The Capital Corporation announced that ProSource, LLC ("ProSource", headquartered in Greenville, South Carolina) has secured growth capital from CID Capital ("CID Capital", headquartered in Indianapolis, Indiana). ProSource is one of the premier plumbing, kitchen and lighting solution providers in the Southeastern United States, operating five showroom locations across the Upstate of South Carolina/Western North Carolina markets.
For the last twenty-two years, ProSource has established itself as the region's market leader in providing value-added distribution solutions to leading plumbers, builders, contractors, designers, and home owners. ProSource's combination of (i) offering value-add, consultative sales with a seasoned salesforce averaging nearly 20 years of industry experience, (ii) providing access to the most robust inventory in the marketplace, and (iii) generating 98% fill rates and 90%+ on-time delivery rates have fueled double digit annual growth rates for the last five years.
Given the significant growth opportunities facing ProSource, the company wanted to accelerate its business plan further by partnering with the growth investor, CID Capital.
The Capital Corporation, a leading investment bank headquartered out of Greenville, South Carolina and with offices in Spartanburg, South Carolina and Boca Raton, Florida, served as the exclusive advisor to ProSource on the transaction.
Grover Martin, CEO of ProSource, commented
"We are very excited to be partnering with the CID team. Their strategic thinking and access to growth capital will allow us to invest further into the business and offer our customers even more comprehensive solutions at an even higher level of service."
Devin Green, The Capital Corporation's COO, said
"We ran an efficient process where we placed an emphasis on qualifying both quantitative and qualitative considerations from each of the potential partners for ProSource. CID has proven to be an excellent fit and will position the ProSource team to unlock significant value in the years ahead."
Since 1996, ProSource Plumbing Supply has been serving the Carolinas by providing plumbing supplies, luxury plumbing fixtures, lighting and cabinet and door hardware from some of the most reputable brands and manufacturers in the industry. Founded by Grover and Tonya Martin, the company started out with only four employees in a 13,000-square-foot building in Greenville, South Carolina. As one of the few independent plumbing supply organizations in the Upstate, ProSource's headquarters in Greenville now operates from an 86,000-square-foot location, and employs nearly a hundred full time employees.
About CID Capital
CID Capital is a private equity group that makes control investments in high-quality, lower-middle market companies that have shown a consistent track record of success. For companies that have reached a performance level that finds them transitioning beyond being an entrepreneurial business, our Indianapolis, IN-based firm can deliver the planning, experience, resources and capital to overcome critical constraints and build long-term value. With our disciplined approach, we work on minimizing the uncontrollable and turning previously chaotic scenarios into predictable business models.
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