Tech24

Dan Rodstrom leads the acquisition strategy as CEO, supported by a regional president structure that identifies and integrates local targets. Major capital-allocation decisions, including new platform investments and add-on acquisitions, ultimately require Genstar Capital board approval. The day-to-day M&A pipeline is managed internally by a corporate development team based in Greenville.

Tech24 primarily sources deals through a direct-outreach model to founder-owned service companies, often approaching owners who have no imminent plans to sell. Its internal M&A team works alongside regional presidents who maintain relationships with independent HVAC and kitchen-repair operators in target geographies. Because the firm retains acquired brands and local management, it develops a reputation among owner-operators that generates inbound interest from peers.

Tech24 does not operate as a fund-of-funds or make LP commitments to third-party managers. Every dollar deployed goes directly into acquiring and integrating commercial service businesses. The platform itself is a Genstar Capital portfolio company, meaning the private-equity sponsor handles fund-level capital calls, but Tech24's own balance sheet is used exclusively for M&A and organic operations.

Tech24 targets mature, cash-flowing businesses with established local route density, not startups or early-stage ventures. Typical add-on targets generate between $2 million and $20 million in annual revenue and have been operating for at least a decade. The firm avoids turnaround situations, preferring companies with stable technician workforces and recurring maintenance contracts.

Genstar Capital, a San Francisco-based middle-market private-equity firm, acquired a majority stake in Tech24 in 2017, replacing the original sponsor HCI Equity Partners. Genstar invests out of its flagship buyout funds and has supported the platform through multiple subsequent capital infusions for acquisitions. No single-family wealth or individual majority owner sits behind the vehicle.

All of Tech24's field technicians are W-2 employees of the consolidated entity, not independent contractors or franchisees. This structure gives the company full control over training, dispatch routing, parts allocation, and same-day emergency response across its entire branch network. The centralized parts-warehouse system and 24/7 call center would be difficult to coordinate under a franchise or contractor model.

The customer base spans quick-service and full-service restaurants, hospital and university cafeterias, K-12 school kitchens, hotel chains, and corporate dining facilities. Roughly 70% of revenue is recurring from preventive-maintenance contracts, with the balance coming from emergency repair and on-demand service calls. Fast-food chains represent the largest single end-market vertical.