Spectrio, an in-store marketing company headquartered in Oldsmar, was acquired by The Jordan Company, a New York-based private equity firm.
Spectrio’s existing management team, led by CEO Dax Brady-Sheehan, will continue to lead the company, a news release said. Financial terms were not disclosed.
It’s the third time since 2014 that Spectrio has traded hands. The Riverside Co. took a majority stake in Spectrio in 2014, then sold its stake in 2017 to Bertram Capital in San Mateo, California. Bertram in turn sold to The Jordan Company this month. Bertram will retain a minority equity interest in the business.
Spectrio provides marketing content management solutions for a variety of end markets. Products include digital signage, interactive kiosks, on-hold marketing, on-premise messaging & music and Wi-Fi marketing. The company has a subscription-based model and its products are used in more than 100,000 customer locations, according to the news release.
Spectrio was listed at No. 3,050 on the 2020 Inc. 5000 list. It’s the ninth time in 13 years it made the Inc. 5000.
The company has grown substantially since it was founded in 2002 and originally named Audio Messaging Solutions LLC. Brady-Sheehan, a former executive at Google, joined as CEO in 2018. Under his leadership, Spectrio expanded its engineering and product teams, launched new products, and introduced several third-party API integrations for its digital solutions. It has also made at least a half-dozen acquisitions in the past two years.
Bertram Capital was a true partner in supporting Spectrio as the company executed its strategic vision, said Brady-Sheehan. He said more growth is ahead.
“We are very excited to have [The Jordan Company] as our new partner and with their support look forward to continuing to expand our business into the digital signage and interactive kiosk markets through both organic and acquisition-oriented initiatives,” Brady-Sheehan said in the news release.
The Jordan Company, which invested in Spectrio through an affiliate of The Resolute Fund IV, L.P., has experience investing in content management solutions and expects to continue to execute a consolidation strategy in what is a highly fragmented market, said Brad Wilford, a partner at the investment firm.
Lumos Partners served as financial advisors and Kirkland & Ellis LLP served as legal counsel for The Jordan Company. Baird and Lincoln International LLC served as financial advisors, and Paul Hastings LLP served as legal counsel to Spectrio.