Tech24 Completes Tenth & Eleventh Add-on Acquisitions
Greenville, SC /PRNewswire/ - Tech24, backed by HCI Equity Partners, today announced that it acquired AmeriCold and Arrowhead Commercial Equipment ("Arrowhead") on August 19, 2022, and August 10, 2022, respectively. Tech24 is a national provider of repair and maintenance services for foodservice and commercial HVAC equipment. Arrowhead and AmeriCold represent Tech24's tenth and eleventh add-on acquisitions in the highly fragmented foodservice repair and maintenance market. Financial terms were not disclosed.
AmeriCold is a leading provider of cold-side repair and installation services to customers in the New York metro area, Washington DC, and Southeast Florida. The company has a wide range of customers across the restaurant, grocery store, and institutional end markets, from New York City's premier restaurants and hotels to fast-casual dining facilities, hospitals, and universities. This acquisition expands the Tech24 platform's cold-side refrigeration services and increases its market share in key MSAs.
Based in Phoenix, Arizona, Arrowhead is a provider of repair services, preventative maintenance, and installation for foodservice and refrigeration equipment. Arrowhead provides both hot and cold-side service for customer segments including restaurants, grocery stores, country clubs and senior care facilities. The acquisition increases Tech24's market share in the fast-growing Phoenix market and brings a talented team and technicians experienced in all types of equipment.
Tech24's CEO Dan Rodstrom, said, "We are excited to welcome both Americold and Arrowhead to the Tech24 organization. AmeriCold brings valuable scale and cold-side service exposure to the large New York market. Arrowhead helps us improve density and diversification in the fast-growing Phoenix market. Both companies come with a long history of strong performance, with accomplished leaders who are excited to develop future growth opportunities for their respective businesses."
"We are very proud of Tech24's continued ability to partner with great companies that expand the broader organization's service areas and customer base," said Doug McCormick, Managing Partner at HCI. "The pace of acquisitions completed is a testament to the team we have built at Tech24, and we look forward to continue supporting them in their M&A strategy."
Quarles and Brady served as legal counsel to Tech24.
About HCI Equity Partners
HCI Equity Partners is a lower 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.