Harbour Group has acquired SpotSee, the longtime Dallas-based developer and manufacturer of shock, vibration, temperature, and other environmental condition monitors for in-transit, in-plant, and in-storage applications using the Internet of Things (IoT), according to a statement.
“With a strong reputation of operational excellence, Harbour Group is uniquely positioned to assist in our efforts to grow the business,” Tony Fonk, SpotSee’s CEO and president, said in a statement. “We believe this partnership will accelerate our new product development and continue to build a strong brand in growing markets.”
No terms of the deal were released.
SpotSee, founded in 1976, has a wide portfolio of branded products including RFID, Bluetooth, satellite, and cellular-connected devices providing real-time tracking, monitoring, and reporting capabilities, according to a statement. It has a global network of more than 200 sales and technical partners in 62 countries.
SpotSee’s global business relationships
“SpotSee was one of the legacy portfolio companies we held after the spin-off of CSW Industrials and launch of our credit investment strategy,” Bowen Diehl, president and CEO of Capital Southwest, said in StreetInsider. “Over the past four years, the management team has done a stellar job growing the business and positioning the company for future growth.”
SpotSee has roughly 80 employees and an estimated income of $21 million.
It has manufacturing facilities in Graham, Texas, and Chihuahua, Mexico, along with operations in the Netherlands, United Kingdom, Shanghai, and Mexico City. In April, the company said it moved its ShockLog impact recorder manufacturing facility from England to Graham to better serve its customers and grow its U.S. workforce.
“SpotSee offers a well-recognized and respected brand of products uniquely positioned to serve customers across diverse end markets,” Jeff Fox, Harbour Group’s chairman and CEO, said. “In a world where connectivity is in high demand, we are eager to support the SpotSee team as they continue to innovate and launch new products into a growing market. We intend to invest in new product development, new markets, and in complementary acquisitions.”
Headquartered in St. Louis, Missouri, Harbour Group is a privately owned multinational private equity firm that was founded in 1976.
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