Transaction Marks Sole Source’s Third Add-on Acquisition Since Acquiring Peak Technologies
SANTA MONICA, Calif.–(BUSINESS WIRE)–Sole Source Capital LLC, an industrial-focused private equity firm today announced that its portfolio company, Peak Technologies, a provider of barcoding and data collection solutions to customers across North America, has acquired Bar Code Direct. The acquisition of Bar Code Direct adds to Peak’s ability to serve its expanding array of client segments and is Sole Source’s third add-on transaction for Peak Technologies, following the purchase of Optical Phusion Inc. (OPI) and Inovity Inc. earlier this year. Terms of the Bar Code Direct transaction were not disclosed.
Headquartered in North Grafton, MA, Bar Code Direct is a value-added reseller of AIDC solutions for the manufacturing, retail, consumer, and healthcare end-markets. Since 1994, Bar Code Direct’s solutions have increased productivity for warehouse workers, freight truck drivers, field service technicians, in-store associates, package delivery and sales personnel.
Peak Technologies supplies industry-leading automated data collection solutions to Fortune 500 customers along with small and medium-sized businesses that enables them to become more efficient and responsive to their customers. The acquisition of Bar Code Direct allows Peak Technologies to continue strengthening its solutions portfolio for in premise supply chain operations while expanding capabilities into fast-growth markets like health care and field-based mobility applications. Bar Code Direct Co-Founders Chris and Ash Richardson will join the Peak Technologies team.
“We are very excited to join Peak Technologies, which will provide us with access to additional resources, scale and expand our geographic coverage to continue helping our customers meet their business challenges,” said Chris Richardson, President of Bar Code Direct. “In addition, we would like to thank the Sole Source team for their strong collaboration and commitment throughout the process to get the transaction completed.”
“Bar Code Direct is another perfect fit for the Peak portfolio, with its unwavering commitment to high levels of service for its customers and a deep appreciation for its talented employees. Bar Code Direct will provide us with new capabilities in adjacent markets that when combined with our two previous new portfolio companies, OPI and Inovity, enables us to continue to build an unrivaled platform in the AIDC industry,” said Juliann Larimer, President and CEO of Peak Technologies.
“Bar Code Direct has a proven, strong commitment to providing innovative solutions from a team of experienced and knowledgeable resources—and will be a great complement to the Peak portfolio, strengthening our coverage and capabilities in the Eastern U.S.,” said Dewey Turner, Partner, President of Operations at Sole Source Capital.
About Sole Source Capital
Founded in 2016 by David Fredston, Sole Source Capital is a private equity firm that thematically invests in fragmented, high-growth industrial subsectors. Sole Source seeks founder-owned businesses or corporate carve-outs that will benefit from the team’s operating and M&A capabilities. The Firm has a strong operating heritage that enables it to execute a buy and build strategy with significant downside protection. The Firm is headquartered in Santa Monica, California. For more information, please visit www.solesourcecapital.com or contact firstname.lastname@example.org.
About Peak Technologies
Headquartered in Columbia, Maryland, Peak Technologies is a North American provider of barcoding and data collection solutions. With over 35 years of supply chain, field mobility and retail services expertise, Peak Technologies has an insider’s perspective of the market; its origins, participants, and dynamic forces of change. With extensive application experience across industry segments, Peak Technologies is able to provide objective consultancy on business processes, software, hardware, as well as turn-key solutions for equipment repair, life cycle support, technology, vertical/application and business services. For more information, please visit www.peaktech.com.
About Bar Code Direct
Established in 1994, Bar Code Direct is a value-added reseller of AIDC hardware and accessory equipment for the manufacturing, retail, consumer, and healthcare end-markets. Utilizing data automation technology, Bar Code Direct develops custom enterprise wireless mobile computing systems, from barcode and label printing solutions to mobile scanning networks and fully automated and secure asset management systems. Bar Code Direct is headquartered in North Grafton, MA. For more information, please visit www.barcodedirect.com.
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