Like many entrepreneurs ready to take their startups to the next level, Josh Dominguez knew he needed more capital.
He found a source in PennSpring Capital, a Lancaster-based investment firm.
PennSpring said yesterday it has acquired a majority stake in Dominguez’s company, Refresh LED.
Based in Hampden Township, Cumberland County, the company designs, installs and services LED video walls.
“This is a monumental partnership for us,” Dominguez said in an interview with biznewsPA. “I’m just really excited to embark on this journey.”
For PennSpring, the investment is an opportunity to capture a share of the growing market for video displays. They are popping up in churches, schools, offices, hotels, restaurants and just about anywhere else with flat surfaces and captive audiences.
“There are a lot of tailwinds,” said Lou Castelli, managing partner of PennSpring, which has also been investing in virtual-assistant services.
Castelli and Dominguez declined to share the terms of the transaction but noted that Dominguez retains a significant stake in the business. And he continues to lead the company as its CEO.
Where did it start: Dominguez began installing LED screens in 2018 and launched Refresh LED the following year.
It has grown into a business with about 27 employees and branch offices in Tampa, Florida, and Las Vegas, Nevada.
Revenue this year is on pace for $10 million, said Dominguez, a San Diego native whose wife is from Central Pennsylvania. They met while studying at Central Bible College in Illinois.
The company began moving last year into a roughly 20,000 square-foot building at 6375 Basehore Road in Hampden Township and has been renovating the space for use as offices, warehousing and a high-tech showroom.
“Our vision is to be the most reliable LED video-wall supplier in the country,” said Dominguez, who credited employees with helping the business reach its current stage.
What’s next: The investment from PennSpring will help Refresh LED establish a national brand and potentially open additional offices.
PennSpring also plans to strengthen the company’s finance and inventory management functions, Castelli said.
“It’s a challenge managing inventory when your business is growing quickly,” he said.
In addition, Castelli sees room to expand Refresh LED’s sales team and diversify its vendor base to improve pricing and delivery times.
