Source Support has been acquired by Capitala
7 Mile acted as the exclusive sell-side advisor to Source Support in their sale to Capitala
The investment will enable growth through continued expansion into the information, medical, and industrial automation technology markets.
CHARLOTTE, NC — Source Support Services (“Source”), a Lawrenceville, GA-based provider of outsourced technical product support services for equipment manufacturers, announced that they have reached an acquisition agreement with Capitala Group (“Capitala”). Capitala is a Charlotte, NC-based leading provider of capital to lower middle market companies. 7 Mile Advisors (“7 Mile”) acted as the exclusive sellside advisor to Source throughout the transaction, marking their 11th successful transaction in 2019.
“Source Support is a highly recognized business service partner to large, global technology and Healthcare corporations. Source, enabled by world class leadership, technology, and process, is strategically positioned for explosive growth. This partnership between Source and Capitala will unlock the bottlenecks and rapidly capitalize on the growth opportunities. I am excited to watch this path to ongoing success unfold,” said Mark Landry, 7 Mile Managing Director.
Joe Alala, CEO of Capitala, said, “We are excited to be partnering with Source’s management team and have been very impressed with the team’s track record of success. We share management’s ambitions for the expansion of Source’s global platform and will be investing to scale the business further by focusing on revenue growth and the enhancement of its business portfolio across new market segments.”
As part of the transition, Mark Oldfield will retire and Mike Stolz, who was appointed as CEO in 2017, will continue to serve as Chief Executive Officer to Source. Source’s current management team will remain in place and continue to provide day-to-day management and execute their vision by delivering superior service and support.
“I am extremely proud of the value we have created for our global customers and appreciate their ongoing support and commitments,” said Mike Stolz, CEO of Source Support Services. “Having Capitala’s support in our growth strategy enables Source to invest in areas such as technological advances, expanding vertical markets and growing sales capabilities and resources. The partnership with Capitala will strengthen Source’s position as an innovative, equitable and sustainable business leader in the technology services industry. Capitala is as committed as we are to our mission of delivering innovative & quality-driven solutions that advance the overall customer experience. I’ve never been more excited about our future.”
7 Mile is a leading boutique investment bank serving Technology and Business Services companies across the globe. The partner-led investment bank is headquartered in Charlotte, NC, with additional offices in Chicago, Houston, Pittsburgh, and West Palm Beach. The team at 7 Mile work as a close knit group, executing effective and efficient transactions for their clients, in addition to providing valuation and market assessment advisory services. To learn more about the firm, or to review recent research on the Technology and Business Services ecosystem, visit their website at 7mileadvisors.com.
“7 Mile was instrumental in securing Capitala as our investment partner. The level of organization and structure that the 7 Mile team brought to the process provided us with confidence every step of the way. The team not only took the time to understand our business and the global services we offer, but also understood our culture and the value our employees bring to the industry,” said Mike Stolz, CEO of Source Support.
About 7 Mile Advisors
7 Mile Advisors provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. 7 Mile Advisors advises on M&A and private capital transactions, as well as provides market assessments and benchmarking. As a close-knit team with a long history together and a laser focus on our target markets, 7 Mile Advisors helps its clients sell companies, raise capital, grow through acquisitions, and evaluate new markets. All securities transactions are executed by 7M Securities, LLC, member FINRA / SIPC. For more information, including research on the M&A markets, visit www.7mileadvisors.com.
About Source Support Services
Source provides outsourced product support services for technical equipment manufacturers across a variety of industries, including information, medical, and industrial automation technologies. Source delivers 24×7 on-site support services, implementation services, and global service parts logistics for mission critical environments in over 100 countries around the globe. Its mission is to deliver innovative & quality-driven solutions that advance the overall customer experience. Source’s disciplined approach to detailed case processes assure outstanding services delivery that is consistent and repeatable around the world. Built on quality service delivery and customer focus, Source’s results-oriented approach provides a highly consistent service experience to end-users around the globe. For more information, visit https://sourcesupport.com/.
About Capitala Group
Capitala Group is a $3.0 billion asset management firm that has been providing capital to lower middle market companies throughout North America for twenty years. Since our inception in 1998, Capitala has invested in over 150 companies and seeks to partner with strong management teams to create value and generate superior risk-adjusted returns for our individual and institutional investors. For more information, visit our website at www.CapitalaGroup.com.