HCI Equity Partners-Backed Tech24 Acquires TEK Express

Tech24 Completes Fourteenth Add-on Acquisition

GREENVILLE, S.C., Oct. 12, 2022 /PRNewswire/ -- Tech24, backed by HCI Equity Partners, today announced that it acquired TEK Express (the "Company") on October 7, 2022. Tech24 is a national provider of repair and maintenance services for foodservice and commercial HVAC equipment. TEK Express is Tech24's fourteenth add-on acquisition in the highly fragmented foodservice repair and maintenance market. Financial terms were not disclosed.

Based in Lynbrook, New York, TEK Express is a provider of repair services, preventative maintenance and installation for commercial cooking and refrigeration equipment, servicing commercial kitchens in schools, institutions, hospitals and restaurants throughout New York City. This acquisition further expands Tech24's growing density, adding meaningful scale in New York City, the largest metropolitan area in the country.

Tech24's CEO Dan Rodstrom, said, "We are excited to add TEK Express to the rapidly growing Tech24 family. Expanding our presence in the New York City market was a top priority for Tech24 and TEK Express will be an ideal partner to help us establish a leading market share in the region."

"We're extremely proud of what HCI and Tech24 have achieved," said Doug McCormick, Managing Partner at HCI. "Through 14 add-on acquisitions since our initial investment in 2020, HCI's consolidation strategy has succeeded in transforming Tech24 into a dynamic platform for growth while continuing to improve our value proposition for our employees and customers alike."

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