Leeds Novamark Capital has backed Commercial Foodservice Repair to support its acquisition of Foodservice Technologies. Headquartered in Greenville, South Carolina, CFR is a provider of foodservice equipment maintenance and repair services to convenience stores, restaurants, retailers, and other foodservice channels.
Leeds Novamark Capital (“Leeds Novamark”) is pleased to announce that it has provided subordinated debt and an equity co-investment to Commercial Foodservice Repair, Inc. (“CFR”) to support its acquisition of Foodservice Technologies, Inc. (d/b/a “Tech 24”). Headquartered in Greenville, South Carolina, CFR is a leading provider of foodservice equipment maintenance and repair services to convenience stores, restaurants, retailers, and other foodservice channels. CFR’s factory-trained, licensed and insured foodservice equipment repair technicians operate in 16 states serving 32 of the country’s largest metropolitan markets. Tech 24, headquartered in Alexandria, Virginia, specializes in providing foodservice, refrigeration, HVAC, plumbing and electrical repair and maintenance to national and regional restaurants, and will enable CFR to expand its market coverage and broaden its service offering
“This is an important chapter in CFR’s growth story,” said Kurt Herwald, Chief Executive Officer of CFR. “The addition of Tech 24 and its 130 technicians will further broaden our geographical coverage while also enhancing our capabilities within the restaurant industry.” Mr. Herwald added, “Leeds Novamark delivered on time and on their proposed terms to help us complete this transaction, and we believe they’ll be a great partner to help us continue to execute our growth strategy going forward.”
“CFR’s leading market position, national team of over 300 highly experienced technicians, long-standing customer relationships, reputation for excellent service and committed management team provide an excellent platform for the addition of Tech 24,” said Matthew Kelty, Managing Partner of Leeds Novamark. “We are excited to support Kurt and his team as they execute a strategy to grow the combined companies through further market expansion and acquisitions.”
About Leeds Novamark Capital
Based in Northern Virginia, Leeds Novamark Capital is a licensed Small Business Investment Company with over $235 million of capital under management that provides debt and equity capital to lower middle market companies. Leeds Novamark invests across a broad range of industries and typically provides between $5MM and $20MM of capital to companies in support of buyouts, recapitalizations, refinancings, and acquisition and growth financings. The firm seeks companies that generate at least $2 million of EBITDA and places an emphasis on management-owned and family-owned business.