New State Backs Harrell-Fish Inc. to Accelerate Mechanical Contracting Expansion
Key Highlights
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Emphasis on retrofit, renovation and service work aligns well with contractor readership.
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Clear explanation of growth strategy: operational improvements, expanded services and M&A.
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Stronger framing of HFI’s capabilities and market position for hydronic/HVAC audiences.
NEW ROCHELLE, NY — New State Capital Partners has made a majority investment in Harrell-Fish Inc. (HFI), a Bloomington, Indiana-based mechanical contractor specializing in HVAC and plumbing installation, retrofit, and maintenance services. The transaction was completed in partnership with the company’s existing owners, who retained significant ownership and will continue in their current roles. Terms of the deal were not disclosed.
Established Mechanical Contractor With Strong Retrofit and Service Capabilities
Founded in 1985, HFI serves commercial and institutional customers across healthcare, education and other essential building markets. The contractor delivers HVAC and plumbing solutions with a strong focus on retrofit, renovation and ongoing service work—segments that continue to grow as building owners invest in system upgrades and operational efficiency.
HFI’s in-house labor, long-standing customer relationships and market presence position the company for continued expansion throughout the Midwest.
Backers See Strong Platform for Regional Growth
“HFI is an established regional leader serving critical end markets, with a strong foundation for growth,” said Shaun Vasavada, Senior Principal at New State Capital Partners. “We have executed a similar playbook in prior facility services investments and look forward to collaborating with the management team to drive continued success. We also are excited about the M&A opportunities in this sector and look forward to accelerating growth both organically and via strategic acquisitions.”
Leadership Emphasizes Culture and Customer Service
Steve Dawson, Chief Executive Officer of HFI, said, “Partnering with New State will enable us to accelerate our growth while maintaining the culture and quality our clients expect. The firm’s collaborative approach and deep operating resources will help us enhance our systems, expand our service capabilities, and pursue new avenues for expansion.”
First Platform Investment for New State’s Fund IV
The transaction marks the first platform investment in New State’s Fund IV. New State partnered with Amethyst Capital Group, LLC, an independent sponsor experienced in business and infrastructure service companies. The deal represents the sixth time New State has teamed with an independent sponsor.
“We are excited to support New State on this opportunity. HFI represents the ideal growth platform in the mechanical contracting space and is well positioned to capitalize on strong market tailwinds,” said Ross Lipson, Managing Partner 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 owners.
To learn more about Harrell-Fish Inc., visit harrell-fish.com.
To learn more about Amethyst Capital Partners visit amethyst-cap.com.