June 24, 2010
CID Resources Announces Strategic Investment by Prophet Equity LP
Dallas, Texas. June 24, 2010 – CID Resources, in concert with Public Safety Supply Resources, Inc, today announced that Prophet Equity LP, a Southlake, Texas, based private equity firm, has made a strategic, control equity investment in its business.
HP Park, President of CID Resources, commented “The investment by Prophet Equity is a critical step forward for us in that it allows us to fund our new line of Fashion Professional Apparel for the Healthcare Industry. Our new products – to be sold under the Wink brand name – are already getting rave reviews from our key customers, and we believe with our strong balance sheet that we can rapidly expand our footprint in the market this year.”
As a result of the investment, CID Resources will become a stand-alone entity under Public Safety Supply Resources, a distributor to the public safety equipment to police, fire, military, and medical industries.
“We are excited about the opportunity to partner with HP and his team at this critical point in the history of their business.” commented Jeff Tousa, President of Public Safety Supply Resources. “Leveraging parts of Public Safety Supply Resources’ infrastructure will be useful for HP and his team, as we know that there are opportunities to integrate capabilities and create economies of scale quickly.”
“Prophet Equity is delighted to be partnering with the team at CID Resources, as we believe its core business is a vital product offering for doctors and nurses throughout North America,” commented Ross Gatlin, CEO at Prophet Equity. “This transaction shows that our partnership approach with entrepreneurs like HP Park works, particularly in a special situation like that of CID Resources.” Gatlin added.
Ben Eakes, a VP at Prophet Equity, commented further that “our investment in CID Resources proves again that our model of operational engagement with companies in the lower middle market is compelling and valuable to entrepreneurs. CID Resources is already partnering with us on key operational initiatives in infrastructure and supply chain management that will help drive business success in the short and long term.”
Jackson Walker L.L.P. served as legal advisors to Prophet Equity LP on the CID Resources transaction.
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