Investment Summary

Source Capital Invests In Rapid Prep

On December 1, 2023, private equity firm Source Capital invested in business services company Rapid Prep

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

Investment Summary
Date 2023-12-01
Target Rapid Prep
Sector Business Services
Investor(s) Source Capital
Deal Type Growth Capital
Advisor(s) Mensura Securities, LLC / Mensura Capital, LLC (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. It provides a compelling customer value proposition by delivering the highest quality equipment in the industry, providing full service and maintenance, as well as offering unique fabrication and manufacturing capabilities. Rapid Prep was formed in 2006 and is headquartered in North Kingstown, Rhode Island.

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Investor(S) 1

Investor

Source Capital

Atlanta, Georgia, United States

Investor 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 38
Sector (Business Services) 3 of 4
Type (Growth Capital) 7 of 8
State (Rhode Island) 1 of 1
Country (United States) 36 of 38
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 -
Mergr

Product

Company

Legal