Tech24 Completes Eighth Add-on Acquisition
Greenville, SC /PRNewswire/ - Tech24, backed by HCI Equity Partners, announced today it acquired Facilities Management, LLC, and Peltz Services, Inc. ("Facilities Management" or the "Company") based in Indianapolis, Indiana, on May 2, 2022. Tech24 is a national provider of repair and maintenance services for foodservice and commercial HVAC equipment. Facilities Management is Tech24's eighth add-on acquisition in the highly fragmented foodservice repair and maintenance market. Financial terms were not disclosed.
Facilities Management is a provider of repair services, preventative maintenance, and installation for foodservice equipment to the restaurant industry in central and northern Indiana. The Company provides emergency and routine service for refrigeration, hot-side equipment and HVAC. The acquisition provides Tech24 with expansion into an attractive geography in the Midwest, complementary service offerings and new talent for the combined organization.
"We are thrilled to have Facilities Management join the Tech24 family," said Dan Rodstrom, CEO of Tech24. "We look forward to working closely with Rick Peltz and the team. The addition enables us to cover the greater Indiana area and extends the growing Tech24 footprint."
Rick Peltz, President of Facilities Management, said, "Our company has been built on a 'consider it done' approach. Our existing service partners will continue to receive the same high level of service they have come to expect. We are excited about the new opportunities to grow our company and the new services we can offer to our customers under the Tech24 national umbrella."
Doug McCormick, HCI's Managing Partner commented, "HCI continues to be pleased with the pace of our consolidation strategy execution for the Tech24 platform. Facilities Management provides a specialized expertise to Tech24, and when you combine that with their accelerating growth and team expertise, it makes for a winning addition for the platform."
Quarles and Brady served as legal counsel to Tech24.
Tech24 provides installation, preventative maintenance, and repair for foodservice facilities across the US. The Company specializes in cooking, refrigeration, beverage, and specialty foodservice equipment, as well as performs HVAC, electrical, and plumbing services. For more information, please visit www.mytech24.com.
About HCI Equity Partners
HCI Equity Partners is a lower middle market private equity firm focused on partnering with family and founder owned distribution, manufacturing, and service companies. HCI is headquartered in Washington, DC. For more information, please visit www.hciequity.com.