Atlanta, Georgia, – June 1, 2016 – Source Capital is pleased to announce the
acquisition of PTI Security Systems (“PTI”), the leading provider of access control
and security solutions to the self-storage industry. PTI founder Lance Comstock will
assume the Chairman position and continue to provide strategic guidance to the
company, while Franklin Young will join the company as CEO and Jeff Flowers will
join as COO.
Lance Comstock, founder of PTI, commented, “We are proud to partner with Source
Capital as a part of this transaction. The resources and strategic guidance provided
by Source Capital will allow PTI to accelerate our current growth trajectory and
capitalize on new opportunities.”
Ben Emmons, Managing Director at Source Capital, noted, “PTI has established
itself as the clear market leader in the self-storage industry by providing innovative
and high quality solutions to its customers. We look forward to working closely with
PTI, Franklin, Jeff and Lance to continue growing the company and expanding its
suite of products.”
About PTI Security Systems
PTI Security Systems is the leading manufacturer of technology-enabled access
control and security solutions to the self-storage industry. The company has a global
reach with more than 25,000 customers across 30+ different countries and is
regarded for its unparalleled customer service and support. PTI’s extensive product
line includes access control hardware and software, wired and wireless door alarms,
individual unit overlock devices and mobile access solutions. PTI operates through
two locations in the U.S., as well as through international distributors in Europe,
Australia and Asia.
About Source Capital, LLC.
Source Capital, LLC is a private equity firm founded in 2002 which makes both
control equity investments and mezzanine debt investments into mature, lower
middle-market U.S. companies across a range of industries. Source Capital’s
investment strategy targets healthy growing companies with greater than $2 million
in EBITDA seeking a growth-oriented partner. Source Capital has completed
acquisitions and invested across a broad selection of industries including: business
services, light manufacturing, consumer products & services, healthcare, and valueadded
distribution. Source Capital has offices in Atlanta and San Francisco.