Lewisville-based foodservice company 1st Source Restaurant Services has been acquired by South Carolina-based Tech24 for an undisclosed price, according to a news release. Tech24 is a national provider of repair and maintenance services for the food industry and commercial HVAC equipment.
The acquisition is part of Tech24's plan to increase coverage in Texas.
"We are very pleased to add 1st Source to the Tech24 family," Dan Rodstrom, CEO of Tech24, said in the release. "They come with a great reputation for service and established presence in the burgeoning Dallas-Fort Worth market."
The deal is Tech24's thirteenth add-on acquisition backed by Washington, D.C.-based HCI Equity Partners. HCI is a private equity firm that partners with family and founder-owned companies.
"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," Doug McCormick, managing partner at HCI, said in the release. "Entering the fast-growing Dallas market is an exciting expansion for the Tech24 platform and HCI looks forward to supporting the combined company."
1st Source Restaurant Services was founded in 2007. The company provides repair services, preventative maintenance and installation for food service, refrigeration equipment, plumbing and HVAC. 1st Source provides service in Dallas, Fort Worth, San Antonio and Arkansas.
