Truelink Capital invests in Minneapolis-based Horwitz, establishing a new regional MEP services platform

On June 15, 2026, Truelink Capital announced a definitive agreement to make a significant investment in Horwitz, a Minneapolis-headquartered MEP services provider serving complex commercial and industrial facilities across the Twin Cities region and broader Midwest. Financial terms of the transaction were not disclosed. Horwitz's existing management team, led by CEO Matt Dekkers, will continue to lead the business and retain a significant ownership stake post-closing.

The asset: a 108-year-old Twin Cities MEP institution

Founded in 1918 and headquartered in Minneapolis, Horwitz delivers HVAC, plumbing, electrical, and building automation services across three core lines of business: service and maintenance, retrofit and upgrades, and new system installations. The company supports approximately 10,000 customer engagements annually with a workforce of roughly 720 employees, including approximately 540 skilled technicians. Horwitz primarily serves high-growth private sector end markets — data centers, medtech, semiconductor fabrication, healthcare, advanced manufacturing, education, industrial, and government facilities — through a model anchored by recurring service revenue and long-tenured customer relationships.

The combination of a century-plus operating history, a meaningful base of recurring revenue, and concentrated exposure to some of the strongest end markets in the U.S. economy — particularly hyperscale data center development and reshored semiconductor manufacturing — is exactly the profile institutional capital has been pursuing across the MEP services sector. Prior owner Svoboda Capital Partners, a Chicago-based middle-market private equity firm focused on professional, industrial, and commercial services, exits via this transaction.

Truelink Capital: an LA-based platform-builder in industrials

Truelink Capital was founded in 2022 by co-founders Todd Golditch and Luke Myers and is based in Los Angeles. The firm focuses on the industrials and business services sectors, partnering with management teams, corporate sellers, and founders to build companies through operational improvement and strategic add-on acquisition. Truelink targets companies generally in the $20 million to $75 million EBITDA range and has built a notable track record of platform investments in industrial-adjacent sectors in a relatively short period.

The Horwitz transaction marks the twelfth platform investment from Truelink's Fund I since its 2022 launch. Truelink's inaugural Fund I deal was the November 2022 acquisition of Trulite Glass & Aluminum Solutions — one of North America's largest architectural glass and aluminum fabricators — from an affiliate of Sun Capital Partners. Schryver & Co. founder Will Schryver worked on the sell-side of the Trulite transaction in an advisory capacity while at a prior firm. Truelink has since added a series of notable Fund I platforms, including Air Distribution Technologies (a carve-out from Johnson Controls), SouthernCarlson (a distributor of construction and industrial fasteners), and Zep, Inc. (acquired from New Mountain Capital). The firm has also already closed its second fund — Fund II — at its $2.0 billion hard cap in early 2026, a meaningful step up in capital base that signals continued momentum in the firm's strategy.

Context: Truelink's separate prior platform, Prime Electric

Truelink's most directly comparable prior platform — though entirely separate from Horwitz — is Prime Electric. In January 2026, Truelink acquired a majority stake in Prime Electric from WestView Capital Partners, with WestView and Prime's management team — led by CEO Bob Ledford and Chairman Eric Reichanadter — retaining significant ownership. Prime Electric, founded in 1987 and headquartered in Bellevue, Washington, is one of the larger independent electrical contractors on the West Coast, with operations across Washington, Oregon, and Northern California and a workforce of roughly 1,500 employees. The company serves private-sector end markets that closely mirror those Horwitz serves: data centers, healthcare, biopharma, and renewable energy.

Within roughly two months of closing, Prime had already executed its first announced add-on. In March 2026, Prime Electric acquired Scholes Electric, expanding the platform's presence into key Northeast markets — an early signal that Truelink is moving quickly to scale the asset rather than holding it as a regional stand-alone.

The pattern: a clear push into MEP services consolidation

Taken together — though as two distinct, independently operated platforms — the Prime Electric and Horwitz investments outline the contours of a deliberate Truelink sector thesis. In the span of roughly five months, Truelink has built positions in:

• A West Coast electrical services platform (Prime Electric) with approximately 1,500 employees, multi-state operations, and an early add-on already closed in the Northeast.
• A Twin Cities MEP services platform (Horwitz) with approximately 720 employees, a broader scope across mechanical, electrical, plumbing, and building automation, and concentrated exposure to data centers, medtech, and semiconductor fabrication.

Both platforms share the same underlying demand drivers — hyperscale data center buildout, healthcare facility expansion, advanced manufacturing reshoring, and the continued modernization of commercial and industrial real estate. Both retain founder- or management-led teams with significant rollover equity. And both sit inside a firm that has just closed a $2.0 billion fund and has signaled, through its operating playbook and prior portfolio activity, that platform investments are followed quickly by add-on acquisition activity.

What this means for the commercial MEP space

Commercial and industrial MEP services have rapidly become one of the most actively pursued sectors in middle-market private equity, and the reasons are not subtle. The combination of mission-critical demand (a data center cannot operate without functioning mechanical and electrical systems), durable recurring service revenue, fragmented regional supply, and structurally tight labor has made the sector attractive to acquirers willing to scale through both organic investment and consolidation.

For independent owners of regional MEP contractors — particularly those serving data center, healthcare, semiconductor, or advanced manufacturing customers — the buyer universe has materially expanded over the past 18 to 24 months. Institutional sponsors with dedicated industrials theses (Truelink, Bernhard Capital, Nautic, AEA, and others), strategic platforms (national mechanical and electrical contractors actively acquiring), and family office or independent sponsor-led groups are all competing for the same assets. The result is a market in which well-prepared sellers with strong end-market exposure and clean financials are increasingly meeting multiple credible bidders.

At the same time, the bar to clear at closing has risen. Buyers in this space are increasingly looking for clean customer concentration profiles, documented recurring revenue, a workforce that will stay through and beyond a transition, and proof points on safety, project delivery, and margin discipline. The premium goes to the operators who can show, not tell.