Watchfire Signs, a manufacturer of LED signs and digital billboards, has been acquired by a fund managed by The Jordan Company, a middle-market private equity firm based in New York, according to an announcement from Watchfire Signs.
All members of the current management team, including Watchfire Signs President and CEO Steve Harriott and CFO Frank Dwyer will continue in their current roles. In addition, all senior Watchfire executives and the Wood family will continue to be shareholders in the business. Members of the Wood family have been shareholders in Watchfire since the family's acquisition of the business in 1971.
Watchfire has experienced rapid growth over the last five years. Over this period, Watchfire has significantly increased revenue, doubled employment, built a state-of-the-art 200,000-square-foot manufacturing and office facility, and strengthened the company's management team.
The acquisition indicates that The Jordan Company recognizes the growth potential for Watchfire within the LED display industry, according to Harriott.
"The Jordan Company has a long history of buying and building upon outstanding companies in partnership with existing owners and management teams," he said. "This is an exciting time for Watchfire; we are poised for strong growth in an industry that is still in its early stages. The Jordan Company understands the potential for Watchfire's continued growth and increased market share."
Learn more about digital billboards.