Foundral Sets Out to Build Leading Commercial HVAC Network in the Midwest
Key Highlights
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Union mechanical contractors gain expanded capabilities through centralized support and PE-backed investment
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Data center, hospital and manufacturing work identified as primary growth markets across the Midwest
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Foundral launches with respected legacy contractors Smith & Oby and DSO, plus new leadership focused on scalable, modernized operations
CHICAGO, IL — Foundral, a newly established platform focused on scaling a family of union-backed mechanical contracting firms, has officially launched. Built to integrate experienced HVAC and mechanical teams across the Midwest and nearby growth regions, Foundral provides centralized support designed to help contractors compete, expand and take on increasingly complex projects.
Backed by private equity sponsor McNally Capital, Foundral builds on the performance and reputation of Smith & Oby and its subsidiary DSO—two long-established commercial mechanical contractors. Smith & Oby has been a core part of Ohio’s construction sector since 1898, and West Virginia–based DSO has delivered more than 100 major projects in the past decade.
“We are committed to the vision of creating the leading commercial HVAC player in the Midwest and beyond,” said Ravi Shah, Partner at McNally Capital. “Foundral is bringing together some of the most respected and accomplished mechanical contractors in the country and equipping them with the back-end capabilities that allow them to preserve their lineage while accelerating growth and modernization. These are the contractors who have built the cities and skylines around us—and now they’re uniting to build a stronger future.”
Platform Leadership Brings Deep Mechanical and Infrastructure Expertise
Foundral has named Jason Richards as Executive Chairman of the Board and Chief Executive Officer. Richards brings more than 33 years of experience in the infrastructure services market, with a background in mechanical, electrical, building controls and energy service systems. A mechanical and licensed professional engineer, he has led growth and operational improvements across multiple service-focused businesses.
“At Foundral, we believe the best way to create long-term value is by honoring the legacy of great companies while giving their employees the support and resources they need to thrive,” said Richards. “We’re building from a position of strength with Smith & Oby and DSO by buying quality companies, integrating them thoughtfully and providing a solid foundation for sustainable success. That’s how we’re creating value for contractors and their clients, as well as for our investors.”
Acquisition Strategy Focuses on Union HVAC Specialists in Growth Markets
Foundral’s acquisition strategy targets union-based commercial mechanical contractors with strong HVAC capabilities, deep workforce capacity and annual revenue of at least $25 million. The platform is concentrating on companies serving high-growth, mission-critical markets—such as data centers, hospitals, manufacturing facilities, and higher education campuses—positioning partners to capitalize on the next wave of regional infrastructure expansion.
Positioned for Surge in Data Centers and Advanced Facilities
“With a surge of data centers and other advanced facilities planned, permitted, and approved across the Midwest, we expect to play a significant role in supporting the region’s growing digital infrastructure needs,” Richards said. “We’re in the heart of America’s fast-growing commercial hubs, and we’re bringing the capabilities, expertise and talent required to deliver on these critical projects.”
For more information about Foundral, visit www.foundral.com.
For more information about McNally Capital, visit www.mcnallycapital.com.
Note: this press release was rewritten with help from generative AI.