New State Capital Partners Invests in Harrell-Fish Inc.
New State Capital Partners has made a significant move by completing a majority investment in Harrell-Fish Inc. This strategic investment focuses on enhancing the platform of mechanical contracting services that HFI provides.
About Harrell-Fish Inc.
Founded in 1985, Harrell-Fish Inc. operates from Bloomington, Indiana, offering comprehensive mechanical contracting services. The company has established itself as a reliable provider, delivering HVAC and plumbing solutions to a diverse clientele that includes commercial and institutional clients across essential segments like healthcare and education. With a strong revenue base derived from renovation, retrofit, and maintenance projects, HFI has built solid relationships in its market.
Strategic Importance of the Investment
New State Capital Partners' investment is a testament to HFI's established position as a market leader. The collaboration aims to expand HFI's operations and make the most of its in-house labor capabilities. With this new partnership, the leadership at New State Capital anticipates not only organic growth but an acceleration of strategic acquisitions to broaden their market reach.
Vision for Future Growth
According to Shaun Vasavada, a Senior Principal at New State, HFI serves critical sectors and possesses great potential for expansion. The firm's previous experience in facility services positions them well to implement similar growth strategies at HFI.
Maintaining Company Culture and Quality
Steve Dawson, the Chief Executive Officer of HFI, expressed enthusiasm about the partnership with New State, emphasizing that it would allow HFI to accelerate growth while preserving its client-oriented culture. This partnership is seen as an avenue to enhance operational systems and service provisions, preparing the ground for new expansion possibilities.
Investment Structure and Partnerships
HFI marks the first platform investment under New State's Fund IV. Amethyst Capital Group also played a critical role in this transaction, serving as an independent sponsor with considerable experience in the business and infrastructure sector. This partnership indicates New State's ongoing commitment to working with independent sponsors, having successfully partnered for the sixth time in their investment history.
About New State Capital Partners
New State Capital Partners is recognized for its entrepreneurial spirit, striving for nimble and effective partnerships. The firm has successfully completed over 45 investments, creating lasting relationships and providing flexible capital solutions to foster growth in diverse sectors.
Future Outlook for HFI
Experts in the industry, including members from Amethyst Capital, believe HFI stands ready to seize existing market opportunities. The mechanical contracting sector shows promise, spurred by strong demand dynamics, and HFI is exactly positioned to exploit these trends effectively.
Frequently Asked Questions
What company has New State Capital Partners invested in?
New State Capital Partners has invested in Harrell-Fish Inc., a leading provider of mechanical contracting services.
When was Harrell-Fish Inc. founded?
Harrell-Fish Inc. was founded in 1985.
What services does Harrell-Fish Inc. offer?
HFI provides HVAC and plumbing installation, maintenance, and repair services to various commercial and institutional clients.
What is the significance of this investment for HFI?
This investment will allow HFI to accelerate growth while maintaining its core values and service quality.
Who are the advisors for this transaction?
New State was advised by Harris Williams LLC and Morgan, Lewis & Bockius LLP for this transaction.
