A Quick Look at Early 2024 M&A Action

Less than a month into the new year, several industry companies are finding new partnerships.

Among the latest to announce deals is Tech24, which has acquired two companies: Chester, Va.-based 1-2-3 Equipment Solutions, a provider of HVAC, refrigeration and kitchen equipment maintenance, service and installation; and Silverdale, Pa.-based Total Tech Corp., which provides commercial kitchen equipment repairs, refrigeration and HVAC.

1-2-3 Equipment Solutions primarily serves restaurant and hospitality customers across Virginia and North Carolina by offering maintenance/repair and installation/replacement of HVAC, refrigeration and hot-side kitchen equipment. 1-2-3 Equipment Solutions also provides temporary cold storage solutions for planned maintenance and unplanned emergencies.

“I am excited to join the Tech24 family and look forward to growing the 1-2-3 Equipment Solutions brand throughout the mid-Atlantic and Southeast region,” says Michael Hess, president of 1-2-3 Equipment Solutions. “We have grown significantly in recent years, and I know Tech24 will provide access to the resources we need to supercharge that growth in the years to come while maintaining high-quality service for our partners.”

Of the Total Tech deal, Tech24 says the partnership will expand its services in the Northeast region.

As of mid-January, Tech24 has completed 21 acquisitions since 2020, with its most recent deal before these two being the addition of Texas-based Big Fish. The service company also gained a new investor last fall.

Meanwhile, disposable foodservice supplier AmerCareRoyal—which, like Tech24, is backed by HCI Equity Partners—has acquired Thermosource Tooling and Mfg. TTM, headquartered in El Segundo, Calif., supplies thermoformed and flexible packaging solutions for foodservice, food production and grocery applications. This marks AmerCareRoyal’s ninth add-on since HCI’s initial investment in 2014. The deal gives ACR complementary product and customer segments, while expanding its capabilities in branded and customized packaging solutions, notes a Jan. 9 release.

“Bringing TTM under the AmerCareRoyal umbrella presents significant cross-selling opportunities, especially in segments where we have been seeking to expand, while also growing the product offering available to TTM’s customers,” says Scott Milberg, CEO of AmerCareRoyal.

Further, in early January, foodservice packaging distributor Imperial Dade scooped up Insight Distributing to expand its coverage in Washington. The deal was Imperial Dade’s 77th acquisition under its current leadership.

Easy Ice, a provider of managed commercial ice machine rentals, also recently closed two acquisitions, which you can read more on here.

Editor’s Note: This story was updated Monday, Jan. 15.