Source Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Source Capital has acquired 6 companies. It has also invested in 3 others.

Source Capital’s most common sectors for investment arehealthcare services (10%) and information technology (10%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (54%) and growth capital (19%). In total, Source Capital has invested in 18 US states.

In the last 3 years, Source Capital has exited 3 companies. The Firm’s most common exit type is secondary buyout (42%).

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M&A Summary

  • M&A Total Activity48
    • M&A Buy Activity31
    • M&A Sell Activity17
  • Total Sectors Invested 19
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 17
  • M&A Advisors 3

Source Capital LLC

75 Fourteenth Street, Suite 2700,
Atlanta, Georgia 30309
United States
(866) 949-1381
www.source-cap.com
tomharbin@source-cap.com

Source Capital is a private equity firm that invests in mature, smaller companies in a variety of sectors. The Firm generally looks to support management-backed leveraged acquisitions, recapitalizations, growth financings, and various turnaround situations. Source Capital's broad industry focus includes business services, consumer, distribution/supply, healthcare, and light manufacturing. The Firm prefers control investments, but will selectively review minority situations. Target companies are typically profitable with at least $2 million in EBITDA. Source Capital will not invest in venture deals, high tech, or real estate. Source Capital was formed in 2002 and is based in Atlanta, Georgia.


Investment Criteria

Sectors of Interest: Apparel/Textiles, Beverages, Building Materials, Business Services, Chemicals, Construction, Consumer Products, Consumer Services, Distribution, Electrical Equipment, Energy Services and Equipment, Environmental, Healthcare Services, Leisure, Life Science, Machinery, Manufacturing, Medical Products, Plastics, Renewable Energy, Retail, Safety/Security

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Recapitalization, Special Situations/Distressed, Secondary Buyout

Geographic Preferences: East US, Midwest US, South US, West US, Canada

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA 2 -
Investment Size 2 10
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '18 '19 '20 '21 '22 '23 T
Buy (1.8/yr) # 22 - 3 4 2 - 31
Sell (0.8/yr) # 13 1 - 3 - - 17
  48

Most Recent M&A

Company Date Value Type
Kitchen Brains LLC 2022-05-19 - Buyout (LBO, MBO, MBI)
Stratford, Connecticut · www.kitchenbrains.com
AE Tools & Computers 2022-03-01 - Buyout (LBO, MBO, MBI)
Olathe, Kansas · www.aetools.us
TTG Imaging Solutions LLC 2021-12-27 - Secondary Buyout
Pittsburgh, Pennsylvania · www.ttgimagingsolutions.com
Nexus Cognitive Solutions 2021-11-23 - Growth Capital
Addison, Texas · www.nexuscognitive.com
Nelbud Services Group, Inc. 2021-08-17 - Add-on Acquisition
Indianapolis, Indiana · www.nelbud.com
Sparus Holdings, Inc. 2021-08-03 - Secondary Buyout
Peachtree Corners, Georgia · www.sparusholdings.com
Larger Than Average LLC 2021-07-27 - Recapitalization
Springfield, Missouri · www.bigblanket.com
CTL Amedica 2021-06-08 - Growth Capital
Addison, Texas · www.ctlamedica.com
Spinnaker SCA 2021-05-12 - Growth Capital
Boulder, Colorado · www.spinnakermgmt.com
BlueAlly Technology Solutions 2020-09-03 - Buyout (LBO, MBO, MBI)
Cary, North Carolina · www.blueally.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
BlueAlly Technology Solutions 2020-09-03 Corporate Armor Technologies LLC 2023-05-17 3
Cary, North Carolina · www.blueally.com Charlotte, North Carolina · www.corporatearmor.com

M&A by Sector

Sector Current # Value All-time # Value
Apparel/Textiles - - 3 (9%) -
Healthcare Services 1 (8%) - 3 (9%) -
Information Technology 3 (23%) - 3 (9%) -
Machinery 1 (8%) - 3 (9%) -
Manufacturing 2 (15%) - 3 (9%) -
Business Services 1 (8%) - 2 (6%) -
Energy Services and Equipment - - 2 (6%) -
Medical Products 1 (8%) - 2 (6%) -
Automotive 1 (8%) - 1 (3%) -
Building Materials - - 1 (3%) -
Chemicals - - 1 (3%) -
Consumer Products - - 1 (3%) -
Distribution - - 1 (3%) -
Electrical Equipment - - 1 (3%) -
Environmental - - 1 (3%) -
Food 1 (8%) - 1 (3%) -
Leisure - - 1 (3%) -
Real Estate 1 (8%) - 1 (3%) -
Software 1 (8%) - 1 (3%) -
Total 13 - 32 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 13 (100%) - 32 (100%) -
  Georgia 1 (8%) - 5 (16%) -
  Texas 3 (23%) - 3 (9%) -
  Michigan 1 (8%) - 3 (9%) -
  Maryland 2 (15%) - 2 (6%) -
  North Carolina 1 (8%) - 2 (6%) -
  Tennessee - - 2 (6%) -
  Pennsylvania - - 2 (6%) -
  Louisiana - - 2 (6%) -
  Indiana - - 2 (6%) -
  Connecticut 1 (8%) - 1 (3%) -
  Colorado 1 (8%) - 1 (3%) -
  New Jersey 1 (8%) - 1 (3%) -
  Missouri 1 (8%) - 1 (3%) -
  Kansas 1 (8%) - 1 (3%) -
  Florida - - 1 (3%) -
  Utah - - 1 (3%) -
  New York - - 1 (3%) -
  Illinois - - 1 (3%) -
Total 13 - 32 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 8 (62%) - 17 (53%) -
Growth Capital 4 (31%) - 6 (19%) -
Recapitalization 1 (8%) - 4 (13%) -
Secondary Buyout - - 4 (13%) -
Divestiture - - 1 (3%) -
Total 13 - 32 -

Exits by Deal Type

Type Total # Value
Secondary Sale 7 (41%) -
Trade Sale 6 (35%) -
Bankruptcy 1 (6%) -
Divestiture 1 (6%) -
Recapitalization 1 (6%) -
Trade Sale - Public Company 1 (6%) -
Total 17 -

Top M&A Advisors

Financial Deals
Riveron Consulting LLC
 1
Marwood Group LLC
 1
Legal Deals
McGuireWoods LLP
 1

M&A Connections

Deals
Acquired from
Investor(s)
16%
5 (16%)
Strategic(s)
3%
1 (3%)
Exited to
Investor(s)
47%
8 (47%)
Strategic(s)
47%
8 (47%)

Investor Summary

Investor Type

Private Equity Firm

Size

Small

Established

2002

Specialist/Generalist

Generalist

Leadership

Kate Clammer

Co-Founder & Managing Director

Thomas Harbi

Co-Founder & Managing Director

Benjamin Emmons

Managing Director

Joe Rodgers

Managing Director

Thomas van der Meulen

Operating Partner

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