SPAR Group, a provider of merchandising, marketing and distribution services for retailers and brands, has announced its intention to go private through a letter of intent (LOI) with Highwire Capital.  

The LOI, which is non-binding except for exclusivity and certain legal terms, has received unanimous approval from SPAR’s board and a special committee of independent directors created to evaluate strategic alternatives. 

Highwire Capital has proposed to acquire SPAR Group in a merger deal valued at $58m, or $2.50 per share, payable in cash.  

The offer is subject to adjustments, due diligence, the negotiation and execution of a definitive merger agreement and the satisfaction of conditions.

The acquisition is contingent upon satisfactory due diligence by Highwire, approval by a majority of SPAR Group’s common stock shareholders at a special meeting, other regulatory approvals and closing conditions. 

The LoI does not guarantee the completion of the proposed acquisition or any other transaction.  

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SPAR Group stated that no obligation or agreement will be considered binding unless a definitive agreement has been executed, which may contain terms materially different from those proposed in the LOI.

Lincoln International serves as financial advisor to SPAR Group, while Foley & Lardner is providing legal counsel for the process. 

SPAR Group CEO and president Mike Matacunas said: “The proposed merger with Highwire Capital will maximise value to our stockholders and enable us to continue our growth while offering innovation and more value to our clients. Highwire is expected to retain the SPAR executive team. Our commitment to clients and service is unchanged and our passion for results is unwavering.” 

In September 2022, SPAR Group launched a strategic review of its business to maximise value for its shareholders.