Based in California, A Plus is one of the largest independent tree care service providers on the West Coast with over 2,000 customers (~95% commercial) across California, Washington, Oregon, and Utah. Tree care is a large, growing industry with low cyclicality, underpinned by stable fundamental growth drivers and the non-discretionary, recession-resistant nature of the category spend, which in turn leads to predictable revenue streams. The Company employs a high touch, consultive sales model, led by its deep bench of 30 certified arborists and 1 master arborist, which is designed to build lasting relationships with customers, drive recurring business, and develop brand advocates.

“Hyperion brings lower middle market PE experience, a strong growth strategy, and complementary strategic skills to the Company, and we look forward to supporting their ongoing growth and expansion efforts in the next phase,” said Rob Kissling, Principal at Source Capital.

About Hyperion Capital Partners
Hyperion Capital Partners is a private investment firm based in Los Angeles that establishes and utilizes partnerships with management to produce substantial long-term value. Hyperion makes control investments in companies that generate between $20 and $200 million of revenue and that are headquartered in North America. For more information, please contact info@hyperion-cp.com or visit www.hyperion-cp.com.

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 39 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 source-cap.com, our LinkedIn page, or reach out to a member of our investment team.

Looking ahead, we are actively seeking new debt and equity investments, including add-on opportunities. Additionally, we are actively seeking two pre-MBA associates to join our team in the coming year. Thank you all for your continued support, and best wishes for a healthy and prosperous 2023!

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 40 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 source-cap.com, our LinkedIn page, or reach out to a member of our investment team.

Headquartered in West Palm Beach, FL, Guardian provides superior towing, recovery, and specialized transportation services to municipal, state and federal agencies, and commercial enterprises and is the largest provider of towing, recovery, and specialized transportation in the United States. Guardian was formed in 2017 as a consolidator of fragmented towing, recovery, and specialized transportation companies in Florida. Today, Guardian consists of 23 locations strategically located throughout Florida and Georgia. The affiliated companies have 200+ years of combined experience, over 400 employees, and more than 400+ assets in its specialized towing and transportation fleet. Guardian is recognized as the industry leader in towing and transportation services while employing and embracing the best people and technology while continuing to focus on internal efficiencies in its business model.

“This is our third investment with CHIEF Capital, realizing a successful exit in the first one, and we are excited to partner with Backcast and Morgan Stanley to support CHIEF’s and Guardian’s continued growth,” said Joe Rodgers, Managing Director at Source Capital. “Guardian’s management team has already demonstrated a successful track record of acquisitions and integration so we all look forward to the ongoing buildout of that strategy.”

About Chartwell Investments Entrepreneur & Founder Capital (CHIEF Capital)

CHIEF Capital provides flexible private equity for entrepreneurs, family-owned businesses, and corporate carveouts. The firm partners with management owners to help realize their visions and provide long-term capital, resources, and expertise to accelerate growth and provide generational liquidity. CHIEF Capital customizes each investment to meet the objectives of its entrepreneur and family partners. With 45+ years of experience, over $750 million of recent transaction value, 6 current platform investments and 16 recent add-on acquisitions, CHIEF Capital focuses on niche lower middle market companies with an emphasis on healthcare, healthcare services, business services, niche manufacturing segments. Please visit CHIEFcap.com for more information.

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 41 debt investments through its credit platform (four separate credit funds), which was formed in 2011. To learn more about Source Capital or to discuss a new equity or debt investment opportunity, please visit source-cap.com, our LinkedIn page, or reach out to a member of our investment team.

Prior to joining Source Capital, Charles spent 12 years at Goldman Sachs Specialty Lending focused on underwriting and portfolio management. Prior to Goldman, Charles was an investment banking professional at Morgan Keegan.  Charles is a graduate of Southern Methodist University (“SMU”).

Matt joins Source Capital after spending four years in the investment banking division at Truist Bank and is a graduate of University of Georgia.

“We are very pleased to have Charles and Matt join the team as we continue to grow the overall investment strategy of the firm,” said Tom Harbin, Managing Partner. “Charles’ many years in the alternative investment space will be very valuable as we continue to add new investments to our maturing credit platform.  Matt’s skillset, which he developed while at Truist, will be a valuable asset for both our strategies.”

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 41 debt investments through its credit platform (four separate credit funds), which was formed in 2011. To learn more about Source Capital or to discuss a new equity or debt investment opportunity, please visit source-cap.com, our LinkedIn page, or reach out to a member of our investment team.

We would like to take this opportunity to thank our investors, partners, and friends for an active and a successful first half of the year. During 1H 2023, we closed 19 investments across our two investment strategies – (i) control equity and (ii) direct lending (Fund IV) – and achieved a successful exit on an existing investment (M&M Carnot), which sold to Johnson Controls.  Of the 19 investments, we closed two new platform investments, and we were very active in supporting our portfolio companies, closing 17 follow-on / add-on acquisitions across a number of industries, including Auto Collision Repair, Tree Care, Solar, Appraisal Management, IT Services, Professional Services, and Home Storage.  Lastly, we added three new members to the team to support ongoing growth.

Looking ahead, we are actively seeking new debt and equity investments, including add-on opportunities. Thank you all for your continued support, and best wishes for a healthy and prosperous 2H 2023!

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 27 control equity platform investments and 57 add-on acquisitions in addition to 47 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 source-cap.com, our LinkedIn page, or reach out to a member of our investment team.