HCI-backed Tech24 acquires foodservice and commercial HVAC repair provider 1st Source

Tech24 is a provider of repair and maintenance services for foodservice and commercial HVAC equipment.

  • 1st Source is Tech24’s thirteenth add-on acquisition in the foodservice repair and maintenance market
  • Quarles and Brady served as legal counsel to Tech24
  • HCI Equity Partners invests in lower market private distribution, manufacturing and service companies

Tech24, which is backed by HCI Equity Partners, has acquired Lewisville, Texas-based 1st Source, a provider of repair services, preventative maintenance and installation for foodservice, refrigeration equipment, HVAC and plumbing. No financial terms were disclosed.

Tech24 is a provider of repair and maintenance services for foodservice and commercial HVAC equipment.

1st Source is Tech24’s thirteenth add-on acquisition in the foodservice repair and maintenance market.

“1st 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, in a statement. “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.

HCI Equity Partners is a lower market private equity firm focused on partnering with family and founder-owned distribution, manufacturing and service companies.