Transactions & News

The Bottom Line: NewSpring Invests in Exeter Image Holdings

NewSpring, a family of private equity strategies, announced today that NewSpring Mezzanine, the Firm’s dedicated mezzanine strategy, has invested subordinated debt and equity to support the creation of Exeter Image Holdings (Exeter).

Exeter is formed through the combination of two complementary signage companies

NewSpring’s investment was leveraged to support the acquisition of Persona, a national manufacturer and service provider for interior and exterior signage, by Triangle Sign and Services (Triangle), a national sign company specializing in custom design, fabrication, installation, and maintenance. While the two companies will operate as separate subsidiaries, their complementary services and geographic footprints will create operational efficiencies and powerful cross-selling opportunities.

The combined company is well-positioned for fast growth

The combined company will have significant market presence throughout the U.S. and will have improved national coverage with office locations in Baltimore, MD, Watertown, SD and Madison, SD. By combining their fabrication and manufacturing spaces, Exeter will be able to shorten turnaround times, improve its repair and maintenance services with a larger, more widespread employee base, and grow its product offering to increase wallet share with existing customers and reach new markets.

"We are thrilled about the opportunities before us as Persona-Triangle. Both organizations wield deep-seated cultures of exceptional quality and dedication to our customers’ success, while also caring for our employees and the communities around us. We are excited to apply each firm’s special capabilities to continue to deliver for our customers in the marketplace."
— Group CEO of Exeter, Greg Kulesa, Group CEO of Exeter

Demand for signage is rising fast as the pandemic wanes

Declined patronage at hotels and quick-service restaurants during the pandemic led to the deferral of new branch openings and rebrands that require new, attractive signage. As demand for these services returns post pandemic, the need for new and upgraded signage is also expected to rebound significantly. Continued consolidation in large industries such as banking and wireless providers will also drive demand for new signs as retail locations need to be rebranded across the U.S.

Exeter is led by an experienced, goal-oriented management team

While each organization will operate semi-independently with their own management teams to run each entity, Greg Kulesa will serve as CEO of the combined company and has experience managing diverse entities under a holding company structure.

“By combining two great entities in Triangle and Persona, we’ve truly created a new company that is greater than the sum of its parts. The increased geographic reach and broadened set of expertise will allow the company to move into new markets and expand its service offerings in pursuit of fast growth. We’re thrilled to be a part of this combination and are excited to see what these companies can accomplish together."
— NewSpring General Partner, Greg Barger

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