PTI Security Systems, a provider of access-control and security solutions to the self-storage industry, has been acquired by private equity firm Source Capital LLC. PTI founder Lance Comstock will assume the position of chairman and continue to provide strategic guidance to the company, according to a press release. Franklin Young will join the company as CEO, and Jeff Flowers will join as chief operating officer.
"The resources and strategic guidance provided by Source Capital will allow PTI to accelerate our current growth trajectory and capitalize on new opportunities," Comstock said.
PTI manufactures technology-enabled access-control and security solutions. Its product line includes access-control hardware and software, wired and wireless door alarms, individual unit overlock devices, and mobile access solutions. The company, which has more than 25,000 customers across 30-plus countries, operates through two U.S. locations as well as distributors in Asia, Australia and Europe.
"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,” said Ben Emmons, managing director at Source Capital.
Founded in 2002, Source Capital makes control equity investments and mezzanine debt investments in mature, lower-middle-market U.S. companies across a range of industries. With offices in Atlanta and San Francisco, the company has completed acquisitions and invested across a range of verticals including business services, light manufacturing, consumer products and services, healthcare, and value-added distribution.