Kitchen Brains^® Accelerates Growth with Investment from Source Capital

May 19, 2022

Stratford, CT – May 19, 2022 – Kitchen Brains^® (the “Company”), a leading designer and manufacturer of fully integrated smart cooking computers, electronic controls and software solutions for commercial foodservice operations, is pleased to announce that Source Capital, LLC (“Source”), a private equity firm, has acquired the Company. The terms of the deal were not disclosed.

Based in Stratford, CT, Kitchen Brains brands include (FAST)^® controls and timers, Modularm^® environment monitoring and QPM, an innovative SaaS production management solution that enables automation across restaurant cooking operations to ensure food is hot, fresh and availableTM. Kitchen Brains serves a broad spectrum of customers, including some of the largest foodservice operators and original equipment manufacturers (OEMs), in more than 125 countries across the globe. The Company’s products enable customers to reduce costs, drive productivity and increase guest satisfaction.

Source Capital is proud to partner with the Kitchen Brains team, led by CEO Christian Koether, to continue building on the Company’s 50+ year legacy of innovation. The acquisition follows the highly successful implementation of USA2020, a multimillion-dollar equipment investment by Kitchen Brains in its Connecticut manufacturing facility, and the Company’s recently announced partnership with Microsoft Azure to provide state-of-the-art connectivity and cloud-based business intelligence and advanced reporting. Source Capital and the Kitchen Brains team plan to deepen the Company’s established customer relationships, while also targeting expansion opportunities for both its hardware and software offerings

“We are excited to partner with Source Capital, as this new relationship will enable us to accelerate our product pipeline, bolster our scalability and provide greater access to both financial and human capital resources, all of which benefit our customer base,” said Christian Koether.

Ben Emmons, Managing Director at Source Capital, stated, “Kitchen Brains has built an impressive company, with deep industry relationships and global reach. We look forward to delivering added value and incremental resources to further build the business together.”

About Source Capital

Source Capital, LLC is a private investment firm that invests in mature, lower middle-market companies across a range of industries. Source Capital’s investment strategy targets growing companies with greater than $2 million in EBITDA seeking a growth-oriented partner. Since its founding in 2002, Source Capital has made over 115 investments in lower middle-market companies. For more information, please visit: source-cap.com.

About Kitchen Brains

Founded in 1969, Kitchen Brains, maintains its global headquarters and state-of-the-art manufacturing facility in Stratford, Connecticut. Company brands, including (FAST.)^®, Modularm^® and QPM, feature a growing number of products that incorporate KBconnect™ IoT/cloud connectivity, and can be found globally in leading QSRs, casual and fine dining restaurants, convenience and grocery stores, schools, hospitals, stadiums and other facilities.