Smart Care Equipment Solutions, a portfolio company of Audax Private Equity, has acquired REMCO. The buy of REMCO is Smart Care’s first add-on since being acquired by Audax in November 2017.
REMCO is a regional provider of commercial kitchen repair, maintenance services, and parts to the commercial foodservice industry. The company serves restaurants, convenience stores, and other commercial kitchens that are located in Alabama, Tennessee, Mississippi, Georgia, and Florida. REMCO was founded in 1994 by Tom Gory and has 60 employees including 46 service technicians. The company is headquartered in Birmingham, AL (www.remcosoutheast.com).
Audax Private Equity acquired the equipment care business of Ecolab in November 2017 and the business now operates as Smart Care Equipment Solutions. Smart Care provides commercial kitchen repair, maintenance services, and replacement parts to companies that are active in the commercial foodservice industry. Smart Care services 40,000 locations across 25 states with 500 technicians and 400 subcontractors and distributes 25,000 SKUs of OEM and private label parts. The company is led by CEO Bill Emory and is headquartered in St. Paul, MN (www.smartcaresolutions.com).
“REMCO has become the stand-out leader in commercial kitchen equipment service in the southeast thanks to the leadership of owners Tom, Rich, Bruce and Keith Gory,” said Mr. Emory. “As we got to know their team it became clear we share the same vision, values and commitment to both employees and customers. We are aligned on our ambition to build the premiere kitchen equipment care company in the country. We’re delighted to add REMCO to the Smart Care family and are very pleased that Rich and Bruce will continue to lead REMCO.”
The acquisition of REMCO is the first of a number of planned additions that Smart Care intends to make in the next several years. This transaction grows Smart Care’s technician team by approximately 10% and increases the total number of technicians to more than 550 nationwide. The acquisition also increases Smart Care’s reach into the state of Alabama and widens coverage in neighboring states of Mississippi, Tennessee, Georgia, and Florida.
Audax Group makes control investments of $10 million to $100 million in middle market companies with transaction values of $25 million to $500 million. Sectors of interest include industrial manufacturing; energy; outsourced industrial services; consumer products; healthcare devices and services; non-asset based logistics; technology; aerospace & defense; business services; and direct marketing. The firm was founded in 1999 and has offices in Boston, New York and Menlo Park (www.audaxgroup.com).
© 2018 Private Equity Professional | June 12, 2018
