Mid-State provides mission-critical maintenance, repair, and overhaul services for industrial equipment and infrastructure primarily in the Southeast and Midwest US.
https://midstateindustrialcorp.com/
Investment
N/A
Fund
ONCAP V
Period
March 2025 - Present
ONCAP Team
Transaction Summary
ONCAP acquired a majority stake in Mid-State Industrial Maintenance, in partnership with Mid-State’s management, in March 2025.
Business Description
Founded in 1973 and based in Lakeland, Florida, Mid-State Industrial Maintenance (“Mid-State” or the “Company”) is a regional provider of re-occurring maintenance, repair and overhaul (“MRO”) services for industrial equipment and infrastructure primarily in the Southeast and Midwest US. Mid-State plays a mission-critical role in keeping facilities operational for customers in high cost of failure environments across the utilities, building products, chemical processing, food & beverage, and renewables end-markets, among others.
Investment Thesis
ONCAP was attracted to Mid-State due to its (I) multiple organic growth levers, (II) opportunity to pursue strategic M&A in a large and fragmented industry, (III) non-discretionary work driven by highly re-occurring preventative maintenance to ensure continuous uptime for customer environments that have high cost of failure, (IV) entrenched customer relationships, and (V) differentiated capabilities including large-scale in-shop fabrication services complemented by a skilled labor pool, backed by a 50+ year company track record and industry-leading safety metrics.