Exeter Image Holdings Announces Second Platform Acquisition With Recapitalization of Persona Signs

Transaction builds one of the largest sign makers in the United States

Exeter Street Capital Partners, the private equity affiliate of Patriot Capital Group, announced that its platform Exeter Image Holdings has made a majority investment in Persona Signs (“Persona”) in partnership with Harbert Credit Solutions, NewSpring Mezzanine, Northcreek Mezzanine, and members of Persona’s leadership team. 

Persona is the second investment made by Exeter Image Holdings, LLC this year and joins with Triangle Sign & Service (“Triangle”), acquired in June 2021, to form one of the largest signage, lighting, and facility services companies in the United States. The two companies will operate side-by-side under the name “Persona-Triangle.”

Based in Watertown, South Dakota, for over 40 years, Persona is one of the largest national providers of commercial signage and lighting solutions to the hospitality, restaurant, convenience store, and corporate image sectors. Its turnkey solutions include in-house design and engineering, site- and permit-planning, start-to-finish project management, and three state-of-the-art production facilities centrally based in South Dakota, with the capacity and expertise to support the largest brand and sign programs in the world.

While Persona and Triangle will each continue to serve their respective customers and markets directly, the companies will leverage their expertise and deep industry relationships to broaden market reach, cross-sell each firm’s unique competencies, and expand customer solutions. Greg Kulesa will assume the title of Group CEO of Persona-Triangle. Mike Peterson will remain President of Persona and Craig Horn will remain Chief Operating Officer of Persona. Steve Altshuler will remain President of Triangle.

“Persona is a one-of-a-kind market leader in the hospitality, restaurant, and corporate image sign markets. We are tremendously excited about the potential for Persona to expand that leadership into other segments going forward. This transaction was not just about acquiring scale. Rather, this is about building a market leader with the capabilities to deliver the highest quality products and services to customers across all sectors. Much like Triangle, Persona has earned a reputation for superior products, quality, and a steadfast focus on customer service that is second to none in the industry. We could not be happier about our new partnership with Greg Kulesa, Mike Peterson, Craig Horn, and the entire team at Persona,” said Franklin Staley, Managing Director of Exeter.

“We are thrilled about the opportunities before us as Persona-Triangle,” said Greg Kulesa, Group CEO. “Both organizations wield deep-seated cultures of exceptional quality and dedication to our customers’ success, while also caring for our employees and the communities around us. We are excited to apply each firm’s special capabilities to continue to deliver for our customers in the marketplace.”

Enterprise Bank and Trust provided senior debt financing for the deal. Nelson Mullins Riley & Scarborough LLP represented Exeter in the transaction. Persona was represented by Brown Gibbons Lang & Company (BGL), with legal representation from Benesch Friedlander Coplan & Aronoff LLP.