AUSTIN,July 27, 2018 /PRNewswire/ — Source Capital, LLC (“Source”), a private equity firm specializing in lower middle-market companies, is pleased to announce that it has invested in Texan Allergy, LLC (“Texan”), a provider of management support services to affiliated allergy practices, and formed a partnership with Texan Allergy & Sinus Center (“TASC” or the “Company”), Texan’s first practice affiliation. The terms of the deal were not disclosed.
Headquartered in Austin, Texas, the Company is a market leader in Central Texas with 20 locations throughout the region. The Company offers allergy and sinus care, including immunotherapy treatment for environmental and food allergies, as well as surgical treatment for chronic sinus and nasal issues.
Source is proud to partner with Texan’s founders, CEO Allie Thompson and Dr. Chris Thompson, who have established the Company’s reputation for high quality medical care and led impressive growth to date through the addition of new location openings and service line expansions. Source, Allie and Dr. Thompson plan to continue building upon Texan’s market leading presence across Central Texas, while also targeting expansion opportunities in key Texas and out-of-state markets. Texan will pursue new affiliations with independent allergy practices to continue to support clinicians while maintaining a patient-first culture.
“The partnership with Source provides us with access to additional capital, operating resources and strategic guidance as we seek to expand our presence in Texas and beyond. Source is the right partner to help us as we enter our next phase of growth,” said Allie Thompson, who will continue in her role as CEO.
“Source’s ability to support our identified growth initiatives by leveraging its proven experience in the multi-site healthcare services space will be key to our continued growth. Further, their emphasis on prioritizing the highest standards for quality of care was vital to the partnership,” said Dr. Thompson, who will continue to lead the Company’s clinical team as Chief Medical Officer.
Tom Harbin, Managing Partner at Source Capital, stated, “We are thrilled to partner with Allie, Dr. Thompson and the rest of the Texan team, and we look forward to continuing to grow the business. The Company offers an excellent foundation to build a best-in-class organization.”
The Marwood Group, McGuire Woods LLP and Riveron assisted Source Capital with due diligence on the transaction.
For more information about TASC, please visit: https://www.texanallergy.com/
About Source Capital
Source Capital is a private equity firm that invests in mature, 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 22 equity platform investments,34 add-on acquisitions and 20 debt investments. Source Capital has offices in Atlanta and San Francisco. For more information, please visit: http://source-cap.com/