Continues to Scale in Cleaning & Restoration via Partnership

Pearlman Group (“Pearlman”), a portfolio company of The Stephens Group, LLC (“The Stephens Group”) and a leading multi-channel developer and specialty distributor of supplies, tools and equipment used in the fabrication, maintenance, cleaning, and restoration of surfaces for residential, commercial, and industrial end-markets, announced that it has acquired CleanSource, Inc. (“CleanSource”). Terms of the transaction were not disclosed.

Based in Columbia, SC with a second location in Charlotte, NC, CleanSource is a distributor of professional cleaning and restoration supplies to the Carolinas. In addition to consumables and supplies, CleanSource offers a full suite of services, education, and rental to its contractor customers. Founded by Herb and Susan Stutts in 1997, CleanSource has grown under the leadership of their son Jonathan Stutts who, along with the entire CleanSource team, will continue to operate the business in partnership with Pearlman.

“We are thrilled to expand our team and capabilities in the cleaning & restoration market with the addition of CleanSource, a respected and successful specialty distributor,” said Pearlman CEO Scott McLendon. “We are thankful the Stutts family has entrusted Pearlman to be a good steward of the business and team they have grown, and we are excited to work with Jonathan and the team on the next phase of growth for CleanSource.”

Grant Jones, a Managing Director at The Stephens Group, added, “The CleanSource transaction demonstrates Pearlman’s differentiated, partnership-based approach to acquisitions and ability to scale in new adjacencies at pace. We continue to support Pearlman and the newly expanded team in creating an industry-leading specialty distribution platform with strong value proposition across a diverse set of adjacencies.”

“After decades of hard work and dedication by our team, it was extremely important for our family to find a partner who shared similar values and would support the continued success, growth, and legacy of the business we had the fortune to grow as a family,” said Herb Stutts. “Pearlman’s partnership approach and desire to invest in the growth of our team is an important differentiator that will allow us to continue to support our loyal customer base,” added Jonathan Stutts. “I am excited to join the Pearlman team to drive growth strategies in our current markets and beyond,” continued Stutts.

ABOUT PEARLMAN GROUP

Headquartered in Norcross, GA, Pearlman, through its primary brands, GranQuartz, Vector Tools, Pearl Abrasive, and Excel Supplies, is a multi-channel developer and distributor of supplies, tools and equipment used in the fabrication, maintenance, cleaning, and restoration of surfaces for residential, commercial, and industrial end-markets. Pearlman’s GranQuartz division is the market-leading distributor serving thousands of stone fabricators, tile installers, and concrete and monument professionals. Vector Tools is a mobile-centric distributor of stone fabrication tools and supplies in the Southeast. Pearl Abrasive is a leading developer and provider of high quality, branded abrasives and cutting tools to thousands of distributor customers in construction and industrial end-markets. Excel Supplies is a specialty distributor of professional cleaning, restoration, pressure washing, and janitorial equipment and supplies in the Southeast. The Company’s products include an extensive offering of proprietary, exclusive, and national branded products with over 18,000 SKUs across multiple price points and applications.

ABOUT CLEANSOURCE

Headquartered in Columbia, SC, CleanSource is the leading resource for consumables, supplies, equipment and training to professional cleaning and disaster restoration industries. With a second location in Charlotte, NC, CleanSource provides a full suite of products and services to thousands of professionals throughout the Carolinas and beyond. CleanSource is differentiated by its customer centricity and close-knit culture which treats customers, vendors, and employees with respect and professionalism. The Company’s strong service capabilities and local support have earned CleanSource strong customer loyalty over its nearly 25-year history.

ABOUT THE STEPHENS GROUP, LLC

Headquartered in Little Rock, AR, The Stephens Group is a private investment firm that partners with talented management teams to help build valuable businesses. Backed by the resources of the Witt Stephens and Elizabeth Campbell families, the firm combines the operational expertise of a private equity firm with the flexibility provided by long-term capital. With nearly $2 billion of private equity assets under management, the firm has a long history of providing informed, sophisticated expertise and working with owners and managers to help them successfully achieve their strategic visions and build long-term value. Since 2006, The Stephens Group has invested in 49 companies, targeting investments in industries across the U.S., including industrial and commercial products and services, specialty distribution, B2B food, technology infrastructure and tech-enabled services.

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