Jan 2020

Audax Private Debt Provides Financing to Support Incline Equity Partners’ Investment in Foundation Source

Audax Private Debt announced that, as Sole Lead Arranger, it provided a unitranche credit facility to support the acquisition of Foundation Source Philanthropic Services, Inc. (“Foundation Source” or the “Company”), the nation’s largest provider of comprehensive support services to private foundations, by Incline Equity Partners.

Headquartered in Fairfield, CT, Foundation Source provides services and support to a wide range of family, corporate, and professionally staffed foundations nationwide. The Company’s complete outsourced solution includes foundation creation, philanthropic advisory, compliance monitoring, financial reporting, tax and legal services, administrative support, as well as online foundation management tools.

“Foundation Source is a provider of foundation management services and philanthropic advice, bringing its knowledge and expertise to clients across the country,” said Peter Stern, Managing Director at Audax Private Debt. “The Company’s growth over the past two decades is a testament to the strength of the Foundation Source team, and we look forward to supporting management and Incline as they continue to build upon the business’s momentum and success in this next chapter.”

“Audax Private Debt has been a reliable financing partner throughout our diligence and investment process, operating thoughtfully and efficiently to respond to our investment needs,” said Joe Choorapuzha, Partner at Incline Equity Partners “The Audax team has an excellent track record and we are excited to be working with them as we execute our growth plans for the business.”

Foundation Source is the nation’s largest provider of comprehensive support services for private foundations. Our complete outsourced solution includes foundation creation (as needed), administrative support, active compliance monitoring, philanthropic advisory, tax and legal expertise, and online foundation management tools.

Now in our second decade, Foundation Source provides its services to more than 1,600 family, corporate, and professionally staffed foundations, of all sizes, nationwide. We work in partnership with wealth management firms, law firms, accounting firms, and family offices as well as directly with individuals and families. To learn more, please visit foundationsource.com.