H.I.G. Capital, a global alternative investment firm with $50 billion of equity capital under management, completed the acquisition of Watchfire Signs.
Headquartered in Danville, IL, Watchfire is a manufacturer of digital signage. The company serves a base of 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. Watchfire’s brand reputation and expansive customer network have allowed the company to establish an installed base of more than 65,000 LED displays.
“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. “We are excited to leverage H.I.G.’s considerable experience investing in outdoor advertising companies to accelerate our own growth initiatives.”
“We believe Watchfire represents an ideal opportunity to invest in a premier provider of digital signage at a time when market tailwinds such as digital transformation and the replacement of aging signage will continue to drive growth,” Ryan Kaplan, managing director at H.I.G., said. “We look forward to supporting Steve and the rest of his executive team as they continue to lead the Company through its next exciting phase of expansion.”
