Financial Advisor to Harrell-Fish, Inc (“HFI”)

Posted on December 19, 2025

GLC Advisors Transaction Closing Announcement

Harrell-Fish, Inc. (“HFI”), a leading provider of mechanical installation and maintenance services, announced it has received a majority investment from New State Capital Partners and Amethyst Capital Partners.
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 and process piping, fabrication, and building systems solutions. The company serves a wide range of commercial and industrial end markets – including healthcare, education, life sciences, and government facilities – through retrofit, renovation, and maintenance services.
HFI’s scale, longstanding client relationships, and in-house labor capabilities, combined with continued ownership and leadership from its existing management team, position the company for meaningful opportunities to expand throughout the Midwest and beyond.

“Selecting GLC as our investment banking partner was the most important decision 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 staff, 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.”

Steve Dawson
CEO, Harrell-Fish, Inc.


GLC’s Business Services & Industrials Team 
GLC’s Business Services & Industrials Team is exclusively focused on advising business services and industrials clients in the Middle Market. Our team’s advisory work includes M&A (sell-side and buy-side), financing/debt advisories, recapitalizations, fairness opinions, and valuations. We excel at working with founders and owner-operators. Our team is passionate about the businesses and people that hire us to advise in their strategic decisions and events.

Michael Richter  /  Managing Director
Michael.Richter@glca.com   /  303.479.3844

Adam Fiedor  /  Managing Director
Adam.Fiedor@glca.com  /  303.479.3845

Michael Fleschner  /  Managing Director
Michael.Fleschner@glca.com  /  303.479.3846

Michael Armbruster  /  Vice President
Michael.Armbruster@glca.com  /  303.479.3851

GLC Advisors & Co.
GLC Advisors & Co. delivers objective, senior-level expertise to clients through a variety of advisory assignments including: mergers & acquisitions, equity and debt capital advisories, restructurings/recapitalizations, fairness opinions, and valuations. Offices are located in New York, Denver, Los Angeles and San Francisco.