HFI Becomes Platform Investment for New State Capital

Harold Fish Inc. (HFI), a Bloomington-based mechanical contractor with over $300M in revenue, entered a private equity partnership with New State Capital Partners in December 2025. HFI is the lead platform investment for the fund's consolidation strategy in the mechanical contracting sector.

“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.”

Signals are extracted from public coverage and print archives and pinned to a verbatim quote, presented as reported by their sources; naming a company in a signal is not an accusation against it. The verified mark denotes a high-confidence, corroborated signal. See our methodology and legal notes.