CHARLOTTE, N.C., Jan. 07, 2020 (GLOBE NEWSWIRE) -- Capitala Group (“Capitala”), a provider of capital to lower middle market companies, is pleased to announce its recent growth strategy investment in Source Support Services (“Source Support”), a provider of outsourced technical product support services for equipment manufacturers. Under the agreement, Capitala and members of Source Support’s senior management team have acquired Source Support from founder Mark Oldfield. Capitala will provide capital to enable growth through continued expansion into the information, medical and industrial automation technology markets, broadening of service offerings and increased development of new technology.
“I am extremely proud of the value we have created for our global customers and appreciate their ongoing support and commitments,” said Stolz. “Having Capitala’s support in our growth strategy enables Source Support to invest in areas such as technological advances, expanding vertical markets and growing sales capabilities and resources. The partnership with Capitala will strengthen Source Support’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 and quality-driven solutions that advance the overall customer experience. I’ve never been more excited about our future.”
“We are excited to be partnering with Source Support’s management team and have been very impressed with the team’s track record of success,” stated Joe Alala, III, Chairman and CEO of Capitala Group. “We share management’s ambitions for the expansion of Source Support’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.”
Capitala Group’s Jack Vander Leeuw, Adam Richeson and Jack McGlinn will join the Source Support board. 7 Mile Advisors, LLC acted as strategic advisor to Source Support Services throughout the transaction.
About Capitala Group
Capitala Group is a $3.0 billion asset management firm that has been providing capital to lower middle market companies through its credit, growth and equity investment strategies throughout North America for twenty years. Since its 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 its individual and institutional investors. For more information, definition and details visit Capitala Group’s website at www.CapitalaGroup.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 24x7 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 and 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. For more information, visit www.sourcesupport.com.
Contacts:
Steve Arnall
CFO | COO
sarnall@capitalagroup.com
Katina Cole Jakubowski
Director of Marketing
kjakubowski@capitalagroup.com
