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

December 9, 2025

New State Capital Partners has completed a majority investment in Harrell-Fish Inc., a Bloomington, Indiana-based mechanical contractor, in partnership with Amethyst Capital Group. The existing owners retained significant equity and will remain with the company as New State positions HFI as a platform for organic growth and add-on acquisitions to expand geographically across the Midwest and beyond.

Buyers
New State Capital Partners, Amethyst Capital Group, LLC
Targets
Harrell-Fish Inc.
Sellers
Existing owners
Industry
Construction
Location
Indiana, United States
Transaction Type
Buyout

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