Mid-State Completes Strategic Sale to ONCAP
Deal News | Jun 02, 2025 | CenterGate Capital LP
CenterGate Capital, an Austin-based private equity firm, has announced the sale of its portfolio company, Mid-State Industrial Maintenance, to ONCAP, a lower middle market private equity platform of Onex Corporation. Established in 1973, Mid-State headquartered in Lakeland, Florida, specializes in maintenance and overhaul services for industrial equipment, serving various end-markets including utilities and chemical processing. The company, under the leadership of CEO Shawn Toney, expanded its service lines and geographical presence during its association with CenterGate. J.P. Morgan Securities acted as financial advisor for the transaction. CenterGate focuses on growing lower middle market companies and manages assets exceeding $750 million.
Sectors
- Private Equity
- Industrial Maintenance
- Financial Advisory & Legal Services
Geography
- United States – CenterGate Capital is based in Austin, Texas, and Mid-State Industrial Maintenance operates primarily in the Southeast and Midwest United States.
- Canada – ONCAP is the private equity platform of Onex Corporation, which is based in Canada.
Industry
- Private Equity – CenterGate Capital and ONCAP are both part of the private equity sector, engaging in investments and divestments of portfolio companies.
- Industrial Maintenance – Mid-State Industrial Maintenance operates within the industrial maintenance sector, offering essential services to industries with critical operational needs.
- Financial Advisory & Legal Services – The involvement of J.P. Morgan Securities LLC as the financial advisor and McDermott, Will & Emery LLP as legal counsel highlights the role of financial and legal services in M&A transactions.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| CenterGate Capital LP | Selling Company | Company | An Austin-based private equity investment firm managing over $750 million, focused on lower middle market companies. |
| Mid-State Industrial Maintenance | Target Company | Company | A leading provider of maintenance, repair, and overhaul services for industrial equipment based in Lakeland, Florida. |
| ONCAP | Bidding Company | Company | The lower middle market private equity platform of Onex Corporation. |
| Shawn Toney | CEO of Mid-State | Person | CEO of Mid-State Industrial Maintenance, led the company through its growth phase with CenterGate. |
| Tim Liu | Managing Director at CenterGate | Person | Managing Director at CenterGate Capital, commented on the company's growth and value creation. |
| J.P. Morgan Securities LLC | Financial Advisor | Company | Served as exclusive financial advisor for the sale of Mid-State. |
| McDermott, Will & Emery LLP | Legal Advisor | Company | Served as legal counsel to Mid-State for the transaction. |