Source Support Services (Source), a provider of outsourced technical product support services for equipment manufacturers, announced today that it has reached an acquisition agreement with Capitala Group (Capitala), a leading provider of capital to lower middle market companies. Under the agreement, Capitala and members of Source’s senior management team have acquired Source 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. 7 Mile Advisors, LLC acted as strategic advisor to Source Support Services throughout the transaction.
Mark Oldfield will retire, Mike Stolz will continue to serve as Source’s CEO and the rest of Source’s current management team will remain in place. Stolz was appointed CEO in 2017 after serving as its chief operating officer in 2016.
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.”
“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 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 and quality-driven solutions that advance the overall customer experience. I’ve never been more excited about our future.”
“I am so grateful to have spent the last 20 years leading Source Support Services to become the company it is today,” said Oldfield. “I want to thank our employees for all their efforts and commitment to our customers’ success. Our team and its culture are the reason for the company’s consistent growth and delivery of unparalleled customer service and satisfaction. Capitala’s investment will enable Source to reach its maximum growth potential.”
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 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.
About Capitala Group
Capitala Group is a $3 billion asset management firm that has been providing capital to lower middle market companies throughout North America for 20 years. Since its inception in 1998, Capitala has invested in over 150 companies and seeks to partner with strong management teams to generate value and superior risk-adjusted returns for our individual and institutional investors. For more information, visit www.CapitalaGroup.com.