M&A Deal Summary

HCI Equity Partners and Vestar Capital Partners Acquire Tech24

On June 1, 2020, private equity firms HCI Equity Partners and Vestar Capital Partners acquired business services company Tech24 from LNC Partners

Acquisition Highlights
  • This is HCI Equity Partners’ 5th and Vestar Capital Partners’ 2nd transaction in the Business Services sector.
  • This is HCI Equity Partners’ 38th and Vestar Capital Partners’ 63rd transaction in the United States.
  • This is HCI Equity Partners’ 2nd and Vestar Capital Partners’ 2nd transaction in South Carolina.

M&A Deal Summary

Date 2020-06-01
Target Tech24
Sector Business Services
Buyer(s) HCI Equity Partners
Vestar Capital Partners
Sellers(s) LNC Partners
Deal Type Secondary Buyout

Target

Tech24

Greenville, South Carolina, United States
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) 2

Buyer

HCI Equity Partners

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor


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 46
Sector (Business Services) 5 of 6
Type (Secondary Buyout) 4 of 4
State (South Carolina) 2 of 2
Country (United States) 38 of 44
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 -
Buyer

Vestar Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1988
PE ASSETS 11.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Vestar Capital Partners is a private equity firm that targets management buyouts and growth capital investments across North America and Europe in the consumer, business services, and healthcare sectors. The Firm looks to invest $50 to $150 million in transactions valued up to $1 billion. Specific areas of interest include food, apparel, household goods, retail, consumer services, industrial services, information services, manufacturing, distribution, transportation, financial services, media/communications, digital health media, and medical technology. Vestar Capital Partners was formed in 1988 and is based in New York City.


DEAL STATS #
Overall 78 of 86
Sector (Business Services) 2 of 4
Type (Secondary Buyout) 11 of 14
State (South Carolina) 2 of 2
Country (United States) 63 of 70
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-13 21st Century Oncology

Fort Myers, Florida, United States

21st Century Oncology is a provider of cancer care services across multiple modalities, the largest radiation oncology provider and one of the largest groups of urologists in the U.S. 21st Century Oncology was founded in 1983 and is based in Fort Myers, Florida.

Sell $1.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-19 Woodstream

Lancaster, Pennsylvania, United States

Woodstream is a manufacturer and marketer of a broad portfolio of branded pest control and lawn & garden products, under brands such as Victor, Terro, Perky-Pet, Havahart, Safer, Sweeney’s and Mosquito Magnet, among others. Woodstream was founded in 1832 and is based in Lancaster, Pennsylvania.

Sell -

Seller(S) 1

SELLER

LNC Partners

Investor Investor Investor Investor Investor


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 26
Sector (Business Services) 2 of 3
Type (Secondary Buyout) 13 of 14
State (South Carolina) 1 of 1
Country (United States) 22 of 26
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, 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. Sunstar Insurance Group was formed in 2012 and is based in Memphis, Tennessee.

Sell -