Centergate Capital Completes The Sale Of Mid-State Industrial Maintenance

AUSTIN, Texas, June 2, 2025 /PRNewswire/ -- CenterGate Capital ("CenterGate"), an Austin-based private equity investment firm, is pleased to announce the sale of one of its portfolio companies, Mid-State Industrial Maintenance ("Mid-State"), to ONCAP, the lower middle market private equity platform of Onex Corporation.

Founded in 1973 and headquartered in Lakeland, Florida, Mid-State is a leading provider of maintenance, repair, and overhaul ("MRO") services for industrial equipment and infrastructure primarily in the Southeast and Midwest United States. Mid-State fulfills 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.

"Working with Shawn Toney and the Mid-State team has been a pleasure. Over the course of our partnership, the Company grew to be a differentiated industrial services platform," stated Tim Liu, Managing Director of CenterGate. "The value creation and growth at Mid-State is a great example of CenterGate's dedication to supporting management teams. We are confident that Mid-State will continue to build upon its track record and look forward to following the Company's future success."

Mid-State CEO Shawn Toney commented, "I'm tremendously proud of the Mid-State team. In partnership with CenterGate, we've dramatically grown revenue, added new service lines, expanded our geographic presence, and entered new end-markets, all while continuing to provide industry-leading safety and quality service to our customers. We are proud to have been partners with CenterGate in the growth and development of Mid-State."

J.P. Morgan Securities LLC served as exclusive financial advisor, and McDermott, Will & Emery LLP served as legal counsel to Mid-State.

About Mid-State

Founded in 1973, Mid-State Industrial Maintenance is a leading provider of on-site and off-site industrial maintenance and service solutions. Headquartered in Lakeland, Florida, Mid-State serves as an outsourced maintenance and repair services provider to customers in the utilities and power generation, chemical processing, phosphate mining, building products, and aggregates industries throughout the United States. For more information, please visit www.midstateindustrialcorp.com.

About CenterGate Capital

CenterGate Capital is a private equity firm managing over $750 million. We focus on growing lower middle market companies. Our goal is to partner with management to create value for all stakeholders of our portfolio companies. CenterGate possesses flexible capital, enabling us to tailor each investment to a company's ownership goals and growth strategies. We structure transactions to enable owners to monetize their equity while also positioning the company for future growth. For more information, visit www.centergatecapital.com.

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SOURCE CenterGate Capital

Frequently Asked Questions

What services does Mid-State Industrial Maintenance provide?

Mid-State offers maintenance, repair, and overhaul (MRO) services for industrial equipment and infrastructure.

In what industries does Mid-State operate?

Mid-State serves customers in utilities, building products, chemical processing, food & beverage, and renewables end-markets, among others.

Where is Mid-State headquartered?

Mid-State is headquartered in Lakeland, Florida.

First published on Tue, Jun 3, 2025

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