GLC Advisors Serves as Exclusive Financial Advisor to Harrell-Fish Inc., a Midwest-based MEP, in its Majority Investment by New State Capital Partners

Transaction Underscores GLC's Expertise in Industrial Mechanical, Electrical, and Plumbing ("MEP") Services

DENVER, Jan. 21, 2026 /PRNewswire/ -- GLC Advisors & Co. ("GLC"), a leading independent investment banking advisory firm, is pleased to announce that it served as the exclusive financial advisor to Harrell-Fish Inc. ("HFI") in its majority investment from New State Capital Partners ("New State") and Amethyst Capital Group, LLC. The transaction supports HFI's continued organic growth, adds deep operating resources, and enables future M&A expansion opportunities.

Founded in 1985 and headquartered in Bloomington, Indiana, HFI is one of the Midwest's most prominent mechanical contractors, delivering a comprehensive suite of HVAC, plumbing, process piping, fabrication, and building systems solutions. HFI serves a wide range of commercial and industrial end markets – including healthcare, education, life sciences, and government facilities – through retrofit, renovation, and maintenance services.

"Our team at GLC is incredibly proud to have advised HFI on this important milestone, which is a testament to their leadership, vision, and commitment to growth," said Michael Richter, Managing Director at GLC. "Recognized as one of the leading mechanical contractors in the Midwest, HFI delivers integrated mechanical contracting solutions, operates as an employer of choice, and maintains a strong 'clients for life' philosophy. HFI exemplifies the gold standard within the MEP industry, which continues to benefit from strong growth tailwinds and strategic consolidation."

For the transaction, GLC supported and advised HFI's ownership group to source, structure, and execute a process that resulted in a partnership with New State, whose facility services expertise and growth-oriented investment philosophy closely align with HFI's long-term objectives. New State's investment was made in partnership with existing owners, who retained significant ownership and will remain on the team.

Steve Dawson, CEO of HFI added, "Selecting GLC as our investment banking partner was the most important decision we made in preparing for this transaction – and I am glad we did. From day one, the GLC team demonstrated deep understanding of our industry, business, and what matters most to our people, clients, and communities. Their team found us the perfect partner to carry HFI forward in being a great enduring company. Their genuine care for our outcome was unwavering, and we would not be where we are without GLC."

The Harrell-Fish transaction reflects several of the key industry dynamics currently shaping MEP M&A activity, including the increasing value placed on scale and growth, integrated service offerings, strong management teams with broader workforce stability, and long-term customer relationships. These themes are explored in greater detail in GLC's recent thought leadership piece, "Key Drivers to a Successful MEP Sale—from Bankers that Advise Them," which examines the factors driving continued investor interest across the MEP sector.

About GLC Advisors
GLC Advisors, LLC is an independent investment bank providing trusted advice in complex M&A, restructuring, and capital markets transactions. With offices in New York, Denver, Los Angeles, and San Francisco, GLC combines senior-level expertise, independent perspectives, and tailored solutions to deliver exceptional results for clients. For more information, visit www.glca.com.

SOURCE GLC Advisors & Co