National Provider Refresh LED Poised for Leadership Leap with PennSpring Resources
LANCASTER, PA / ACCESSWIRE / October 15, 2024 / PennSpring Capital (www.pennspring.com), a people-forward investment firm focused on middle market opportunities, announced today that it has completed the majority acquisition of Mechanicsburg, Pennsylvania-based Refresh LED. Founded in 2019, Refresh LED is a national, full-service provider of high-quality LED video walls and displays for houses of worship, universities and commercial clients seeking to enhance participant experience. With this acquisition, PennSpring further affirms its commitment to Central Pennsylvania's economic advancement.
Refresh LED Opportunity
Currently valued at $6.5 billion, the North American LED video wall display market is expected to grow by a compound annual growth rate (CAGR) of 6.2%, to nearly $10 billion by 2031 (source). As a market leader with additional offices in Las Vegas and Tampa, Refresh LED supports every aspect of the project lifecycle - from design and project management to installation and ongoing support. PennSpring intends to drive growth by investing in the sales function within existing verticals, while expanding into education and others in which PennSpring has demonstrated expertise. Refresh LED founder and CEO Josh Dominguez has retained material ownership and will continue to lead the business in partnership with PennSpring.
Organizational Alignment
"Refresh LED's success is built on the strength of its culture," stated PennSpring Managing Partner Lou Castelli, "We are incredibly mindful of protecting this culture, and are proud that core management will remain in place. Refresh LED has the foundation to be the industry's best. With PennSpring's financial and professional resources, we believe we can realize this potential together."
About PennSpring Capital
PennSpring Capital unlocks liquidity and empowers growth. Based in Lancaster, Pennsylvania, PennSpring is a people-forward investment firm focused on lower middle market opportunities, investing in dynamic firms and helping evolve them to institutional scale. PennSpring's principals are entrepreneurs with firsthand experience in growing and positioning businesses. PennSpring engages at a deep level and applies its experience to elevate its partners' businesses. The firm has made sixteen investments since 2018, including eleven majority investments, and has completed six successful exits during that period. Learn more at www.pennspring.com.
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SOURCE: PennSpring Capital
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