Harrell-Fish Acquires Ecofriendly Mechanical

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

December 9, 2025

Construction

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.

Heartland Home Services Acquires Custom Mechanical

April 18, 2022

HVAC & Mechanical

Heartland Home Services has acquired Custom Mechanical, a family-owned residential HVAC and plumbing services provider in Delaware and Maryland. The deal marks Heartland's first expansion onto the East Coast and will keep Custom's management team in place as the brand joins Heartland's portfolio.

R&H Mechanical Acquires PJ's Plumbing & Heating (EMC Enterprises, LLC)

January 5, 2024

HVAC & Mechanical

R&H Mechanical, an employee‑owned mechanical contractor based in Eagle, Colorado, acquired PJ's Plumbing & Heating (EMC Enterprises, LLC) of Belgrade, Montana. The transaction closed on January 5, 2024 and brings PJ’s plumbing, heating and geothermal installation and service capabilities into R&H’s ESOP-owned platform to expand its geographic footprint and service capacity.

HCI-Backed Tech24 Acquires Facilities Management (Peltz Services)

May 4, 2022

HVAC & Mechanical

Tech24, backed by HCI Equity Partners, acquired Facilities Management, LLC and Peltz Services, Inc., both based in Indianapolis, Indiana. The deal — Tech24's eighth add-on — expands the platform's coverage into central and northern Indiana and adds complementary repair, preventative maintenance, and installation capabilities for foodservice and commercial HVAC equipment. Financial terms were not disclosed.

Blackford Capital Launches HVAC, Electrical and Diversified Services (HEDS) Platform by Merging Habco Partnership and Moro Corporation

March 20, 2026

IT Services

Blackford Capital launched a new HVAC, Electrical and Diversified Services (HEDS) platform by merging its December 2025 acquisitions of Habco Partnership and Moro Corporation under the Habco name. Habco, a national full-service electrical contracting firm, and Moro, a construction services and materials business, are being combined to create an integrated provider of HVAC and electrical services.

EMCOR Group Acquires ECM Holding Group

July 5, 2023

Energy

EMCOR Group, Inc. has agreed to acquire ECM Holding Group, Inc., a national energy-efficiency specialty services firm headquartered in Oshkosh, Wisconsin, in an all-cash transaction. The acquisition expands EMCOR's energy efficiency and sustainability services capabilities, adding ECM's HVAC, lighting, water, weatherization and airflow management offerings (ECM had estimated 2023 revenues of $60 million).