Watchfire Announces Purchase of Spectrum Scoreboards

DANVILLE, Ill., March 13, 2023 (GLOBE NEWSWIRE) -- Watchfire, a leading manufacturer of premium digital displays owned by an affiliate of H.I.G. Capital, is pleased to announce that it has completed the purchase of the assets of Spectrum Scoreboards of Houston, Texas, giving the company a complete line of fixed-digital sports scoreboards and timing displays.

Founded in 1971, Spectrum is one of the largest privately-owned manufacturers of sporting event scoreboards. The company pioneered the use of LED technology in fixed-digit scoreboards in 1993 and serves a wide variety of customers that include private and public schools, colleges, parks, and stadiums.

Kyle Dines, VP of Sports, Indoor and Outdoor Advertising at Watchfire, said, "Spectrum shares our commitment to high-quality domestic manufacturing and customer service and provides the ideal complement to Watchfire's sports product line. Their fixed-digit scoreboards and our video displays are the combination the market needs, and this acquisition puts us in a position to serve schools and sporting facilities of any size. We’ve long been impressed by Spectrum's products, factory, and processes in Houston, and are excited to leverage their reputation as a market leader in the greater-Texas region, alongside Watchfire's scale, to grow into a nationally recognized leader in sports. Together we will bring the sports market a single-source solution to all video display and scoring needs."

Spectrum's Houston location will remain fully operational, continuing all manufacturing, sales and support functions.

"It really is the best possible fit," said Jim Bishop, co-founder of Spectrum Scoreboards. "This has been a family-owned business since the beginning, so we worked really hard in this process to identify a company that was aligned with our business philosophy. Watchfire understands our commitment to building a domestically-manufactured product that delivers superior performance and then backing it up with unmatched customer service. I know that our employees and our customers are in the very best hands."

Steve Harriott, CEO of Watchfire, further stated, "Adding the capabilities of Spectrum, particularly their product set and the team that makes up their service organization, is the next logical step for us in the sports market. Spectrum produces the best fixed-digit option on the market today, and their approach to product development and support after the sale complements Watchfire's existing high standards."

This transaction represents the second add-on acquisition that Watchfire has completed since H.I.G. Capital acquired Watchfire in July 2022.

About Watchfire

Watchfire designs and engineers the best-looking, most durable outdoor LED signs, indoor displays, digital billboards, and video scoreboards, which help businesses and organizations communicate effectively, increase visibility and drive growth. Headquartered in Danville, IL, Watchfire has manufactured electric signs for 90 years and LED displays since 1998 using meticulously sourced components from around the world. Watchfire has more than 65,000 LED displays in operation worldwide and has more digital billboard customers in the U.S. than any other brand. For information, please refer to the Company's website at https://www.watchfiresigns.com.

About H.I.G. Capital

H.I.G. is a leading global private equity and alternative assets investment firm with $54 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally-focused/value-added approach.

Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.

* Based on total capital commitments managed by H.I.G. Capital and affiliates.

About Spectrum

Founded in 1971, Spectrum Scoreboards is one of the largest privately-owned custom LED scoreboard and electronic display manufacturers in the US. Headquartered in Houston, Texas, Spectrum manufactures sport scoreboard products that are known for their superior performance, longevity, and durability. To learn more, visit https://spectrumscoreboards.com.

For information contact:

Mara Conklin, [email protected]

Kathy Zoeller, (312) [email protected]