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  6. Source Capital and Centerfield Capital Partners Invest In Rapid Prep

Investment Summary

Source Capital and Centerfield Capital Partners Invest In Rapid Prep

On December 1, 2023, private equity firm Source Capital and mezzanine finance firm Centerfield Capital Partners invested in business services company Rapid Prep

Investment Highlights
  • This is Source Capital’s 3rd and Centerfield Capital Partners’ 10th transaction in the Business Services sector.
  • This is Source Capital’s 36th and Centerfield Capital Partners’ 87th transaction in the United States.
  • This is Source Capital’s 1st and Centerfield Capital Partners’ 1st transaction in Rhode Island.

Investment Summary
Date 2023-12-01
Target Rapid Prep
Sector Business Services
Investor(s) Source Capital
Centerfield Capital Partners
Deal Type Growth Capital
Advisor(s) Mensura Capital (Financial)
Hinckley, Allen & Snyder (Legal)

Target

Rapid Prep

North Kingstown, Rhode Island, United States
Rapid Prep is a provider of surface preparation equipment rental services, equipment sales, and consumables, parts, and accessories sales nationwide. The Company services customers across the U.S. maritime, defense, industrial, and infrastructure industries. Rapid Prep provides a full suite of products, including but not limited to, dust collectors, vacuums, blasters, dryers, fans, pressure washers, and other related products. Rapid Prep was formed in 2006 and is headquartered in North Kingstown, Rhode Island.

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Investor(S) 2

Investor

Source Capital

Atlanta, Georgia, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 2002
Size Small
Type Sector Agnostic
DESCRIPTION

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.

DEAL STATS #
Overall 36 of 41
Sector (Business Services) 3 of 4
Type (Growth Capital) 7 of 11
State (Rhode Island) 1 of 1
Country (United States) 36 of 41
Year (2023) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-15 Septic Blue

Cumming, Georgia, United States

Septic Blue is a septic services provider catering to Georgia and North Carolina’s residential markets. Septic Blue is known for its full spectrum of septic services, including installations, inspections, maintenance, and repairs. Septic Blue was founded in 2010 and is based in Cumming, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-12 Spinnaker SCA

Denver, Colorado, United States

Spinnaker SCA designs and builds agile supply chains for brands across Consumer Staples, high-tech, Industrial Manufacturing, Retail & Apparel, Medical Devices, and Distribution Industries. Spinnaker SCA was founded in 2002 and is based in Denver, Colorado.

Sell -
Investor

Centerfield Capital Partners

Indianapolis, Indiana, United States

Category Mezzanine Finance Firm
Founded 2001
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Centerfield Capital Partners is a private investment firm that provides subordinated debt and equity capital to mid-market companies. Prospective transactions include acquisition financings, management buyouts, shareholder liquidity needs, recapitalizations, corporate divestitures, ESOP financings, and sponsored/unsponsored transactions. Centerfield generally invests in companies with sales of $15 to $100 million and EBITDA of $3 to $15 million. Target sectors include manufacturing, business services, healthcare services, and transportation/distribution. Centerfield will not invest in early stage businesses, turnaround situations, retail, real estate, and finance companies. Centerfield Capital Partners was founded in 2001 and is based in Indianapolis, Indiana.

DEAL STATS #
Overall 87 of 97
Sector (Business Services) 10 of 12
Type (Growth Capital) 14 of 18
State (Rhode Island) 1 of 1
Country (United States) 87 of 97
Year (2023) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-24 Royalty Roofing

Seymour, Indiana, United States

Royalty Roofing is a provider of commercial and residential re-roofing and repair solutions. Royalty serves a diversified commercial customer base that includes national, multi-unit after-market auto retailers, quick-service restaurants and franchisees, cold storage warehouse owners and operators, and food distributors, among others. Royalty Roofing was founded in 1986 and is based in Seymour, Indiana.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-16 Head Rush Technologies

Louisville, Colorado, United States

Head Rush Technologies is a provider of adventure safety equipment and maintenance services. Head Rush products can be found in climbing gyms, family entertainment centers, and adventure parks, among other facility types. Head Rush Technologies was founded in 2012 and is based in Louisville, Colorado.

Buy -
Mergr

Product

Company

Legal