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September 5, 2024

Source: Businesswire

Sound Point leads upsizing for Sole Source Capital-backed I.D. Images in support of its acquisition of Les Etiquettes Modernes

NEW YORK--(BUSINESS WIRE)--Sound Point Capital Management (“Sound Point”) is pleased to announce that it acted as Administrative Agent on a senior secured credit facility to support I.D. Images’ (“ID” or the “Company”) acquisition of Les Etiquettes Modernes (“LEM”). Sole Source Capital (“Sole Source”) has sponsored the Company since July 2021. Over the course of Sole Source’s ownership and including LEM, ID has acquired eight businesses.

Founded in 1955 and headquartered in Brunswick, Ohio, the Company manufactures high-quality durable and graphic intensive labels for a variety of end-markets and provides labeling solutions with optimal customization.

Headquartered in Quebec, Canada, LEM is a prime label manufacturer that sells highly customized labels across a variety of end markets with a focus on Food & Beverage and Healthcare.

“We are excited about I.D. Images’ seventh acquisition, LEM, and are thankful for Sound Point’s continued partnership. Sound Point’s ability to move quickly and deliver timely and decisive feedback on the upsize terms allowed us to close the acquisition of LEM on a tight timeframe. Sound Point takes a consultative approach, and we often reach out to them pre-LOI to discuss top diligence focus areas and creative solutions. We have a strong relationship with Sound Point and look forward to continuing to pursue an active acquisition strategy at I.D. Images in close partnership with them”, said Scott Sussman, Chief Investment Officer at Sole Source.

“Sole Source works collaboratively with its portfolio companies and uses its in-depth industry knowledge and extensive network and resources to accelerate growth for management teams. As a lender, we value Sole Source’s hands-on operating involvement and engagement with portfolio companies. We are pleased to have worked with Sole Source since their initial investment in I.D. Images and the LEM acquisition further complements the strong platform that has been built,” added Andrew Eversfield, Head of Originations and Managing Director at Sound Point.

About Sound Point Capital

Sound Point is an alternative asset management firm founded in 2008 with particular expertise in credit strategies. Based in New York, with offices in London, Florida, California and Connecticut, the firm manages money on behalf of institutional investors including top-tier pensions, foundations, insurance companies, wealth management firms and family offices. Sound Point's strategies span the spectrum of liquid and illiquid credit alternatives and include funds and managed accounts focused on leveraged loans, special situations, distressed debt, structured credit, direct lending and commercial real estate. Sound Point currently manages approximately $45+ billion of assets. For more information, please visit Sound Point's website at www.soundpointcap.com or contact ir@soundpointcap.com.

About I.D. Images

I.D. Images, a leading manufacturer of converted label products, specializes in providing label solutions from supply chain management to brand protection. The company serves a variety of end markets including food and beverage, transportation and logistics, consumer products, and healthcare and has facilities in Ohio, Massachusetts, Pennsylvania, Rhode Island, Oregon, California, Arkansas, Tennessee, British Columbia, Alberta, Ontario, and Quebec. For more information, visit www.idimages.com.

About Les Etiquettes Modernes

Les Etiquettes Modernes manufactures prime packaging solutions utilizing the latest developments in flexography equipment. LEM has remained a leader in flexography by relying on rigorous management, a qualified team, and cutting-edge technologies to offer high quality self-adhesive labels. Founded in 1973, LEM has served companies for 51 years from its Québec City, Canada headquarters.

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 Dallas, Texas with an additional office in Santa Monica, California. For more information, please visit www.solesourcecapital.com or contact investor.relations@solesourcecapital.com.

The statements and opinions presented above are endorsements provided by an executive of Sole Source which sponsors the Company for a loan which Sound Point is acting as administrative agent. Neither the Company nor the sponsor, Sole Source, is a client of Sound Point or investors in private funds managed by Sound Point. Sound Point has not provided any cash or non-cash compensation for the use of these statements. Sound Point's commercial relationship with these companies creates a conflict of interest since, the executive has an incentive to make positive statements about Sound Point and its experience to maintain the goodwill with Sound Point. These statements describe the executive’s experience with Sound Point and/or its supervised persons and may not be representative of the experience of others.

Contacts

Gregory Cresci
212-895-2277
gcresci@soundpointcap.com