Truelink Capital announced that it has entered into a definitive agreement to make a significant investment in Horwitz, a provider of mechanical, electrical, and plumbing (MEP) services supporting complex commercial and industrial facilities across the Twin Cities region.
Financial terms of the transaction were not disclosed. Horwitz’s management team, led by Chief Executive Officer Matt Dekkers, will continue to lead the business and retain a significant ownership stake in the company.
Founded in 1918 and headquartered in Minneapolis, Horwitz provides HVAC, plumbing, electrical, and building automation services to customers across the Midwest. The company primarily serves high-growth end markets, including data centers, medtech, semiconductor fabrication, healthcare, advanced manufacturing, pharmaceuticals, education, industrial facilities, and government customers.
Horwitz operates across three core service areas—service and maintenance, retrofit and upgrade projects, and new systems installation—and maintains a recurring revenue base supported by more than 10,000 annual customer engagements. The company employs approximately 720 people, including 540 technicians.
Truelink said the investment will support operational improvements and future expansion through strategic investments and acquisitions. The deal represents the 12th platform investment completed through Truelink Capital’s inaugural fund since its launch in 2022.
The companies noted that the regional MEP services market remains highly fragmented, with demand being driven by sectors such as data centers, healthcare, and advanced manufacturing.
William Blair served as financial advisor to Horwitz and Svoboda Capital Partners, while Fredrikson & Byron served as legal counsel.
Los Angeles-based Truelink Capital focuses on investments in industrial and business services companies. Horwitz was previously backed by Chicago-based private equity firm Svoboda Capital Partners.
KEY QUOTES:
“We are excited to establish this partnership with the Horwitz team to execute Truelink’s value creation playbook of driving operational improvements and accelerating growth through strategic investments and a robust M&A strategy. Horwitz’s differentiated service capabilities, scaled regional platform, and deeply experienced management team make it an ideal partner as we look to build a leading and diversified MEP services business.”
Luke Myers, Co-Founder and Managing Partner, Truelink Capital
“Partnering with Truelink Capital marks an exciting new milestone for Horwitz. Truelink shares our commitment to operational excellence and our vision for expanding the capabilities and reach of our platform. This partnership is a testament to the hard work of our entire team, and we look forward to leveraging Truelink’s resources and expertise to build on the strong foundation we have created.”
Matt Dekkers, Chief Executive Officer, Horwitz
