Source Capital backs Penray management in acquiring company

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Source Capital, an Atlanta- and San Francisco-based private equity firm, announced Monday, Jan. 10, that it has backed management of The Penray Companies Inc. in acquiring the company. Joining Source Capital as equity partners in the transaction are Howard Laga, Penray president, and Randy Fowler, Penray vice president of sales and marketing, both continuing on in their current leadership roles.

“Source Capital brings to Penray a talented team of professionals with a successful record of investing and operational experience that will accelerate the execution of our company’s growth and strategic objectives,” Laga says. “We are excited to partner with Source Capital and look forward to adding significant value to our business with their support of our market development and operational improvement programs.”

Source Capital targets healthy, growing companies seeking a growth-oriented partner, focusing on adding value through a hands-on approach of prioritizing and executing strategic initiatives with management. Financial terms were not disclosed.