HCI Equity Partners-Backed Tech24 Acquires Allied Service Group
Tech24 Completes Twelfth Add-on Acquisition
GREENVILLE, S.C., September 27, 2022—Tech24, backed by HCI Equity Partners, today announced that it acquired Allied Service Group (“Allied” or the “Company”) on September 23, 2022. Tech24 is a national provider of repair and maintenance services for foodservice and commercial HVAC equipment. Allied is Tech24’s twelfth add-on acquisition in the highly fragmented foodservice repair and maintenance market. Financial terms were not disclosed.
Allied is a provider of repair services, preventative maintenance and installation for foodservice and HVAC equipment, servicing restaurants, grocery stores and institutions in Southwest Tennessee and Northern Mississippi. The acquisition provides Tech24 with an additional entry point into the Southeastern U.S. as Allied’s headquarters in Jackson, Tennessee, are near growing metropolitan areas, including Memphis, Nashville, Knoxville and Chattanooga.
Dan Rodstrom, CEO of Tech24, said, “We are excited to welcome Allied Service Group to the Tech24 family. Joe Lasley, President of Allied, has built an outstanding team in Mississippi and Tennessee, and we look forward to working alongside them as Tech24 expands its operations further in the Southeast.”
“The Tech24 platform is a great example of how HCI’s investment strategy works to benefit new and existing customers with expanded services and greater efficiencies, through strategic acquisitions in fragmented markets,” said Doug McCormick, Managing Partner at HCI. “Tech24 and HCI are experiencing strong success partnering with high quality family- and founder-owned businesses across the U.S., and we are proud of the teams and business we are building.”
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.
Kelsey Clute, VP, Director of Communications, HCI
Megan Bowman, Lambert