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08/2024100%

Spar Group acquired by Highwire Capital

UNITED STATES B2B Specialized Distribution EV $50–150M

Context

SPAR Group, Inc. agreed to be acquired by Highwire Capital in an all‑cash transaction structured as a take‑private merger, with Highwire relying on committed debt financing to support the transaction and with SPAR Group’s board and stockholders approving the arrangement before a scheduled closing in the fourth quarter of 2024. The strategic rationale centers on SPAR Group’s position as a large‑scale, technology‑enabled merchandising and in‑store execution platform. For Highwire, the asset offers a stable, recurring revenue base linked to retail and consumer brands, alongside opportunities to embed additional technology and analytics capabilities across its field operations. The sponsor’s thesis likely hinges on driving operational efficiency, improving data‑driven performance, and selectively expanding the service portfolio while maintaining client stickiness and contract depth.

Spar Group, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, standing directly in line with the average observed in the Business Services sector (10.4x in 2024).

-> Deep-dive in Business Services market trends

Target

SPAR Group, Inc. is a US-based provider of merchandising, marketing, and distribution services to retailers and brands. Headquartered in Auburn Hills, Michigan, the company offers a broad suite of in‑store execution, planogram management, promotional support, and supply‑chain‑linked services that help clients improve brand presence and operational performance at the point of sale. Its platform combines field forces, technology, and analytics to support complex retail environments across multiple geographies. The company operates as a service‑driven, asset‑light organization, with revenue tied to outsourced labor, project execution, and recurring retail programs. Its client base spans mass merchandisers, grocery chains, and other retail formats, giving it exposure to consumer‑driven demand cycles and ongoing retail transformation. That structure supports a high‑level of customer entrenchment, with long‑term contracts and embedded service requirements that can create durable revenue streams.

Ent. Value

$50–150M

Equity Value

[members only]

Multiples

EV / Revenue

below 1.5x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (USD)

Year
Rev
EBITDA
EBIT
2024
$100–200M
$5–25M
[members only]
2023
$100–200M
$5–25M
[members only]

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REFERENCES

Valuation range: EV $50–150M

Revenue range: $100–200M

EBITDA range: $5–25M

EV/Revenue range: below 1.5x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Spar Group by Highwire Capital are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Target: spar group

Acquirer: highwire capital

FAQ

What transaction does this page cover?

This page covers Highwire Capital’s acquisition of 100% of Spar Group, an American company specialised in B2B Specialized Distribution, in 2024.

How was the acquisition of Spar Group by Highwire Capital valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the $50–150M band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the below 1.5x range. Exact figures are available to members.

What were Spar Group’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Spar Group generated annual revenue estimated in the $100–200M range and EBITDA in the $5–25M bracket (FY 2024). Detailed financial figures are available to members.

How does the valuation of Spar Group compare to benchmarks in the Business Services sector?

With an estimated multiple range of 10x - 18x, the transaction stands directly in line with historical averages for the Business Services sector (10.4x in 2024).

What sources support the information on this transaction?

Information on this transaction is sourced from the official corporate announcement published by the parties, corroborated by a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

What is mynth?

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