Source Capital Supports Eagle Merchant Partners’ Investment in Puget Collision

Source Capital, through its Source Capital Credit Opportunities IV, LP (“SCCO IV”), is pleased to announce its investment in Puget Collision, LLC (“Puget” or the “Company”), a multi-unit auto collision repair business operating in the CARSTAR and Fix Auto franchise systems. SCCO IV invested in the Company alongside private equity sponsor Eagle Merchant Partners (“Eagle”) and owner-operator Joe Morella, providing debt financing and an equity co-investment to finance the transaction and provide runway for future growth. Puget is SCCO IV’s second investment alongside Eagle.

Located in the Pacific Northwest, Puget provides auto repair services for vehicles with material damage to the vehicle’s body, glass, and paint. Puget currently operates in 19 locations and will be actively seeking add-on acquisitions of other repair shops in the region. The collision repair industry is a large, fragmented, growing market that has proven to be resilient over the long term due the non-discretionary, recession-resistant nature of the category spend and stable fundamental growth drivers.

“Joe Morella and Eagle bring extensive operational and multi-site consumer investment experience to the Company, and we look forward to supporting their ongoing strategy and expansion,” said Joe Rodgers, Managing Director at Source Capital.

About Eagle Merchant Partners
Eagle Merchant Partners is an Atlanta-based private equity firm focused on investments in founder-owned companies with unique growth opportunities. The partnership is one of the region’s most experienced private equity investors, investing in seventeen companies with more than $1.5 billion in revenues. Eagle Merchant Partners is currently investing out of Fund I. For more information, visit

About Source Capital
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 25 equity platform investments and 52 add-on acquisitions as well as 38 debt investments through four separate credit funds. To learn more about Source Capital or to discuss a new equity or debt investment opportunity, please visit, our LinkedIn page, or reach out to a member of our investment team.

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