HFI Takes Private Equity Backing, Indiana Mechanical Contractors Face a Consolidation Run

Harold Fish Inc. (HFI), a Bloomington-based mechanical contractor founded in 1985, generates more than $300 million in revenue with over 750 employees across Bloomington, Indianapolis, and Evansville. The firm serves Toyota in the Evansville area and is currently doing mechanical work tied to the $4.3 billion IU Health downtown Indianapolis campus, the largest healthcare construction project underway in the United States.

In December 2025, HFI entered a private equity partnership with New State Capital Partners, whose fund closed at $700 million in March 2025. HFI is the lead platform investment. In April 2026, HFI acquired Eco Friendly Mechanical, a Bloomington HVAC and plumbing contractor, as its first bolt-on.

This is not a one-time growth deal. New State flagged M&A opportunities in this sector at fund close. That means independents in the $30 million to $150 million revenue range competing with HFI on healthcare and industrial work are facing a strategic decision earlier than they otherwise would have, whether to position for sale, partner up, or double down on the relationship and responsiveness advantages that PE-backed competitors typically erode.

If your facility relies on a mid-size regional mechanical contractor, your existing service agreements almost certainly did not anticipate this consolidation. Find out now whether those agreements include assignment clauses and whether you have a qualified backup identified before that window closes.