What Foundral does

Foundral is a Chicago-based holding-company platform that acquires and integrates union-backed mechanical contracting companies across the United States Midwest. Founded in December 2025 and backed by McNally Capital (deploying Fund III), the platform aggregates HVAC, plumbing, fire protection, and process piping service providers under a shared operational infrastructure while preserving each acquired company's regional brand identity. Its current portfolio comprises three operating companies — Smith & Oby (Ohio, established 1898), DSO Mechanical (West Virginia, wholly-owned subsidiary of Smith & Oby), and A. Hattersley & Sons (Indiana, founded 1856, acquired May 2026) — collectively serving healthcare, higher education, data centers, manufacturing, government, life sciences, civic, and commercial end markets through project-based mechanical contracting engagements.

The platform's underlying capability stack centers on in-house pre-fabrication of mechanical components and piping assemblies, precision field installation, and operations and maintenance services delivered by unionized field workforces. Foundral's central operational thesis is that independent mechanical contractors with revenues above $25M lack the capital, bonding capacity, and back-office infrastructure to bid on larger, more complex institutional projects. Foundral provides these resources — shared HR, IT, payroll, risk management, and bulk purchasing — at the platform level, enabling portfolio companies to pursue healthcare, data center, and higher education work that would otherwise be inaccessible to them as standalone firms.

Foundral generates revenue on a project-by-project basis through its operating subsidiaries, with contract values varying by scope, complexity, and client requirements. The platform pursues a roll-up go-to-market model: marketing and public-relations activity (LinkedIn, industry publications, podcast appearances, agency-of-record engagement with Ripley PR) is directed primarily at attracting acquisition targets rather than end customers. Pricing is not publicly disclosed, and all revenue accrues through wholly-owned operating subsidiaries rather than at the holding-company level. End-customer engagements are anchored by named enterprise references including Sherwin Williams, Ohio University, and Ahuja Medical Center, with the broader portfolio reporting more than 300 active partnerships and over 100 major projects completed.

Name

Foundral

Legal name

Foundral, Inc.

Website

https://foundral.com

Company type

Private

Founded year

2025

Operating status

Operating

Headcount range

11–50 employees

Short description

Foundral is a McNally Capital-backed holding company that acquires and scales union-backed mechanical contractors (HVAC, plumbing, fire protection, process piping) across the Midwest, currently operating three subsidiaries serving healthcare, data center, higher education, and industrial end markets.

Ownership category

akta.pro rank

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Mechanical Contracting Services: Project-based revenue from design, pre-fabrication, field installation, and operations & maintenance services for HVAC, plumbing, fire protection, and process piping systems in commercial, industrial, and institutional buildings.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Foundral is a Chicago-based holding company that acquires and scales union-backed mechanical contracting companies across the Midwest. Through its portfolio brands Smith & Oby, DSO Mechanical, and A. Hattersley & Sons, it provides design, pre-fabrication, field installation, and operations and maintenance services for HVAC, plumbing, fire protection, and process piping systems in commercial, industrial, institutional, healthcare, higher education, data center, and government facilities.

Product overview

Foundral is a platform for acquiring and scaling union-backed mechanical contracting companies across the Midwest. The platform operates through three acquired brands: Smith & Oby (established 1898, Ohio-based mechanical contractor), DSO Mechanical (West Virginia-based subsidiary of Smith & Oby), and A. Hattersley & Sons (Indiana's oldest mechanical contractor, founded 1856). The platform provides shared services including HR, accounting, IT, and marketing support. Services offered across the portfolio include HVAC piping and sheet metal, plumbing piping, fire protection piping, process piping, pre-fabrication, field installation, and operations and maintenance, serving sectors including healthcare, higher education, data centers, manufacturing, government, life sciences, and civic/commercial markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Smith & Oby One of Ohio's most respected mechanical contractors, incorporated in 1898, providing comprehensive mechanical contracting services including plumbing, process piping, HVAC installation and retrofitting, and sheet metal fabrication for healthcare, education, and commercial markets.
• DSO Mechanical Wholly owned subsidiary of Smith & Oby providing comprehensive mechanical services for commercial and industrial facilities across West Virginia, with over 100 major projects completed and 70% customer retention rate.
• A. Hattersley & Sons Indiana's oldest mechanical contractor established in 1856, specializing in state-of-the-art design and construction, engineering, project management, installation and maintenance of piping and HVAC systems for commercial, industrial and institutional markets.
• HVAC Piping & Sheet Metal Services Full-service HVAC capabilities including system evaluation, design and modeling, precision fabrication of ductwork and mechanical components, field installation, and comprehensive service programs for sustained efficiency and regulatory compliance.
• Plumbing Piping Services Expert plumbing services including system design, flow requirements analysis, material selection, engineered plumbing systems, pre-fabricated components, and code-compliant installation for commercial and industrial applications.
• Fire Protection Piping Services Fire protection systems including design and modeling, custom pre-fabrication of pipe spools and assemblies, field installation, and comprehensive maintenance programs for safety and regulatory compliance.
• Process Piping Services High-performance process piping systems engineered for pressure integrity, safety, and long-term efficiency including system assessment, engineering design, precision pre-fabrication, expert field installation, and inspection and maintenance services.
• Pre-Fabrication In-house pre-fabrication capabilities producing mechanical components, ductwork, and piping assemblies to exact specifications with tight quality standards and advanced production methods for seamless installation and reliable performance.
• Field Installation Skilled field team installation of mechanical systems with accuracy, safety, and efficiency, guided by detailed engineering plans and proven best practices to meet project timelines and uphold performance standards.
• Operations & Maintenance Comprehensive maintenance programs including routine inspections, performance monitoring, and preventative service to extend equipment lifespan, reduce downtime, and ensure ongoing compliance with industry standards.

Quantifiable outcome

• 66% revenue growth at Smith & Oby since acquisition
• +1 more outcomes

Named customers3 records

Segments8 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Ripley PRcoreGTM or Marketing Partner · 29 December 2025Ripley PR was appointed as Foundral's public relations agency of record to support the company's brand launch and drive acquisition messaging. The agency handles media relations and communications strategy for the platform.

Scale indicators4 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• API Group: Public specialty services consolidator with a large safety and mechanical contractor portfolio; competes with Foundral for both acquisition targets and end customers, but operates at vastly greater scale with a global footprint and public currency for acquisitions.
• Comfort Systems USA: Public mechanical and electrical contractor with ~70 operating units across the U.S. doing HVAC, plumbing, piping, and sheet metal work — the most direct publicly-traded analog to Foundral's portfolio on a larger, more geographically diverse scale.
• EMCOR Group: Large public mechanical & electrical construction and energy infrastructure firm. Directly comparable services (HVAC, plumbing, fire protection) for healthcare, data center, and institutional clients, with a much deeper bonding capacity and broader geographic reach than Foundral.

Direct peers

• Kelso Industries: PE-backed (Kelso & Co.) roll-up platform acquiring mechanical, HVAC, and building services contractors. The most directly comparable private roll-up model to Foundral, with overlapping union mechanical contractor targets and a similar cultural preservation philosophy.
• Service Logic: PE-backed platform consolidating commercial HVAC and mechanical service companies across the U.S. Closely comparable acquisition strategy and shared-services model, though Service Logic skews more toward recurring service work while Foundral is project-heavy.
• H.B. McClure Company: Mid-Atlantic mechanical contractor offering HVAC, plumbing, and piping services — directly comparable in services and customer mix to Foundral's portfolio companies, with similar institutional client base.

Emerging players

• Artera Services: PE-backed platform providing mechanical and specialty infrastructure services to utilities and industrial clients. Comparable private roll-up structure and union contractor focus, but oriented toward utility-scale rather than commercial/institutional work.
• Legence: Blackstone-backed energy and sustainability services platform including mechanical contracting, building electrification, and decarbonization retrofits. Overlaps with Foundral's HVAC and building controls capabilities, with a forward focus on energy services and decarbonization.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/foundral

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Foundral