CenterGate Capital Completes Successful Sale of Mid-State Industrial Maintenance to ONCAP

CenterGate Capital Concludes Sale of Mid-State Industrial Maintenance

On June 2, 2025, CenterGate Capital, a private equity firm based in Austin, Texas, proudly announced the successful sale of Mid-State Industrial Maintenance to ONCAP, a lower middle market private equity platform managed by Onex Corporation. This strategic move marks a significant step in both companies' journeys and reflects CenterGate's commitment to supporting its portfolio companies.

Founded in 1973 and headquartered in Lakeland, Florida, Mid-State has established itself as a leader in maintenance, repair, and overhaul (MRO) services for industrial equipment. Operating mainly in the Southeast and Midwest regions of the United States, Mid-State plays a crucial role in maintaining the operational integrity of facilities in high-cost failure environments, with a focus on sectors such as utilities, building products, chemical processing, food and beverage, and renewables.

Tim Liu, Managing Director at CenterGate, expressed pride in the partnership with Mid-State, stating, "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. The value creation and growth at Mid-State is a testament to our commitment 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."

Shawn Toney, the CEO of Mid-State, echoed this sentiment, reflecting on the accomplishments achieved during their partnership with CenterGate. “I’m tremendously proud of the Mid-State team. In partnership with CenterGate, we've witnessed tremendous growth in revenue, expanded our service lines, increased our geographic reach, and ventured into new markets—all while continuing to provide top-tier safety and quality service to our customers. We are honored to have partnered with CenterGate in elevating the growth and development of Mid-State.”

This sale highlights not only the growth trajectory of Mid-State but also the potential for future development under ONCAP's management. The expertise of ONCAP is expected to further enhance Mid-State’s position in the market, allowing it to continue fulfilling its mission-critical role across various sectors.

As a provider of essential industrial maintenance services, Mid-State will now have the opportunity to leverage ONCAP's resources and expertise to deepen its market penetration and diversify its service offerings.

CenterGate Capital focuses on investments in lower middle market companies, emphasizing value creation through partnerships with management teams. Over the past years, they have adeptly grown their portfolio, which includes companies like Mid-State Industrial Maintenance, with a goal of fostering sustainable growth strategies that benefit all stakeholders involved.

Founded in 1973, Mid-State Industrial Maintenance continues to set industry standards by delivering high-quality maintenance and service solutions that are critical for the operational efficiency of its clients across multiple industries throughout the United States. For more information about their services, you can visit their website at www.midstateindustrialcorp.com.

The successful sale of Mid-State Industrial Maintenance exemplifies how strategic partnerships and effective management can generate significant value and position companies for long-term success. As both CenterGate and Mid-State embark on their next chapters, the business community will be keen to observe how they innovate and adapt in an ever-evolving industrial landscape.