Source Capital is pleased to announce an equity investment in Pinnacle Central Company, LLC ("Pinnacle" or the "Company"), a full-service provider of surface preparation and industrial equipment rental services and sales to the U.S. maritime, defense, industrial and infrastructure industries. Source Capital's investment in Pinnacle represents the newest addition to its family of companies focused on equipment rental and sales, alongside its recent investment in Rapid Prep, LLC ("Rapid Prep") in December 2023.
Pinnacle has a significant footprint across the Southeastern United States, with operations located in Jacksonville, FL (headquarters) and Polk City, FL. Jacksonville represents a growing U.S. Navy and general industrial market, and Polk City provides the Company strategic access to Florida's gulf coast. Coupled with Rapid Prep's locations in North Kingstown, RI; Suffolk, VA; El Cajon, CA; and Lakewood, WA, Source Capital's companies have a growing presence across some of the most critical geographies for surface preparation equipment in the U.S.
Pinnacle differentiates itself from competitors by providing leading customer service and a complete offering to meet its customers' needs, further enabled by serving as a registered dealer of Doosan Bobcat and possessing a line of business dedicated to selling abrasive material to its client base.
"We are excited to partner with the Source Capital and Rapid Prep teams, and with the combined resources of all three parties, we are uniquely positioned to achieve our growth goals and continue to serve our customers' growing needs," said Cameron Porter, President of Pinnacle. "The synergy potential and compatibility of this partnership is extremely exciting as the companies enter into their next chapter of growth," said Steve Archibald, Founder of Pinnacle.
Ryan Berg, Principal at Source Capital, stated, "Over the past 25 years, Pinnacle has built an extraordinary business by serving its customers better than others in its market. We are excited for Pinnacle to join forces with Rapid Prep and leverage each other's capabilities on their journey to becoming the leading surface preparation and related equipment provider in the industry."
Pinnacle was advised by Mensura Capital, LLC. Nelson Mullins Riley & Scarborough LLP provided legal counsel to Pinnacle. King & Spalding LLP provided legal counsel to Source Capital.
About Pinnacle
Founded in 1999, Pinnacle is a provider of surface preparation and industrial equipment rental services, equipment sales, and consumables, parts and accessories sales, primarily across the Southeastern United States. The Company services customers across the U.S. maritime, defense, industrial and infrastructure industries. Pinnacle provides a full suite of products, including but not limited to, air compressors, dust collectors, lifting equipment, fans, generators, dryers, pressure washers and other related products. The Company also sells multiple forms of abrasive material used in the surface preparation process, and also serves as an exclusive dealer of Doosan Bobcat for select products across central and north Florida. Pinnacle is headquartered in Jacksonville, FL and has an additional location in Polk City, FL. To learn more about Pinnacle, please visit www.pinnaclecentral.com.
About Rapid Prep
Founded in 2006, 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, industrial vacuums, abrasive blasters, and air dryers, along with consumables, parts, accessories and other related products. The company 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 is headquartered in North Kingstown, RI and has additional locations in Suffolk, VA; El Cajon, CA; and Lakewood, WA. To learn more about Rapid Prep, please visit www.rapidprep.com.
About Source Capital
Source Capital is an Atlanta, GA based private investment firm that provides flexible equity and debt capital to middle market companies. The firm has a value-added investing approach that brings (i) patient capital focused on long-term value creation; (ii) collaborative partnerships with management teams and founders; and (iii) strategic and operational resources to its portfolio companies. Source Capital's investment strategy targets healthy, growing companies seeking a hands-on, growth-oriented partner. To learn more about Source Capital or to discuss a new equity or debt investment opportunity, please reach out to a member of our investment team or visit www.source-cap.com.