Industry: Business Services
Los Angeles, CA, (June 10, 2013) – StoneCalibre announced today that it has acquired the Charlotte, North Carolina-based Source Technologies from Liberty Partners. Source Technologies is a leading provider of advanced Magnetic Ink Character Recognition ("MICR") laser printers, consumables, maintenance, software, and accessories primarily to the banking industry.
Since its founding in 1986, Source Technologies has been one of the few vendors with the expertise and experience to provide high-quality MICR products that are able to meet the strict compliance needs of the MICR printing industry. MICR check printing and fraud prevention is a core application within the secure print market and will remain an important component of Source Technologies' solution set.
"We are thrilled to have the opportunity to work in partnership with the strong and loyal employee base of the company who are committed to being the go-to provider for MICR solutions and secured print in the market," said Brian Wall, Founder and Chief Executive Officer of StoneCalibre, "and we are committed to putting in the effort necessary to help Source Technologies achieve new heights."
Keith Hamilton, the newly appointed CEO of Source Technologies, expressed his enthusiasm for partnering with StoneCalibre to capitalize on future growth opportunities. "We are excited to leverage StoneCalibre's expertise as we pursue opportunities in security around print. This is an area of growing concern beyond our traditional financial markets and we look forward to expanding our secure print solutions to adjacent markets such as healthcare and staffing."
Berkery Noyes served as the exclusive financial advisor to Source Technologies. The terms of the transaction were not disclosed.
Headquartered in Century City, CA, StoneCalibre is a privately funded investment firm specializing in the acquisition of lower middle market companies. Founded by Brian Wall in 2012, StoneCalibre is focused on making investments in both special situations and quality long-term capital investment opportunities. Please visit our website at www.stonecalibre.com.
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