Tech24 Completes Thirteenth Add-on Acquisition
GREENVILLE, S.C., October 3, 2022—Tech24, backed by HCI Equity Partners, today announced that it acquired 1st Source Restaurant Services (“1st Source” or the “Company”) on September 29, 2022. Tech24 is a national provider of repair and maintenance services for foodservice and commercial HVAC equipment. 1st Source is Tech24’s thirteenth add-on acquisition in the highly fragmented foodservice repair and maintenance market. Financial terms were not disclosed.
Based in Lewisville, Texas, 1st Source is a provider of repair services, preventative maintenance, and installation for foodservice, refrigeration equipment, HVAC and plumbing. The Company services restaurants, hotels, religious establishments, country clubs and convenience stores in the Dallas-Fort Worth area, San Antonio and Arkansas. The acquisition provides Tech24 with increased coverage in Texas, which is a strategic priority for the Company, and a strong, experienced team led by CEO Travis Fogle.
Tech24’s CEO Dan Rodstrom, said, “We are very pleased to add 1st Source to the Tech24 family. They come with a great reputation for service and established presence in the burgeoning Dallas-Fort Worth market. We are excited to work alongside Travis Fogle and the entire 1st Source team as part of the broader Tech24 organization.”
“1st Source is our thirteenth acquisition in just over two years and validates the value proposition we offer to entrepreneurs looking for a value-added strategic partner,” said Doug McCormick, Managing Partner at HCI. “Entering the fast-growing Dallas market is an exciting expansion for the Tech24 platform and HCI looks forward to supporting the combined company.”
Quarles and Brady served as legal counsel to Tech24.