H.I.G. Capital, an alternative investment firm with $50 billion of equity capital under management, has acquired Watchfire Signs, LLC, a digital signage manufacturer, according to a company press release.
Financial terms of the deal were not disclosed. Headquartered in Danville, Illinois, Watchfire serves local sign dealers, independent billboard operators and large national accounts.
H.I.G. is partnering with the current management team to provide capital and resources to support the company’s growing position across multiple segments of the digital display industry, including indoor and outdoor LED signage, digital billboards and video scoreboards.
«I am happy to be partnering with H.I.G. Capital to continue to drive growth, both organically and through aggressively pursuing add-on acquisition opportunities,» Steve Harriott, CEO of Watchfire, said in the release. «We are excited to leverage H.I.G.’s considerable experience investing in outdoor advertising companies to accelerate our own growth initiatives.»
Watchfire has manufactured electric signs for 90 years and LED displays since 1998 and has more than 65,000 LED displays in operation.