NEWTON, MASS. SunSource, Inc., will soon have a new owner. In June, business development company Allied Capital announced plans to purchase the distribution giant for $10.38 per share in cash. The deal is expected to close by the end of September.

SunSource CEO Maurice Andrien said he expects no changes in the day-to-day business structure and management of the company, as Allied Capital is strictly a financial buyer.

"We've been a highly leveraged company," Andrien said in a July interview. "[So] it's very comforting to know that you have a deep pocket investor to provide more resources."

SunSource, which ranked #38 in ID's Top 100 Distributors report in June, consists of two primary business units: The Hillman Group, Inc. and SunSource Technology Services LLC. Hillman sells fasteners and related items to hardware stores, home centers and mass merchants. The Technology Services division sells technology-based products and services in the fluid power industry to small, medium and large manufacturers.

The company also owns a 44 percent interest in Kar Products, a distributor of MRO products and inventory management services to commercial and industrial customers in the United States and Canada. SunSource was a majority owner of Kar Products before divesting part of that ownership last year. Also last year, the company discontinued its integrated supply business in Mexico.

Andrien said the acquisition is great news for SunSource because it will provide deep resources for future investment in all business units.