Kitchen Equipment Service PE Roll-Up Tracker 2026: Who Is Buying

How we built this tracker and how confident we are

This tracker covers US service and repair of commercial cooking, refrigeration, and warewashing equipment, the CFESA world. It excludes equipment manufacturing, distribution and dealers, and restaurants. Sources are sponsor press releases, platform newsrooms, EPA and CFESA certification pages, trade press, and the IBISWorld preview page for the umbrella machinery-repair industry. Every numeric and dated claim carries an inline source, and where a figure is a proxy or a source disagrees we say so.

This tracker covers US service and repair of commercial cooking, refrigeration, and warewashing equipment, the world served by the Commercial Food Equipment Service Association (CFESA). It excludes three adjacent and distinct industries: equipment manufacturing, distribution and dealers, and restaurants. We draw every fact from a dated public source: sponsor press releases, platform newsrooms, the EPA Section 608 and CFESA certification pages, trade press, and the IBISWorld preview page for the broader machinery-repair industry. We do not cite our own site as a source for any statistic.

We grade confidence plainly. A row is verified when a primary source confirms its sponsor, date, and transaction. A figure that is an appliance or HVAC proxy rather than a kitchen-repair-specific number is labeled a proxy, and a data point that is not public is called out as not disclosed rather than estimated. Two items carry explicit caveats: the Unlimited Service Group present-day sponsor is not independently confirmed as of October 2026, and no deal values or multiples have been disclosed anywhere in this vertical across 2023 to 2026. We treat both as findings, not gaps to fill with guesses.

What the market structure looks like and why it is fragmented

No standalone IBISWorld report for commercial foodservice equipment repair exists. The activity folds into the Machinery Repair and Maintenance industry (report 1708), sized at $60.3B for 2026 across 56,259 businesses. That is an umbrella proxy, not the kitchen-repair market size. The structure is highly fragmented and owner-operator-heavy, with no dominant player, which is precisely the condition a roll-up thesis needs.

There is no IBISWorld report titled “Commercial Foodservice Equipment Repair.” IBISWorld folds this activity into the broader Machinery Repair and Maintenance industry, report 1708, which explicitly lists commercial refrigeration repair among its covered services. The umbrella industry is sized at $60.3B for 2026 across 56,259 businesses, with a business-count growth near 0.5% per year from 2021 to 2026 and a profit margin near 11.1% of revenue (IBISWorld, Machinery Repair and Maintenance in the US, report 1708). We flag this clearly: the $60.3B figure is the whole machinery-repair industry, and the foodservice slice is a fraction of it that we could not isolate from a free primary source. Do not read $60.3B as the commercial kitchen equipment repair market size.

What the IBISWorld preview does support is the structural picture that matters for a roll-up. Competition is described as high and steady with no dominant player, and the largest single company in the umbrella (Primoris Services) is a heavy-infrastructure firm, which confirms the foodservice-repair sub-segment is highly fragmented and owner-operator-heavy. That fragmentation plus an owner-operator base is the condition that lets a platform buy many small shops and assemble one larger company. On adjacencies this vertical is often confused with: restaurant and hotel equipment wholesaling is a separate $41.0B IBISWorld industry (IBISWorld report 929), and commercial cooking equipment manufacturing is a separate report again (IBISWorld). Some players, notably Parts Town and General Parts, straddle parts distribution and field service.

Source for all three rows: IBISWorld, accessed October 1, 2026. A precise dollar size for the commercial kitchen and foodservice equipment repair sub-segment specifically is not independently sizable without paid IBISWorld access, so we present the structure qualitatively and leave the sub-segment dollar total unstated rather than inventing one.

The SDE to EBITDA arbitrage that drives the roll-up

The roll-up thesis is an earnings-metric arbitrage. Small owner-operated repair shops tend to sell on seller’s discretionary earnings (SDE), roughly 1.8x to 3.5x on appliance and HVAC proxies. Only scaled, multi-technician, contract-heavy platforms reach adjusted-EBITDA pricing, roughly 3.0x to 5.0x. A consolidator buys SDE-priced small shops and assembles an EBITDA-priced platform. SDE and EBITDA measure different things and are not interchangeable.

The consolidation logic rests on the gap between two earnings metrics. Most kitchen-equipment-service businesses are small, owner-operated, and transact on SDE, where the closest named proxies (appliance repair and HVAC service) run roughly 1.8x to 3.5x. Only scaled, multi-technician, contract-heavy businesses reach adjusted-EBITDA pricing, where the appliance proxy runs roughly 3.0x to 5.0x for larger companies with $2M or more of EBITDA (YourExitValue, Appliance Repair Business Valuation). A platform buyer acquires many SDE-priced shops, aggregates their earnings, adds contract density and geographic reach, and the combined company is then valued on EBITDA at a higher turn. That spread between the acquisition metric and the exit metric is the arbitrage.

The fork between the two metrics sits near $1M of earnings. Below roughly $1M, the metric is SDE and the buyers are SBA-backed, search-fund, and local operators. Above roughly $1M, the metric is adjusted EBITDA and the buyers are the platforms in this tracker. We never quote an EBITDA multiple for a sub-$1M-earnings owner-operator, because SDE and EBITDA measure different things: SDE includes a single owner’s full compensation and discretionary add-backs, while EBITDA assumes a replacement management layer already sits in the cost base. The two are not interchangeable, and the specific platform-level EBITDA multiples actually paid in this vertical are not disclosed (see the deal-flow finding below).

The three national platforms rolling up kitchen equipment service

Three national platforms are actively consolidating this exact vertical: Smart Care (Wind Point Partners, since March 11, 2022), Tech24 (Vestar Capital Partners plus HCI Equity Partners, since October 5, 2023), and Unlimited Service Group (sister to Parts Town Unlimited; Summit Partners named at the 2016 Whaley deal, present-day sponsor not independently confirmed as of October 2026). Each is profiled below with sponsor, date, footprint, and confirmed add-ons.

Platform 1: Smart Care Equipment Solutions (Wind Point Partners)

Smart Care Equipment Solutions is a dedicated national consolidator owned by Zone Climate Services and backed by Wind Point Partners, which acquired it on March 11, 2022 from Audax Private Equity; terms were not disclosed (Private Equity Wire). Smart Care was previously an Audax company from November 2017, carved out of Ecolab’s equipment-care business. During the Audax tenure it completed 14 add-on acquisitions and grew to more than 1,400 employees and 350,000 or more service events per year (same source). The business services commercial refrigeration, foodservice and cooking equipment (ovens, fryers, combi units), warewash and dishmachines, HVAC, cold storage, and ice and beverage equipment, with a heritage dating to 1878 (Smart Care).

The post-Wind Point add-on cadence confirms an active roll-up. In the fourth quarter of 2023, Smart Care acquired Watson Refrigeration (Raleigh, North Carolina), A Advantage Air (Birmingham, Alabama), and Metroplex Refrigeration (North Texas), described as acquisitions 10 through 12 since the March 2022 Wind Point partnership. In 2025 it added Mr. C Refrigeration (June) and HiTech of Texas (July) (Foodservice Equipment Reports). Smart Care is the longest-tenured dedicated platform in the vertical and the clearest example of a refrigeration and HVAC acquiring vehicle (Zone Climate Services) extending into foodservice service and repair.

Platform 2: Tech24 (Vestar Capital Partners plus HCI Equity Partners)

Tech24, legally Commercial Foodservice Repair, Inc., is a dedicated national consolidator that took a joint investment from Vestar Capital Partners and HCI Equity Partners on October 5, 2023, with Vestar joining alongside the existing HCI position (Vestar). At the October 2023 announcement the company covered more than 50 major markets across 26 states with more than 850 technicians, was headquartered in Greenville, South Carolina, was founded in 1982, and had completed 19 acquisitions since 2020. It services commercial refrigeration, cooking, beverage, and HVAC equipment (same source).

The add-on cadence continued after the 2023 investment. Tech24 acquired A-1 Service Group in Wisconsin (November 2024), formed a Varitech partnership in 2024, added Pacific Standard Service in Albany, California for cooking equipment (March 2026), and acquired Commercial Kitchen Repairs to expand in the Northeastern US; Cary Reed was appointed CEO in March 2025 (Vestar, Tech24, both accessed October 1, 2026). Tech24 is the clearest pure-play foodservice-equipment-repair platform of the three, with a technician-density and multi-market footprint model.

Platform 3: Unlimited Service Group (sister to Parts Town Unlimited)

Unlimited Service Group describes itself as the largest network of local commercial foodservice equipment repair providers in North America, with roughly 37 to 39 service brands, more than 125 locations, and more than 1,600 manufacturer-trained technicians across the US and Canada, headquartered in Addison, Illinois, and operating as the sister company to Parts Town Unlimited (parts distribution) (Unlimited Service Group). Its member brands include Whaley Foodservice, General Parts Group, 3Wire, ACE Service, Atlantic Equipment Services, FESCO, Heritage Foodservice, and Duffy’s AIS (same source).

On sponsorship we are deliberately cautious. Parts Town has a Summit Partners heritage: Summit was the named sponsor when Parts Town acquired Whaley Foodservice (Lexington, South Carolina, founded 1944, 15 Southeast locations) on February 18, 2016 (Summit Partners). We name the platform without asserting a current sponsor: the present-day controlling sponsor of Parts Town Unlimited is not independently confirmed as of October 2026, and a buyer should verify present ownership before relying on it. Two further data points confirm active consolidation inside this family: PT Holdings (the Parts Town parent) acquired General Parts Group on July 1, 2021 from the family firm Encore One, a business serving more than 60,000 customers across 400 OEMs and founded in 1939 (BusinessWire), and Unlimited Service Group launched USG Connect, a repair-and-maintenance management platform, in August 2024 (BusinessWire).

Strategic and non-PE acquirer types to watch

Beyond the three named platforms, two strategic acquirer types matter for this vertical: parts-distributor-affiliated service arms (Parts Town Unlimited and General Parts, which straddle distribution and field service), and refrigeration and HVAC platforms expanding into foodservice (Zone Climate Services, the acquiring vehicle for Smart Care, is exactly this pattern). A seller should expect bids from these categories, not only from pure-play kitchen-service consolidators.

The buyer universe is broader than the three dedicated networks. Parts-distributor-affiliated service arms are a live acquirer type: Parts Town Unlimited and General Parts both combine parts distribution with field service, which gives a parts distributor a direct path into service consolidation (BusinessWire). Refrigeration and HVAC multi-trade platforms are the second type: Zone Climate Services, which combines refrigeration and HVAC, is the vehicle through which Wind Point acquired Smart Care, a worked example of a refrigeration and HVAC platform expanding into foodservice (Private Equity Wire). The practical read for an investor is that a kitchen-service asset of platform scale can attract bids from three directions at once: dedicated kitchen-service networks, parts-distributor service arms, and refrigeration and HVAC platforms broadening their trade mix.

Deal flow: what is and is not disclosed, 2023 to 2026

No deal values or multiples have been disclosed for any transaction in this vertical across 2023 to 2026. The Smart Care sale, the Tech24 joint investment, every Smart Care and Tech24 add-on, the Parts Town and Whaley deal, and the General Parts acquisition are all “terms not disclosed.” We report this absence as a finding. It is expected for lower-middle-market private equity and should not be filled with an estimate.

Across every transaction we found, the terms were not disclosed. That includes the March 2022 Smart Care sale to Zone Climate Services and Wind Point, the October 2023 Tech24 joint investment from Vestar and HCI, all of the Smart Care and Tech24 add-ons listed above, the 2016 Parts Town and Whaley Foodservice deal, and the 2021 General Parts acquisition. There are no public deal multiples for this vertical. We state this plainly rather than estimate one. Non-disclosure is the normal condition for lower-middle-market private equity, where buyers and sellers rarely publish price, and the absence of comps is itself a useful fact for an investor underwriting an entry here: price discovery happens deal by deal, not from a published comp set.

What the valuation multiples look like (HVAC and appliance proxies)

No kitchen-repair-specific transaction multiple is published. The closest named, dated public benchmarks are appliance repair and HVAC service, used here as proxies and labeled as such: appliance-repair SDE near 1.8x to 3.0x and EBITDA near 3.0x to 5.0x (YourExitValue); HVAC-service SDE near 2.0x to 3.5x for sub-$1M owner-operators (broker summaries of BizBuySell data, secondary). These are directional proxy bands, not kitchen-repair comps.

There is no published multiple for a foodservice-equipment-repair deal, and no BizBuySell category exists for commercial kitchen equipment repair specifically. The nearest named and dated public benchmarks are appliance repair and HVAC service, which we use as proxies and label as proxies. The appliance-repair proxy gives an SDE multiple of 1.8x to 3.0x (with a 20 to 35 percent premium for well-run shops) and an EBITDA multiple of 3.0x to 5.0x for larger businesses at $2M or more of EBITDA, plus a revenue multiple of 0.35x to 0.65x used by strategic buyers (YourExitValue, Appliance Repair Business Valuation).

The HVAC-service proxy, surfaced through broker summaries of BizBuySell data for the period Q3 2021 to Q2 2026 and labeled secondary because the BizBuySell page itself returned an access error on direct fetch, shows a revenue multiple near 0.60x and an SDE multiple near 2.83x on a five-year basis, roughly 2.68x in 2025, with sub-$1M owner-operator HVAC near 2.0x to 3.5x SDE and a median HVAC sale price near $750k (BizBuySell industry valuation data, surfaced via broker summaries). The appliance-repair proxy via the same secondary channel runs roughly 2.0x to 3.5x SDE with a market average near 2.5x. General Main Street context puts the 2024 average SDE multiple near 2.57x. Every one of these is an appliance or HVAC proxy; no kitchen-repair-specific transaction comps exist.

Read the table as directional proxy observations, not point estimates and not kitchen-repair comps. For a seller-side view of what lifts a specific company within these bands and how to prepare, our kitchen equipment service business valuation guide covers preparation; this tracker stays on the buyer map.

What lifts a multiple, synthesized from the proxy sources above with each lever individually sourced: a recurring planned-maintenance and service-contract (MSA) base is the single biggest lever (service contracts generating 40 percent or more of revenue command substantial premiums per YourExitValue); OEM and factory-authorized service agreements (five or more major manufacturer authorizations carry a 25 to 35 percent premium per YourExitValue); first-call and chain MSA relationships for national-account dispatch; technician density and retention (EPA 608 and CFESA-certified techs); parts and warranty revenue plus parts-stocked vehicles (which drive 70 to 80 percent first-call completion versus 40 to 50 percent without, per YourExitValue); and geographic density with low customer concentration.

Why OEM authorization and EPA 608 are the consolidation logic

Two regulatory and operational facts shape who can buy and what diligence they run. EPA Section 608 certification attaches to the individual technician, is permanent, and does not transfer in a sale, so a deal carries no license-transfer risk but real technician-retention risk. OEM factory authorization is generally not automatic to transfer on a change of control, which makes authorization continuity a top diligence item for any platform buyer.

EPA Section 608 governs refrigerant handling: any technician who maintains, services, repairs, or disposes of equipment that could release refrigerants must be certified (Types I, II, III, or Universal), with apprentices exempt only under continual supervision. The credential is individual and does not expire; it attaches to the technician, is portable, and is permanent (EPA). Because 608 attaches to the person rather than the business, a sale carries no license-transfer risk, but it does create technician-retention risk: the asset’s refrigeration-service capacity leaves if certified technicians do. We frame this as a people and retention diligence item, not a permit item. CFESA certification is likewise individual, valid for five years, and covers electrical, gas, steam, and refrigeration work (CFESA). State contractor and gas-appliance licensing varies by state; we do not assert state-by-state specifics and recommend confirming mechanical and gas contractor licensing per operating state, since some such licenses may or may not transfer on an asset sale.

OEM factory authorization is the other half of the moat. Factory-authorized service means technicians trained to manufacturer standards, which the networks market as a differentiator (Southern Equipment Distributors). Transferability on a sale is generally not automatic: warranty policies are typically written for the original end-user only and are not transferable without prior written consent, and OEM authorization agreements commonly restrict assignment, requiring consent or notice on a change of control (Vollrath warranty policy; general OEM-agreement assignment norms). Specific transfer terms are OEM-by-OEM and not uniformly disclosed, so we do not publish a per-OEM list; the practical point is that each authorization must be confirmed to survive the change of control, which makes authorization continuity a top diligence item. Warranty-dispatch and extended-service-agreement work is recurring, manufacturer-funded revenue, and parts-stocked vehicles drive 70 to 80 percent first-call completion (YourExitValue, applied by analogy as a proxy).

Who should and should not expect a platform buyer

A company that tends to attract a platform bid has a recurring MSA and service-contract base, multiple OEM authorizations, scaled multi-technician staffing with EPA 608 and CFESA certification, and roughly $1M or more of adjusted earnings. A company that generally will not clear the platform bar is a sub-$1M-SDE single-owner shop with a founder-dependent book and few transferable authorizations; that company sells on SDE to local, search, or SBA buyers, not to a national platform.

From the drivers above, the profile that tends to attract a platform buyer is consistent: a recurring planned-maintenance and service-contract base (the single biggest lever), several OEM factory authorizations a buyer can confirm will survive a change of control, a staffed bench of EPA 608 and CFESA-certified technicians with low key-person concentration, parts-stocked vehicles supporting high first-call completion, and roughly $1M or more of adjusted earnings so the company reads in EBITDA terms. A business like that sits on the platform side of the SDE-to-EBITDA fork and can draw interest from the three named networks and the strategic acquirer types above.

The profile that generally will not clear the platform bar is the sub-$1M-SDE single-owner shop whose relationships, authorizations, and technical capacity concentrate in the founder. That company is valued on SDE at the appliance and HVAC proxy ranges and sells to local operators, search funds, or SBA-backed individual buyers, not to a national platform, because there is not yet an EBITDA-grade earnings base or a transferable contract and authorization book for a platform to underwrite. This is a buyer-map observation, not seller advice; owners weighing a sale and preparation steps should read our kitchen equipment service business valuation guide, which covers what sellers get and how to prepare.

Related CT research

Companion references for buyers, sponsors, and operators researching this vertical and adjacent ones:

Frequently asked questions

Who is rolling up commercial kitchen equipment service companies?

Three national platforms are actively consolidating the kitchen equipment service PE roll-up: Smart Care Equipment Solutions (backed by Wind Point Partners via Zone Climate Services since March 11, 2022), Tech24 (backed by Vestar Capital Partners and HCI Equity Partners since October 5, 2023), and Unlimited Service Group (sister to Parts Town Unlimited). It is not a one-company market.

Who owns Smart Care Equipment Solutions?

Smart Care is owned by Zone Climate Services and backed by Wind Point Partners, which acquired it on March 11, 2022 from Audax Private Equity. There is no Marmon or Berkshire ownership link. Terms were not disclosed.

Who owns Tech24?

Tech24 (Commercial Foodservice Repair, Inc.) took a joint investment from Vestar Capital Partners and HCI Equity Partners on October 5, 2023, with Vestar joining alongside the existing HCI Equity Partners position. Cary Reed was appointed CEO in March 2025.

Who is the sponsor behind Unlimited Service Group?

Unlimited Service Group is the service sister company to Parts Town Unlimited. Summit Partners was the named sponsor at the 2016 Parts Town and Whaley Foodservice deal, but the present-day controlling sponsor of Parts Town Unlimited is not independently confirmed as of October 2026. Confirm current ownership before relying on it.

What are the disclosed deal values and multiples in this vertical?

None. Every transaction found across 2023 to 2026, including the Smart Care sale, the Tech24 joint investment, all add-ons, and the Parts Town deals, is terms not disclosed. There are no public deal values or multiples for commercial kitchen equipment service, which is normal for lower-middle-market private equity.

What valuation multiples apply to a kitchen equipment service business?

No kitchen-repair-specific multiple is published. The closest proxies are appliance repair (SDE 1.8x to 3.0x; EBITDA 3.0x to 5.0x at $2M+ EBITDA, per YourExitValue) and HVAC service (SDE around 2.0x to 3.5x for sub-$1M owner-operators, per broker summaries of BizBuySell data). These are proxies, not comps, and SDE and EBITDA are not interchangeable.

How big is the commercial kitchen equipment repair market?

There is no standalone IBISWorld report for it. The activity sits inside the Machinery Repair and Maintenance industry (report 1708), sized at $60.3B for 2026 across 56,259 businesses. That umbrella figure is not the kitchen-repair market size; the foodservice slice is a fraction we could not isolate from a free primary source.

Does EPA Section 608 certification transfer when a business is sold?

No. Section 608 certification attaches to the individual technician, is permanent, and does not expire, so a business sale carries no 608 license-transfer risk. It does create technician-retention risk, because the refrigeration-service capacity leaves with any certified technician who departs.

Does OEM factory authorization transfer on a change of control?

Generally not automatically. Manufacturer warranties are typically original-end-user only and not transferable without consent, and OEM authorization agreements commonly restrict assignment on a change of control. A platform buyer must confirm each OEM authorization survives the transaction, which makes authorization continuity a top diligence item.

Sources

Market structure

• IBISWorld, Machinery Repair and Maintenance in the US (report 1708): https://www.ibisworld.com/united-states/industry/machinery-repair-maintenance/1708/ (accessed October 1, 2026)
• IBISWorld, Restaurant and Hotel Equipment Wholesaling (report 929): https://www.ibisworld.com/united-states/industry/restaurant-hotel-equipment-wholesaling/929/ (accessed October 1, 2026)
• IBISWorld, Commercial Cooking Equipment Manufacturing: https://www.ibisworld.com/united-states/market-research-reports/commercial-cooking-equipment-manufacturing-industry/ (accessed October 1, 2026)

Platforms and transactions

• Private Equity Wire, Audax sells Smart Care to Zone Climate Services: https://www.privateequitywire.co.uk/audax-private-equity-sells-smart-care-equipment-solutions-zone-climate-services/ (accessed October 1, 2026)
• Smart Care, About: https://smartcaresolutions.com/about/ (accessed October 1, 2026)
• Foodservice Equipment Reports, Smart Care trifecta of acquisitions: https://www.fermag.com/articles/smart-care-announces-trifecta-of-acquisitions/ (accessed October 1, 2026)
• Vestar, Tech24 joint investment from Vestar and HCI: https://www.vestarcapital.com/tech24-announces-joint-investment-from-vestar-capital-partners-and-hci-equity-partners/ (accessed October 1, 2026)
• Vestar, Tech24 partners with Pacific Standard Service: https://www.vestarcapital.com/tech24-partners-with-pacific-standard-service/ (accessed October 1, 2026)
• Tech24, acquires Commercial Kitchen Repairs: https://www.mytech24.com/news/tech24-acquires-commercial-kitchen-repairs-expanding-service-in-northeastern-u-s-markets/ (accessed October 1, 2026)
• Unlimited Service Group, Find Service: https://unlimitedservice.com/find-service/ (accessed October 1, 2026)
• Summit Partners, Parts Town acquires Whaley Foodservice: https://www.summitpartners.com/news/summit-partners-portfolio-company-parts-town-acquires-whaley-foodservice (accessed October 1, 2026)
• BusinessWire, PT Holdings acquires General Parts: https://www.businesswire.com/news/home/20210702005053/en/PT-Holdings-Group-Acquires-General-Parts (accessed October 1, 2026)
• BusinessWire, USG Connect launch: https://www.businesswire.com/news/home/20240828802652/en/ (accessed October 1, 2026)

Valuation proxies

• YourExitValue, Appliance Repair Business Valuation: https://www.yourexitvalue.com/industries/appliance-repair (accessed October 1, 2026)
• BizBuySell, industry valuation multiples (surfaced via broker summaries; secondary): https://www.bizbuysell.com/learning-center/industry-valuation-multiples/ (accessed October 1, 2026)

Regulatory and operational

• EPA, Section 608 Technician Certification Requirements: https://www.epa.gov/section608/section-608-technician-certification-requirements (accessed October 1, 2026)
• CFESA, Certification: https://cfesa.com/certification/ (accessed October 1, 2026)
• Southern Equipment Distributors, factory-authorized service: https://southernequipmentdist.com/2026/07/why-factory-authorized-equipment-service-saves-restaurants-time-and-money/ (accessed October 1, 2026)
• Vollrath, warranty policy: https://www.vollrathfoodservice.com/vollrath-resources/warranty-info/warranty-policy (accessed October 1, 2026)
• ContractsCounsel, OEM agreement assignment norms: https://www.contractscounsel.com/t/us/oem-agreement (accessed October 1, 2026)

Disclaimer

CT Strategic Partners LLC dba CT Acquisitions is a buy-side M&A advisor, not a registered investment bank, broker-dealer, or appraiser. Multiple ranges are directional observations from cited sources and active engagement observations, not point estimates; where figures are proxies or sources disagree, they are presented as such. SDE and EBITDA multiples measure different things and are not interchangeable. Regulatory, licensing, and code references are general summaries, not legal or compliance advice; requirements vary by jurisdiction and change over time. Individual outcomes vary materially. Past patterns are not a guarantee of future results.

About the author

This tracker was prepared by Christoph Totter, Managing Partner at CT Acquisitions, a buy-side M&A advisory and research firm that works with lower-middle-market and middle-market sponsors, family offices, and strategic buyers, backed by a network of 500+ capital partners. We maintain continuously updated platform maps, deal-flow chronologies, proxy multiple bands, and regulatory tracking across route-based and recurring-service verticals.

This tracker was prepared by Christoph Totter, Managing Partner at CT Acquisitions, a buy-side M&A advisory and research firm. We work with lower-middle-market and middle-market private-equity sponsors, family offices, and strategic buyers, backed by a network of 500+ capital partners, and we maintain continuously updated platform maps, deal-flow chronologies, proxy multiple bands, and regulatory tracking across route-based and recurring-service verticals. Buyers and sponsors mapping the kitchen equipment service sector, and operators weighing a confidential read on their own business, can book a confidential call. We refresh this tracker quarterly.

Last verified: October 2026.