Greenville, SC, January 2021
HCI Equity Partners’ consolidation platform, Tech24 announced it has acquired Eichenauer Services, Inc. and AIS Commercial Parts & Service in the fourth quarter of 2020. Tech24 is a national provider of installation, preventative maintenance and emergency repair services for foodservice and HVAC equipment and serves convenience stores, restaurants, coffee shops and concession operations, among other foodservice establishments. Eichenauer and AIS are the first two add-on acquisitions in HCI’s consolidation strategy in this market. Financial terms were not disclosed.
Eichenauer Services, headquartered in Decatur, Illinois, is a commercial kitchen equipment service provider and distributor of replacement kitchen equipment parts. AIS Commercial Part & Service, based in Pittsburgh, Pennsylvania, is a provider of repair and maintenance services to the food equipment and HVAC markets. These acquisitions expand Tech24’s geographic reach and increase its market share, while also offering meaningful long-term opportunity for growth and consolidation benefits.
HCI also complemented their expanding platform with additional senior leadership capabilities by hiring a new CEO and CFO to lead the combined business. Dan Rodstrom, CEO, joins the company after 15 years at EMCOR in various leadership positions. Sam Campbell, CFO, previously worked at Integrated Power Service as both SVP of Mergers and Acquisitions and VP of Finance and Corporate Controller.
“I am excited to leverage my years of experience in the commercial service industry to help grow the Tech24 platform. We are committed to building a winning culture and team that provides the highest quality service to every customer, every time” said Tech24 CEO Dan Rodstrom.
Doug McCormick, Managing Partner at HCI, said “Tech24 represents a great example of HCI’s investment strategy in action. By combining big fragmented markets with exceptional leaders and supporting them with growth capital and M&A expertise, we can create significant value for investors, customers and employee team members alike.”
Bob Hund, Operating Partner at HCI and former President of Manitowoc Foodservice said “We’re pleased to welcome Dan and Sam to the team of professionals at Tech24. Their diverse experiences will enrich our capabilities to provide best-in-class service for individual operators through our larger, national accounts. We are also pleased to welcome AIS and Eichenauer – leaders in their respective territories – to our expanding service network.”
HCI Equity remains committed to providing the consolidated Tech24 team with additional capital and support needed to accelerate growth and develop best-in-class service capabilities. If you are a food or commercial HVAC equipment service provider interested in partnering with HCI Equity and Tech24, please contact Nate Novak at nnovak@hciequity.com.
Quarles and Brady served as legal counsel to Tech24.
About 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.