TopSpot Has Been Acquired by OuterBox, a Portfolio Company of WILsquare Capital


HOUSTON, TEXAS (June 20, 2024) – Statesman Corporate Finance, LLC (“Statesman”) “) is pleased to announce the sale of TopSpot (the “Company”) to OuterBox, LLC (“OuterBox”), a portfolio company of WILsquare Capital. Statesman served as the exclusive financial advisor to TopSpot on this transaction, which closed on June 7th, 2024.

Founded in 2003 and based in Houston, Texas, TopSpot is an established provider of search engine optimization, paid search, website development and analytics services to clients nationwide. The Company is differentiated by its clear understanding of the needs of B2B marketers and its technology-enabled solutions, which leverage first-party data to create proprietary insights and optimize campaign outcomes. As a result, TopSpot consistently achieves high levels of client satisfaction and has earned numerous industry awards and recognitions over its more than 20 years of success.

“We are thrilled to welcome TopSpot into the OuterBox family,” said Jeff Allen, CEO of OuterBox. “This partnership is a significant milestone in our growth strategy, allowing us to greatly extend our industry reach, particularly in the B2B sector. TopSpot’s demonstrated capabilities and client-focused approach align perfectly with our mission to deliver growth for every client.” Andrew Scharf, Director at WILsquare Capital added, “We are excited to support OuterBox in this transformative acquisition. Bringing together OuterBox and TopSpot creates one of the leading, independent performance marketing agencies in the U.S. With a team of more than 240 professionals, the opportunity to leverage our complementary strengths positions the OuterBox platform for significant and accelerated future growth.”

“At TopSpot, we’ve always strived to deliver exceptional results for our clients through innovative solutions and a people-first mindset,” said David Underwood, President, and Co-Founder of TopSpot. “While the strategic fit with OuterBox is undeniable, the decision to join forces with OuterBox and WILsquare was equally driven by the strong cultural alignment between our teams. We are confident that together we can achieve even greater things. We are thrilled with the outcome and very appreciative of the Statesman team for their guidance and support as we navigated this process.”

About the other transaction participants 

Statesman Corporate Finance, LLC (Houston & Austin, TX) is the FINRA-licensed broker-dealer affiliate of Statesman Business Advisors, LLC. With offices in Houston and Austin, Texas, Statesman is a leading middle-market investment banking firm providing merger and acquisition, capital formation, valuation, and other general corporate financial advisory services to middle-market companies. The Statesman team advising on this engagement included Will Jaco, Managing Member, Directors Jessica Seff and Peter Chiu, and Sam Cancienne, Associate.

WILsquare Capital (St. Louis, MO) is a private equity firm focused on acquiring and growing lower-middle market businesses in the Midwest and Southern United States, with an emphasis on business services, niche manufacturing, distribution, and technology companies. Leading this effort on behalf of WILsquare were Director, Andrew Scharf, Associate, Matthew Padgett, and Analyst, Gunner Noble.

Gray Reed & McGraw LLP (Houston, TX) provided legal counsel to TopSpot, led by Partner, Charles Koerth, Partner, Brock Niezgoda, Associate, Savannah Warner, and Associate, Kyle Benson.

Winston & Strawn LLP (Chicago, IL) provided legal counsel to WILsquare Capital, led by Partner, Nicholas Golem, Partner, Brian Schafer, Partner, Blaise Latella, Associate, Dan Drobnick, Associate, Karly Jung, Associate, Samuel Levinson, and Associate, Nicolle Kwon.

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