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January 8, 2024

King & Spalding Advises Source Capital on Rapid Prep Investment

King & Spalding advised Source Capital LLC on its equity investment in Rapid Prep, LLC (“Rapid Prep”), 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. For more information on this transaction, view the press release. 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. 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. The King & Spalding team advising Source Capital on the investment consisted of Justin King, Will Jordan and Kristen Landers.