The UHBX-3S HDMI splitter by Hall Research. Photo via fb.com
A local private equity firm has acquired a majority stake in an out-of-state maker of audiovisual hardware and software.
Grand Rapids-based Blackford Capital said this week it acquired the stake in Tustin, California-based Hall Research.
Terms of the deal were not disclosed.
Hall is Blackford’s sixth investment within its National Growth Practice and 13th portfolio company.
“We were impressed with Hall’s ability to leverage its in-house engineering and product innovation capabilities in developing custom-tailored solutions for its customers,” said Dennis Dunn, a Blackford Capital operating partner and director of the firm’s National Growth Practice.
“We are confident that we can assist management in leveraging those capabilities in new market segments and geographic regions going forward.”
Ali Haghjoo, founder and CEO, and Gail Haghjoo, CFO, a husband-and-wife team, will retain a minority ownership stake in Hall, and Blackford will “partner” with them to move the company forward.
“We are thrilled to be partnering with such an experienced and dedicated team at Blackford Capital,” Ali Haghjoo said.
“We feel that with Blackford’s expertise, financial and operational insight and willingness to partner together, Hall has tremendous potential in achieving growth and other strategic initiatives in the months and years to come.”
Founded in 2000, Blackford Capital is a private equity firm that makes majority-control investments in founder- and family-owned, lower middle-market manufacturing, distribution and services companies.
Blackford’s National Growth Practice includes several other investments: Reno, Nevada-based Online Tech Stores; Hanover, Pennsylvania-based McClarin Plastics; and Bloomingdale, Illinois-based Snowhite Hospitality — with previous exits from Minneapolis-based Staging Concepts and Westlake Village, California-based Key Health.
Founded in 1984, Hall Research is a designer, engineer and manufacturer of audiovisual hardware and software that communicate between sources and displays.
Its products include matrix switchers, scaling products and automation products.
Hall serves customers in the medical, education, digital signage, corporate IT, cinema, retail and government markets.