New State Capital Partners announced that it has completed a majority investment in Harrell-Fish Inc. The investment was made in partnership with the existing owners of the company, who retained significant ownership and will remain on the team. Terms of the transaction were not disclosed.

Founded in 1985, HFI provides mechanical contracting services to commercial and institutional customers across healthcare, education and other essential end markets. The Company delivers a comprehensive suite of HVAC and plumbing solutions, with a significant portion of its revenue derived from retrofit, renovation and maintenance work.

“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.”

Steve Dawson, CEO of HFI, added, “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.”

HFI is the first platform investment in New State’s Fund IV. New State led the transaction, partnering with Amethyst Capital Group, LLC, an independent sponsor with a track record in business and infrastructure services investments. This marks the sixth investment in which New State has partnered 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. 

New State was advised by Harris Williams LLC and Morgan, Lewis & Bockius LLP. HFI and its owners were advised by GLC Advisors & Co. and Holland & Hart LLP.