Houlihan Lokey Advises SourceCode

Houlihan Lokey is pleased to announce the successful placement of a senior secured credit facility for SourceCode, LLC, a portfolio company of Cerberus Capital Management, L.P. (Cerberus). The financing consisted of a term loan and a delayed draw term loan. Proceeds from the transaction were used to refinance existing indebtedness, provide liquidity to fund near-term acquisitions, and pay transaction-related fees and expenses. The transaction closed on September 18, 2026.

Founded in 1992, SourceCode is a leading engineering-led provider of purpose-built, accelerated computing infrastructure for the world’s most demanding AI, high-performance computing, and mission-critical workloads. The company designs, builds, and sustains highly configurable AI infrastructure—from sovereign AI factories and liquid-cooled GPU clusters to ruggedized edge and embedded platforms—delivering the performance, security, and integration that frontier AI and agentic workloads increasingly demand.

SourceCode serves high-growth segments across the compute value chain: sovereign and defense infrastructure; next-generation AI factories and GPU cloud; accelerated verticals spanning genomics, medical, industrial, and media; computational research; and enterprise and edge. Its systems are differentiated by advanced thermal and power engineering, ruggedized and embedded platforms, and a trusted, verified supply chain supporting secure and sovereign deployments.

Its global scale provides differentiated access to supply-constrained, leading-edge components—the latest GPUs, high-bandwidth memory, and advanced networking—and the ability to deliver integrated systems worldwide on committed timelines, a decisive advantage in today’s capacity-constrained AI market. Through a full-lifecycle model of co-design, implementation, and support, SourceCode sustains long-standing relationships across more than 40 countries. Headquartered in Norwood, Massachusetts, it operates additional facilities in Milford, Massachusetts, Lowell, Massachusetts, and London, U.K.

Founded in 1992, Cerberus is a leading global alternative investment manager with approximately $71 billion of assets under management across credit, private equity, and real estate strategies. Over the past three decades, Cerberus has invested approximately $19 billion of private equity capital across 114 portfolio companies and maintains a diversified investment portfolio spanning financial services, healthcare, consumer, government services, manufacturing, technology, industrials, transportation, energy, and business services.

Houlihan Lokey’s Capital Solutions Group served as the exclusive placement agent to SourceCode, assisting the company in arranging, structuring, and negotiating the financing. Houlihan Lokey leveraged differentiated lender relationships and thoughtfully positioned the company’s resilience and market leadership to achieve outlier results. This represents the 10th financing transaction for which Houlihan Lokey has served as placement agent to Cerberus portfolio companies since 2020.

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