UK private equity fund Elaghmore has acquired Concept Group for its Hexcite Group.
Birmingham-based Concept provides sign and large-format LED solutions using traditional, bespoke and digital signage. Customers include Global Media Group, Open Media, and JCDecaux. The company, which has a workforce of 18, will continue to be run by managing director Sean Morrough and director Dave Neale, reporting to Wes Mulligan, CEO of Hexcite Group.
The Hexcite Group, formed in 2019 to provide specialist signage design, manufacturing, installation and aftercare services, has seen notable departures over the last year with Elaghmore having sold-off Kesslers and Gardners. The group now includes Blaze Signs, which has substantial signage manufacturing capability out of its sites in Broadstairs and Birmingham, and Cygnia Maintenance, a provider of sign maintenance, sign repairs and image protection services.
The acquisition of Concept Group means Hexcite Group’s annual turnover is circa £35m with a customer base of more than 250 retailers, financial institutions, facilities management companies, and brands.
Concept is the twelfth acquisition made by Elaghmore from its investment funds worth £100m. Together, the businesses acquired by Elaghmore have a combined annual turnover of around £350m million and employ around 2,700 people across the UK and Ireland.
Mulligan said of the latest acquisition: “The digital out of home advertising market has great growth opportunities, and Concept is well placed to be a key player. Working closely with Blaze Signs adds substantial technical and manufacturing expertise to Concept, and our Cygnia maintenance business can help Concept accelerate its digital signage maintenance capability. Concept’s offer will be of great interest to Blaze’s customer base, which will now have the option to go to one place for their traditional internal and external signage work as well as their digital signage requirements. Both Blaze and Cygnia are performing well. We expect Concept to reinforce its position as one of the leading full turnkey system integrators in its sector.”
Morrough added: “We are delighted to be working with Hexcite Group and Elaghmore. They will help significantly enhance the service we provide to our clients through the increased manufacturing capacity, technical resource, and geographical reach that being part of Hexcite Group will bring us.”
