Source Capital, through Source Capital Credit Opportunities IV, LP (“SCCO IV”), is pleased to announce its investment in Hiatus Spa + Retreat (“Hiatus” or the “Company”), a multi-unit wellness and medical spa business. SCCO IV, in partnership with Gemini Investors (“Gemini”), supported the acquisition of Hiatus by private equity sponsor Platt Park Capital (“Platt Park”), providing debt financing and an equity co-investment to support the transaction.
Headquartered in Dallas, Texas, Hiatus is a multi-unit wellness spa offering best-in-class services across eight locations in Dallas, Austin, Houston, and San Antonio. The Company offers a monthly wellness program to its members as well as supplemental services, including signature massages, facials, body treatments, medspa services, and nail therapies.
“We are extremely pleased with the partnership that Source, Platt Park, Gemini, and the management team have built together leading up to the closing of Hiatus,” said Rob Kissling, Principal at Source Capital. “We are impressed with Platt Park’s approach to unit-level profitability and multi-unit growth and are excited about our continued partnership with them to help scale the business over the coming years.”
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 27 equity platform investments, 57 add-on acquisitions and 51 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.