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08/2024

SPAR GROUP acquired by HIGHWIRE CAPITAL

UNITED STATES B2B Specialized Distribution EV 50M - 150M USD

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 in 2024, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Business Services sector (11.4x).

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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

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (USD)

Year
Rev
EBITDA
EBIT
2024
2023

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REFERENCES

Valuation range: EV 50M - 150M USD

Revenue range: 100M - 200M USD

EBITDA range: 5M - 25M USD

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