New State Backs Harrell-Fish Inc. to Accelerate Mechanical Contracting Expansion

NEW ROCHELLE, NY — New State Capital Companions has made a majority funding in Harrell-Fish Inc. (HFI), a Bloomington, Indiana-based mechanical contractor specializing in HVAC and plumbing set up, retrofit, and upkeep companies. The transaction was accomplished in partnership with the corporate’s current homeowners, who retained important possession and can proceed of their present roles. Phrases of the deal weren’t disclosed.

Established Mechanical Contractor With Sturdy Retrofit and Service Capabilities

Based in 1985, HFI serves industrial and institutional clients throughout healthcare, schooling and different important constructing markets. The contractor delivers HVAC and plumbing options with a powerful give attention to retrofit, renovation and ongoing service work—segments that proceed to develop as constructing homeowners spend money on system upgrades and operational effectivity.

HFI’s in-house labor, long-standing buyer relationships and market presence place the corporate for continued growth all through the Midwest.

Backers See Sturdy Platform for Regional Development

“HFI is a longtime regional chief serving vital finish markets, with a powerful basis for progress,” mentioned Shaun Vasavada, Senior Principal at New State Capital Companions. “Now we have executed an analogous playbook in prior facility companies investments and stay up for collaborating with the administration group to drive continued success. We are also excited concerning the M&A alternatives on this sector and stay up for accelerating progress each organically and through strategic acquisitions.”

Management Emphasizes Tradition and Buyer Service

Steve Dawson, Chief Government Officer of HFI, mentioned, “Partnering with New State will allow us to speed up our progress whereas sustaining the tradition and high quality our shoppers count on. The agency’s collaborative strategy and deep working assets will assist us improve our techniques, develop our service capabilities, and pursue new avenues for growth.”

First Platform Funding for New State’s Fund IV

The transaction marks the primary platform funding in New State’s Fund IV. New State partnered with Amethyst Capital Group, LLC, an impartial sponsor skilled in enterprise and infrastructure service firms. The deal represents the sixth time New State has teamed with an impartial sponsor.

“We’re excited to help New State on this chance. HFI represents the perfect progress platform within the mechanical contracting area and is properly positioned to capitalize on robust market tailwinds,” mentioned Ross Lipson, Managing Companion at Amethyst.

Advisors on the transaction included Harris Williams LLC and Morgan, Lewis & Bockius LLP for New State, and GLC Advisors & Co. and Holland & Hart LLP for HFI and its homeowners.

To be taught extra about Harrell-Fish Inc., go to harrell-fish.com.

To be taught extra about Amethyst Capital Companions go to amethyst-cap.com.