Vestar Capital Partners (Vestar) has invested in Tech24, a commercial foodservice equipment repair and maintenance provider, alongside existing shareholders HCI Equity Partners (HCI) and the Company’s management team.
The new investment will support Tech24’s organic and acquisitive growth in new and existing geographies and end markets. Founded in 1982, Tech24 currently services over 50 major markets in American 26 states, and its customer base includes restaurants, grocery and convenience stores, retailers, schools and universities, and corporate and government facilities. Tech24 has completed 19 acquisitions since 2020.
Meanwhile, Vestar funds have invested over $11 billion in 92 companies and more than 200 add-on acquisitions since 1988, with a total value of approximately $52 billion.
Solomon Partners served as financial advisor and Quarles & Brady LLP served as the legal advisor to Tech24 and HCI. TD Cowen acted as financial advisor, and Kirkland & Ellis LLP acted as legal advisor to Vestar.
