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January 6, 2022

BGL Announces the Majority Recapitalization of Persona Signs by Exeter Street Capital Partners to form Persona-Triangle

Brown Gibbons Lang & Company (BGL) is pleased to announce the sale of a majority stake of Persona Signs (Persona) to Exeter Image Holdings, LLC, a portfolio company of Exeter Street Capital Partners (Exeter), the private equity affiliate of Patriot Capital Group. Persona will be operated side by side with Triangle Sign & Service, an existing portfolio company of Exeter, under the name “Persona-Triangle.” Members of the Persona-Triangle leadership team, in addition to Harbert Credit Solutions, NewSpring Mezzanine, and Northcreek Mezzanine, partnered with Exeter on this transaction. BGL’s Industrials Group served as the exclusive financial advisor to Persona in the process. This transaction furthers BGL’s market-leading position in industrial investment banking, advising company founders and executives across a range of Industrials sub-sectors.

The transaction also included the sale-leaseback of three single-tenant facilities — two in Watertown, SD, and one in Madison, SD. Persona’s shareholders were represented by BGL’s Real Estate Advisors team on the sale-leaseback component of the deal.

The specific terms of both the operating company and sale-leaseback transactions were not disclosed.

Persona is one of the largest national providers of commercial signage, adaptive electronic messaging centers, digital menu boards, energy-efficient smart lighting, and electric vehicle charging solutions to the hospitality, QSR, convenience store, large-format, and corporate image sectors. Its turnkey solutions include in-house research and development, proprietary design and engineering, LED optimization and remote monitoring system integration, site- and permit-planning, and start-to-finish project management. Additionally, its state-of-the-art production and advanced digital capabilities provide the capacity and expertise to support the largest brand and sign programs in the world.

Together, Persona-Triangle forms one of the largest signage, lighting, and facility services companies in the United States.

Greg Kulesa of Persona 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.