New State Capital Partners Completes Majority Investment in Harrell-Fish Inc.

Investment in Established Mechanical Contracting Services Platform

NEW ROCHELLE, N.Y., Dec. 9, 2025 /PRNewswire/ -- New State Capital Partners ("New State") announced today that it has completed a majority investment in Harrell-Fish Inc. ("HFI" or "the Company"), a leading provider of mechanical installation and maintenance services based in Bloomington, Indiana. 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's scale, customer relationships, and in-house labor capabilities position it as a market leader with meaningful opportunities for geographic expansion throughout the Midwest and beyond.

"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, Chief Executive Officer 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.

About Harrell-Fish Inc.
Founded in 1985 and headquartered in Bloomington, Indiana, Harrell-Fish Inc. is a full-service mechanical contractor providing HVAC and plumbing installation, maintenance, and repair services. The company serves a diversified set of commercial and institutional end markets, including healthcare, higher education, and government facilities. For more information, visit https://harrell-fish.com/.

About New State Capital Partners
New State Capital Partners is an entrepreneurial-minded firm that strives to be nimble, decisive, and collaborative. The firm partners with company founders and independent sponsors to create flexible capital solutions and lasting relationships. New State has completed more than 45 investments to date. For more information, visit www.newstatecp.com.

About Amethyst Capital Group
Amethyst Capital Partners is a private investment firm based in New York City, which invests capital in promising Founder-led businesses in the infrastructure services space. Amethyst focuses on buy-and-build investments and works closely with management teams to support all aspects of value creation. Clear communication, planning and thoughtful alignment of economic incentives are the bedrock of all Amethyst investments. For more information, visit https://amethyst-cap.com/. 

Contact:

Lambert by LLYC
Joanne Lessner, [email protected], 212-222-7436
Caroline Luz, [email protected], 203-570-6462

SOURCE New State Capital Partners LLC