Source Capital is pleased to announce its equity investment in Rapid Prep, LLC (“Rapid Prep” or the “Company”), a full-service equipment rental and sales business focused on meeting the essential surface preparation and environmental needs of the nation’s maritime, defense, industrial and infrastructure industries.
Rapid Prep has a national footprint for growth, with operations strategically located in major maritime, navy and industrial centers, including its headquarters in North Kingstown, RI; Suffolk, VA; El Cajon, CA; and Lakewood, WA. The Company distinguishes itself in the markets that it serves by providing superior customer service and possessing unique fabrication and manufacturing capabilities.
“We are excited to partner with the Source Capital team, and we value the experience, insight, and resources they bring to accelerate Rapid Prep’s growth objectives,” said Mike Hogue, co-Founder of Rapid Prep. “Through this partnership, we can continue our journey to becoming the pre-eminent provider of surface preparation equipment in the country,” said Chris McNamara, co-Founder of Rapid Prep.
Ryan Berg, Principal at Source Capital, stated, “Rapid Prep has built an impressive company over the past 17 years and is at a unique inflection point in its lifecycle. We believe that our partnership will enable the company to take the next step in expanding its business while continuing to service its customers better than its competition.”
Rapid Prep was advised by Mensura Capital, LLC. Hinckley, Allen & Snyder LLP provided legal counsel to Rapid Prep. King & Spalding LLP provided legal counsel to Source Capital.
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, vacuums, blasters, dryers, fans, pressure washers 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, LLC is an Atlanta, GA based private investment firm that provides flexible equity and debt capital to middle-market companies across a range of industries. Source Capital’s investment strategy targets growing companies with leading market positions that are seeking a growth-oriented partner. Since its founding in 2002, Source Capital has made 28 equity platform investments, 57 add-on acquisitions and 45 debt investments. 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.