospect Group had to relinquish its control of Mid South Rail for antitrust reasons.
In January 1990 the company decided to part with all investments. These were listed on the stock exchange or assigned to the shareholders of the Prospect Group. It started with participation in the Illinois Central Railroad. On February 8, 1990, it was decided to liquidate and transfer the remaining assets to an appropriate trusteeship. In 1993 this transfer decision was changed.
In 1997 the company finally ceased business operations.
Corporate management
president
- 1983-9. November 1989: Thomas A. Barron
- November 9, 1989-October 1991: Gilbert H. Lamphere
- October 1991–1997: Samuel F. Pryor IV (May 1994–1997: CEO )
Chairman of the board
- 1983 – January 1990: W. Wallace McDowell, Jr. (and CEO)
- January 1990–1997: Gilbert H. Lamphere (January 1990– May 1994: CEO)
Web links
- Daniel F. Cuff: BUSINESS PEOPLE; New President Named At the Prospect Group . In: The New York Times . November 9, 1989, ISSN 0362-4331 ( nytimes.com [accessed October 17, 2017]).
- Illinois Central Agrees To Be Bought By New York Conglomerate. Retrieved October 17, 2017 .
- Annual Report as of December 31, 1996. Retrieved October 17, 2017 .
Individual evidence
- ↑ Kenneth N. Gilpin, Todd S. Purdum: BUSINESS PEOPLE; 'Opportunistic Acquirer' Will Operate a Railroad . In: The New York Times . November 18, 1985, ISSN 0362-4331 ( nytimes.com [accessed October 17, 2017]).
- ^ Julia Flynn Siler, Special to the New York Times: COMPANY NEWS; Illinois Central Agrees To Prospect Merger . In: The New York Times . March 11, 1989, ISSN 0362-4331 ( nytimes.com [accessed October 17, 2017]).
- ↑ PROSPECT GROUP ACQUIRES IC, GIVES UP MIDSOUTH CONTROL. Retrieved October 17, 2017 .
- ^ Prospect Group Sets 2nd Spinoff . In: tribunedigital-chicagotribune . ( chicagotribune.com [accessed October 17, 2017]).
- ↑ Shapiro: COMPANY NEWS; PROSPECT GROUP BOARD BACKS SELLING ASSETS . In: The New York Times . 1990, ISSN 0362-4331 ( nytimes.com [accessed October 17, 2017]).