M&A Deal Summary

HCI Equity Partners Acquires Tech24

On June 1, 2020, private equity firm HCI Equity Partners acquired business services company Tech24 from LNC Partners

Acquisition Highlights
  • This is HCI Equity Partners’ 5th transaction in the Business Services sector.
  • This is HCI Equity Partners’ 38th transaction in the United States.
  • This is HCI Equity Partners’ 2nd transaction in South Carolina.

M&A Deal Summary
Date 2020-06-01
Target Tech24
Sector Business Services
Buyer(s) HCI Equity Partners
Sellers(s) LNC Partners
Deal Type Secondary Buyout

Target

Tech24

Greenville, South Carolina, United States
website
Tech24 is an installation, preventative maintenance, and repair company specializing in foodservice facilities. The company specializes in cooking, refrigeration, beverage, and specialty foodservice equipment. In select markets, it also performs HVAC, Electrical, and Plumbing services. Tech24 was formed in 1982 and is based in Greenville, South Carolina.

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Buyer(S) 1

Buyer

HCI Equity Partners

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

HCI Equity Partners is a private equity group that targets lower middle-market industrial product and service companies throughout North America. HCI is a 'hands on' investor, looking to assist portfolio companies with growth strategies and improving profitability. The Firm seeks opportunities with $20 to $200 million in revenues and strong management in place. Specific areas of interest include aerospace/defense, automotive and commercial vehicle suppliers, industrial distribution, infrastructure, power generation, test/measurement equipment, and transportation. HCI Equity Partners (fka Thayer | Hidden Creek Partners) is based in Washington DC.

DEAL STATS #
Overall 40 of 45
Sector (Business Services) 5 of 5
Type (Secondary Buyout) 4 of 4
State (South Carolina) 2 of 2
Country (United States) 38 of 43
Year (2020) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-06 Delaney

Cumming, Georgia, United States

Delaney is a designer, marketer, and distributor of residential and commercial locksets, as well as a variety of other bath related hardware. The Company sources product through Asian manufacturing relationships and markets under its own Delaney and Callan brand names. Delaney was founded in 1992 and is based in Cumming, Georgia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-17 Go To Logistics

Northlake, Illinois, United States

Go To Logistics is a transportation service provider focused on the freight consolidation and LTL market. Go To provides services ranging from expedited/guaranteed service to warehoused consolidation primarily from Chicago to the Northeast and West Coast, as well as the Southwest United States. Go To Logistics is based in Northlake, Illinois.

Sell -

Seller(S) 1

SELLER

LNC Partners

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2010
PE ASSETS 700M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

LNC Partners is a private investment firm focused on providing $10 to $30 million of equity and junior capital to support a variety of company transactions. As a provider of debt, LNC offers subordinated debt and unitranche securities. As a provider of equity, LNC will invest as a minority or majority partner. Prospective transaction situations include buyouts, refinancings, acquisition financings, growth capital needs, and recapitalizations. Sectors of interest include business and information services, financial services, insurance, healthcare, and niche manufacturing. LNC Partners is based in Reston, Virginia.

DEAL STATS #
Overall 22 of 25
Sector (Business Services) 2 of 3
Type (Secondary Buyout) 13 of 13
State (South Carolina) 1 of 1
Country (United States) 22 of 25
Year (2020) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-16 Terra Dotta

Chapel Hill, North Carolina, United States

Terra Dotta provides enrollment and student management software solutions primarily to the international study market. Terra Dotta’s core software plays a critical role within the daily workflow of university study abroad and international student offices, and helps employees manage all aspects of operations, from marketing to application intake and review, to student tracking. Terra Dotta is based in Chapel Hill, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-30 Sunstar Insurance Group

Memphis, Tennessee, United States

Sunstar Insurance Group is a regional insurance brokerage firm headquartered in Memphis, Tennessee, focused on servicing the insurance needs of businesses and individuals in the Southeast and lower Midwest. Sunstar operates through 10 hub offices, with 18 branch offices in Arkansas, Kansas, Missouri and Tennessee. The Sunstar corporate vision is to be recognized as the premier regional insurance agency in its market area by providing exceptional service, professional expertise, trusted advice and competitively priced insurance products to its clients.

Sell -
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