HCI Equity Partners-Backed Tech24 Acquires 1st Source Restaurant Services

Tech24 Completes Thirteenth Add-on Acquisition

GREENVILLE, S.C., Oct. 3, 2022 /PRNewswire/ -- Tech24, backed by HCI Equity Partners, today announced that it acquired 1^st Source Restaurant Services ("1^st Source" or the "Company") on September 29, 2022. Tech24 is a national provider of repair and maintenance services for foodservice and commercial HVAC equipment. 1^st 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, 1^st 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 1^st 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 1^st Source team as part of the broader Tech24 organization."

"1^st 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.

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.

Contacts:
Kelsey Clute, VP, Director of Communications, HCI
[email protected]

Megan Bowman, Lambert
[email protected]

SOURCE HCI Equity Partners