STAMFORD, Conn., March 25,
2020 /PRNewswire/ -- Gainline Capital Partners
("Gainline"), announced today that it has acquired SourceHOV Tax
(the "Company") from Exela Technologies, Inc. (NASDAQ: XELA) in a
carve out transaction. Headquartered in Fort Worth, TX, SourceHOV Tax is a leading
provider of tax incentive solutions to accounting firms and
middle-market companies throughout the U.S. The Company is one of
few outsourced incentives providers with the technical ability and
scale to serve any customer, having serviced more than 2,000
clients in 2019 across its three main offerings, R&D tax
credits, LIFO accounting and cost segregation solutions.
SourceHOV Tax's current leadership team, led by Chris Henderson, Deborah
Roth, and Chris Hitselberger,
will remain in place. Mr. Henderson shared, "We are excited
to partner with Gainline as we execute our strategic vision as a
standalone company. Gainline's experience supporting both organic
and inorganic growth initiatives will prove invaluable to SourceHOV
Tax as we continuously work to expand our solutions and better
serve our clients."
Allan Weinstein, Managing Partner
at Gainline, said, "We are thrilled to partner with the SourceHOV
Tax team. The Company's value proposition, through services that
result in a net cash benefit to clients, and reputation for quality
and efficiency makes for an extremely impressive business.
SourceHOV Tax presents an attractive opportunity to implement
Gainline's strategy of investing in businesses with strong
fundamentals looking for their first institutional capital."
Kerri McNicholas, a Principal with Gainline who also joined the
Company's board of directors,
added, "SourceHOV Tax is well positioned to capitalize on the
growing awareness of, and the increasing need for tax incentive
solutions as companies look to optimize cash flow."
About Gainline Capital Partners
Gainline Capital
Partners is a private equity firm that invests
in U.S. based middle market companies. The firm invests
in profitable companies with enterprise values of up to $250
million. Gainline partners with management teams to help execute
their vision, drive sustainable growth and create long term
value. http://www.gainlinecapital.com/
About SourceHOV Tax
Headquartered in Fort Worth, TX, SourceHOV Tax has helped CPA
firms and their clients maximize specialized federal and state tax
incentives for more than three decades. The Company collaborates
with accounting firms throughout the country to bring R&D tax
credits, cost segregation, §179D, LIFO, §199, Fixed Asset Review,
and §45L solutions to their clients. With a team of more than 70
professionals throughout the country, SourceHOV Tax serves many of
the nation's most prominent accounting firms, associations, and
middle-market companies. https://www.sourcehovtax.com/
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SOURCE Gainline Capital Partners