Tech24 Completes Sixteenth Add-on Acquisition
GREENVILLE, S.C., May 31, 2023—Tech24, backed by HCI Equity Partners, today announced that it acquired Total Mechanical Repair Services (“TMR” or the “Company”) on May 24, 2023. Tech24 is a national provider of repair and maintenance services for foodservice and commercial HVAC equipment, and TMR is its sixteenth add-on acquisition in the highly fragmented foodservice repair and maintenance market. Financial terms were not disclosed.
TMR, based in Brookhaven, Mississippi, is a provider of repair services, preventative maintenance and installation for commercial kitchens, serving Southern Mississippi and Louisiana. The Company specializes in servicing hot and cold side equipment and HVAC repair, primarily in restaurants and convenience stores. TMR is a complementary acquisition to TEMCO, a previous add-on acquisition completed by Tech24 based in Jackson, MS. The acquisition allows Tech24 to expand its market reach in Mississippi and provide access to the adjacent and unpenetrated market of Louisiana.
Tech24’s CEO, Dan Rodstrom, said, “The Tech24 family is growing rapidly, and we are excited to continue this momentum with the addition of TMR. The Company brings blue-chip customers and broad capabilities to the underserved market of Louisiana. We look forward to working alongside Brian Johnson, TMR’s owner, and the entire team as part of the larger Tech24 organization.”
“Tech24 continues to be a great example of how HCI’s consolidation and investment strategy works to transform our businesses in fragmented markets, like the foodservice repair and maintenance market” said Doug McCormick, Managing Partner at HCI. “Expanding our presence in the South has been a key goal for Tech24 and we see TMR as a terrific partner to help us achieve this.”
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.