WASHINGTON, DC (August 19, 2024) – HCI Equity Partners, a leading lower-middle-market private equity firm, today announced that six of its businesses representing over a third of the portfolio have been featured on Inc. 5000’s 2024 list of the fastest growing private companies in America. The recognized platforms include Tech24, Consolidated Hospitality Supplies (“CHS”), Regent Cabinet Solutions, Tri-State Enterprises, Highland Commercial Roofing, and Pacific Defense. The Inc. 5000 list provides a data-driven look at the most successful companies within the economy’s most dynamic segment—entrepreneurial businesses. Together, these companies also added 874,458 jobs to the economy over the past three years.
“We are thrilled that six of HCI’s platforms have been recognized by Inc. for achieving these impressive growth metrics,” stated Doug McCormick, Managing Partner and CIO of HCI Equity Partners. “This recognition affirms our strategy of driving transformational growth through both acquisitions and investment in organic initiatives, resulting in over 40% of HCI’s current portfolio being recognized for achieving these outstanding results. HCI remains committed to building durable businesses of scale through our partnerships with our managers and entrepreneurs.”
Tech24 is a provider of installation, preventative maintenance and repair services for foodservice facilities across the US. The company specializes in cooking, refrigeration, beverage and specialty foodservice equipment; it also performs HVAC, electrical and plumbing services. Tech24’s revenue grew 334% from 2020 to 2023 through a combination of acquisitions and organic growth initiatives, while their employment increased 187%.
Consolidated Hospitality Supplies (CHS) is a distribution company that provides operating supplies and equipment to hotel and motel properties throughout North America. The company has longstanding industry expertise and deep relationships with partners such as Wyndham and Choice, among others. CHS offers its customers a diverse product portfolio with over 3,600 different SKUs within categories that include bed and bath linens, guest care amenities, housekeeping supplies, in-room accessories, electronics and appliances, and foodservice supplies. CHS goes to market with two leading brands, American Hotel Register and Amtex. From 2020 to 2023, CHS’ revenue grew 190%, while their employment increased 130%.
Regent Cabinet Solutions is a turnkey, end-to-end custom cabinetry, countertop and hardware provider for multi-family developers, contractors, renovators, and property owners. The company manages the design, manufacturing, installation, and punch-out for exceptional new multi-family developments and property upgrades with over 120,000 successful installations to-date. Regent was founded in 2012 by CEO Reuvan Sternstein and has facilities in Maryland and Georgia. From 2020 to 2023, Regent’s revenue grew 162%, while their employment increased 181%.
Tri-State Enterprises (TSE) is a distributor of automotive aftermarket hard parts, accessories, and consumables. Through its network of over 38 locations in Texas and Arkansas, TSE serves a diverse set of automotive service centers, dealers, and e-commerce retailers. From 2020 to 2023, TSE’s revenue grew 127%, while their employment increased 130%.
Highland Commercial Roofing is a leading commercial roofing contractor offering re-roofing and repair services to a diversified mix of commercial, industrial, office and multi-family properties. From 2020 to 2023, Highland’s revenue grew 80%, while their employment increased 75%.
Pacific Defense designs, engineers and manufactures defense electronics products and solutions focused on providing open architecture systems to a variety of ground, sea and air military platforms that address constantly evolving warfare threats. From 2020 to 2023, Pacific Defense’s revenue grew 82%, while their employment increased 48%.
To view the full list of winners and database, visit www.inc.com/inc5000.
About Inc.
Inc. Business Media is the leading multimedia brand for entrepreneurs. Through its journalism, Inc. aims to inform, educate, and elevate the profile of our community: the risk-takers, the innovators, and the ultra-driven go-getters who are creating our future. Inc.‘s award-winning work achieves a monthly brand footprint of more than 40 million across a variety of channels, including events, print, digital, video, podcasts, newsletters, and social media. Its proprietary Inc. 5000 list, produced every year since its launch as the Inc. 100 in 1982, analyzes company data to rank the fastest-growing privately held businesses in the United States. The recognition that comes with inclusion on this and other prestigious Inc. lists, such as Female Founders and Power Partners, gives the founders of top businesses the opportunity to engage with an exclusive community of their peers, and credibility that helps them drive sales and recruit talent. For more information, visit www.inc.com.
Disclaimer:
Inc. Magazine’s Inc 5000 List is a published list of U.S. fast growing companies. HCI has paid a fee for our portfolio companies to be considered for this recognition. This recognition is based on the analysis of and information gathered by Inc. Magazine using its own criteria and methodologies comparing revenue growth from 2020 to 2023. The complete list of companies considered for this award is not known to HCI. There is no guarantee that similar awards will be obtained by HCI in the future. Portfolio companies should make their own determinations about the prospects of partnering with HCI.