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Headwaters MB Announces Merger with Source Companies

15th September 2011

Denver, CO – September 15, 2011 – Mergers Alliance's US partner firm Headwaters announced today that it has merged with Source Companies, LLC

Denver, CO – September 15, 2011 – Mergers Alliance's US partner firm Headwaters announced today that it has merged with Source Companies, LLC, which was founded in 1982 to provide business owning families and family offices with growth strategy, company capitalization, governance development, and generational transition services for middle market businesses. Source has successfully represented hundreds of privately owned companies on billions of dollars worth of growth initiatives, financings, liquidity generation and intergenerational transfers. Source has also developed a highly specialized capability in its ability to provide direct investment services for family offices. As part of the merger, Source will continue to provide its traditional services but has been rebranded and will hereafter operate as Headwaters SC. James C. Bly, Jr., a founder and the president of Source, remains a principal shareholder in the merged company and will serve as the Chairman & CEO of Headwaters SC. Mr. Bly and Philip W. Seefried, the Co-Founder & CEO of Headwaters will share certain group responsibilities as Co-Chairmen. Through this business combination, Headwaters has been able to expand its service offerings to include merchant banking, investment banking, integrated advisory and family office direct investment services on a single platform. This merger will enable Headwaters, through its twelve offices, to provide longer-term support for its business-owning clients, and to offer a range of services not typically offered by middle market investment banks. Phil Seefried, Co-Founder & CEO of Headwaters, said, “We are thrilled to combine forces with Source Companies. Jim Bly and his team have a proud history of advising business owning families and family offices for nearly 30 years, and they bring along impressive reach in placing direct investments with family offices. This combination expands our platform to now include four distinct capabilities: on the advisory side we now offer both full service investment banking and a unique range of advisory capabilities for business owning families and family offices; on the proprietary capital side, we have our merchant banking funds as well as access to over 1700 family offices for the placement of direct investments. This expanded and integrated service platform better positions Headwaters to be responsive to the short- and long-term needs of private company owners, many of whom are facing once-in-a-generation decisions concerning the transition needs of their companies and their family’s wealth. Headwaters now offers a complete array of services to address these needs on a national basis.” James Bly, Chairman & CEO of Headwaters SC, commented, “During the past three decades, we have developed an ability to provide integrated advisory services to clients through our multi-disciplinary professional team. The businesses owned by our clients typically represent 20%-to-90% of their families’ personal net worth. We think of businesses as assets that need to be managed for growth and value creation, just like other financial or investment assets owned by families and family offices. The needs and objectives of business owning families and family offices are often quite unique, requiring advisors with special experience and skills. Our combination with Headwaters strengthens our ability to support clients when a financing transaction or M&A transaction is required to grow their businesses or monetize. Our broader service capabilities also recognize the fact that the owners of growing, profitable private companies often own companies that are located in smaller cities, towns or rural regions. The owners of such companies, as long as they are growing and profitable, tend to operate their companies with a purpose beyond profit. We firmly believe that the growth and perpetuation of such businesses is beneficial on many levels, and our combination with Headwaters will now enhance our ability to support them.” Paul Janson, COO & President of Headwaters added, “Like Headwaters, Source services many clients which are referred by major wealth management institutions. Source’s first such wealth management industry relationship dates back to 1989. With the addition of Headwaters SC to our platform, we now have relationships with numerous major private wealth management companies and other private wealth advisors. We are committing significant resources to work with these partners to serve their clients. I believe that we can safely say that Headwaters is now the leading independently owned growth advisory and investment bank serving the private wealth industry in the US.”
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