Gemspring Acquires Rapid Displays

Gemspring Capital has acquired Rapid Displays, a provider of point-of-purchase displays and related services.

Rapid Displays provides design, engineering, prototyping, production, and logistics services for retail displays, store fixtures, kiosk merchandising, and other visual merchandising products. Customers of the company include Sephora, Anheuser-Busch, PlayStation (Sony), Bank of America, BEHR, and Johnnie Walker (Diageo).

The company is headquartered in Chicago and has over one million square feet of manufacturing and distribution space in Chicago and the San Francisco Bay Area. Rapid Displays is led by CEO David Abramson and has more than 500 employees (www.rapiddisplays.com).

“Rapid is an extremely attractive platform given its market leadership, differentiated product and service offering, and single-minded commitment to customers,” said Bret Wiener, managing partner of Gemspring. “The company’s strong creative capabilities and first-rate customer service have contributed to its stellar reputation among retailers and brands.  We are excited to invest in Rapid and grow the business.”

Gemspring invests in companies that have revenues up to $350 million and are active in the business services, healthcare services, financial services, industrial services, software, and specialty manufacturing sectors. The firm, which held a final closing of its debut fund in November 2016 with $355 million of capital commitments, is based in Westport, CT (www.gemspring.com).

“Rapid has a strong reputation as the most creative company in the point-of-purchase displays industry,” said Jon Altman, a managing director at Gemspring. “By offering a complete solution, from concept design to final delivery and logistics, Rapid has become a reliable partner for blue-chip brands across multiple end markets.  Rapid has an excellent foundation and we are eager to support David and his team in the next stage of the company’s growth.”

“I, along with my team at Rapid, am excited to partner with Gemspring. Their partnership-oriented approach is perfectly suited to Rapid,” said Mr. Abramson. “With Gemspring’s investment and support, I look forward to ensuring that Rapid continues to deliver innovation and the same high-quality service that our customers have come to expect.”

MidCap Financial was the Sole Lead Arranger, Sole Bookrunner and Administrative Agent for a senior secured credit facility that supported this transaction. MidCap’s deal team was lead by Nino Cordoves. MidCap Financial, in alliance with its investment manager Apollo Capital Management, is a middle-market focused, specialty finance firm that provides debt solutions of $10 million to $750 million to companies across all industries.

© 2019 Private Equity Professional | July 12, 2019

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