Source Capital Supports 39 North Capital’s Investment in a Southeastern Quick Service Restaurant BBQ Concept

Source Capital, through Source Capital Credit Opportunities IV, LP (“SCCO IV”), is pleased to announce its investment in a southeastern quick service restaurant (“QSR”) barbecue concept with locations across multiple states. SCCO IV supported the acquisition of the Company by private equity sponsor 39 North Capital (“39N” or the “Sponsor”) by providing debt and equity co-investment financing to support the transaction.

The Company is a longstanding staple within its core geographic footprint, which spans one of the fastest growing markets in the country, and is well known for its quality barbecue, quick service times, and focus on customer service, which collectively underpin a strong regional brand with a loyal customer base. Subsequent growth will be driven by the Sponsor’s rigorous approach to new site identification and supported by the ample cooking capacity that exists at current facilities.

“39 North brings impressive QSR knowledge and experience successfully growing brands which we’re confident will provide meaningful operational efficiencies to the Company, and we look forward to supporting the business during its next phase of growth,” said Joe Rodgers, Managing Director at Source Capital.

About 39 North Capital

39N is a private equity sponsor that provides capital to transition and grow businesses led by experienced and entrepreneurial owner-operators for mature, cash-generating businesses that provide durable value to their customers and positively impact their communities. The Sponsor primarily concentrates on two core sectors: (i) multi-unit consumer-focused brands and the companies that service these brands, and (ii) businesses providing solutions to maintain, operate, and upgrade the built environment. 39N has completed three transactions to date since its founding in 2017. Please visit the firm’s website at for more information.

About Source Capital, LLC

Source Capital is a private investment firm focused on providing flexible equity and debt capital to lower middle-market companies across a range of industries. Source Capital’s investment strategy targets growing companies with greater than $2 million in EBITDA seeking a growth-oriented partner. Since its founding in 2002, Source Capital has made 23 equity platform investments, 43 add-on acquisitions and 37 debt investments through four separate credit funds.  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.

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