Acquisition of TEMCO, Inc.
HCI Equity Partners-Backed Tech24 Acquires TEMCO, Inc.
Tech24 Completes Ninth Add-on Acquisition
GREENVILLE, SC, July 20, 2022—Tech24, backed by HCI Equity Partners, announced today it acquired TEMCO, Inc. (“TEMCO” or the “Company”) based in Jackson, Mississippi, on July [19], 2022. Tech24 is a national provider of repair and maintenance services for foodservice and commercial HVAC equipment. TEMCO is Tech24’s ninth add-on acquisition in the highly fragmented foodservice repair and maintenance market. Financial terms were not disclosed.
TEMCO is a provider repair and maintenance services for commercial kitchen and HVAC equipment to customers throughout Mississippi. The Company has a large focus on hot-side and refrigeration to food equipment customers in Jackson and the Gulf Coast area. The acquisition provides Tech24 with geographic expansion to the Southeast, new talent and expanded exposure to attractive customers.
“We are thrilled to welcome TEMCO to the Tech24 organization,” said Dan Rodstrom, CEO of Tech24. “The combination of our companies allows us to enter the rapidly growing Southeastern market and provide the service we’re known for to a broader set of customers. We look forward to working with Duane Griffin, Mike Reed and the entire TEMCO organization.”
Doug McCormick, HCI’s Managing Partner commented, “TEMCO is a great example of HCI finding a founder-owned company looking for a partner to assist them to the next stage of growth. The company is great addition to the Tech24 platform and we look forward to offering new customers in that region the fast and reliable service that Tech24 provides.”
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.
Contacts:
Kelsey Clute, VP, Director of Communications, HCI
Lisa Baker, Lambert
