Tech24 Announces Joint Investment from and HCI Equity Partners
Summary
GREENVILLE, S.C., Oct. 5, 2023 /PRNewswire/ Tech24 (or the Company), a national leader in commercial foodservice equipment repair and maintenance, announced today that Vestar Capital Partners (Vestar) has joined as a new investor alongside existing shareholders HCI Equity Partners (HCI) and the Companys management team.The new investment will support Tech24s continued organic and acquisitive growth in new and existing geographies and end markets. Founded in 1982 and headquartered in Greenville, SC, Tech24 provides comprehensive repair and preventive maintenance solutions for commercial refrigeration, cooking, beverage, and HVAC equipment. Tech24 currently services over 50 major markets in 26 states, and its diverse customer base includes restaurants, grocery and convenience stores, retailers, schools and universities, and corporate and government facilities. The Company has completed 19 acquisitions since 2020.Vestars deep experience in both commercial facilities services and the foodservice end market, as well as its track record in partnership-oriented sponsor recapitalizations, positions the firm as a perfect partner for Tech24 as we look to find new ways to accelerate growth, said Dan Rodstrom, CEO of Tech24. TD Cowen acted as financial advisor, and Kirkland & Ellis LLP acted as legal advisor to Vestar.About Tech24Tech24 is the industry leader in commercial foodservice equipment repair and maintenance, providing quick and comprehensive repair and preventive maintenance solutions for commercial refrigeration, cooking, beverage, and HVAC equipment.