LOS ANGELES and MINNEAPOLIS — June 15, 2026
Executive Summary
Truelink Capital has entered into a definitive agreement to make a significant investment in Horwitz, a leading provider of mechanical, electrical, and plumbing (MEP) services serving complex commercial and industrial facilities across the Twin Cities region. The partnership positions Horwitz to pursue continued growth while maintaining leadership under CEO Matt Dekkers and the existing management team. According to the companies, the investment will support operational expansion, strategic initiatives, and long-term value creation while strengthening Horwitz’s position across high-growth end markets including data centers, healthcare, semiconductor fabrication, medtech, and advanced manufacturing.
Announcement Overview
Truelink Capital announced a significant investment in Horwitz, a Minneapolis-based MEP services provider with more than a century of operating history. Horwitz delivers HVAC, plumbing, electrical, and building automation solutions to mission-critical facilities throughout the Twin Cities and the broader Midwest region. The company serves a diversified customer base through service & maintenance, retrofit & upgrades, and new systems offerings.
Under the transaction, Horwitz’s management team will continue leading the business and retain a significant ownership stake. The partnership reflects Truelink’s ongoing focus on industrial and business services investments and represents the firm’s 12th platform investment through Fund I since its launch in 2022.
Key Announcement Details
- Announcement Type: Private Equity Investment
- Investor: Truelink Capital
- Portfolio Company: Horwitz
- Transaction Status: Definitive agreement announced
- Announcement Date: June 15, 2026
- Financial Terms: Not disclosed
- Headquarters (Truelink): Los Angeles, California
- Headquarters (Horwitz): Minneapolis, Minnesota
- Founded: 1918
- Industry: Mechanical, Electrical and Plumbing (MEP) Services
- Primary Service Areas: HVAC, Plumbing, Electrical, Building Automation
- Facility Focus: Complex commercial and industrial facilities
- Geographic Coverage: Twin Cities region and broader Midwest
- Core Service Lines: Service & Maintenance, Retrofit & Upgrades, New Systems
- Employees: Approximately 720
- Technicians: Approximately 540 highly skilled technicians
- Annual Customer Engagements: More than 10,000
- Customer Base: Diversified, long-tenured commercial and industrial customers
- Primary End Markets: Data Centers, Medtech, Semiconductor Fabrication, Healthcare, Advanced Manufacturing
- Additional End Markets: Pharmaceutical, Education, Industrial, Government
- Management Structure: Existing management team remains in place
- Chief Executive Officer: Matt Dekkers
- Management Ownership: Management retains a significant ownership stake
- Strategic Objectives: Operational improvements, accelerated growth, strategic investments, M&A expansion
- Growth Focus: Platform expansion and market reach enhancement
- Investment Rationale: Scaled regional platform, differentiated service capabilities, experienced management team
- Truelink Fund Milestone: 12th platform investment from Fund I
- Fund Launch Year: 2022
- Financial Advisor to Horwitz: William Blair
- Legal Counsel: Fredrikson & Byron P.A.
- Existing Investor Referenced: Svoboda Capital Partners
- Truelink Sector Focus: Industrials and Business Services
- Horwitz Business Model: Recurring revenue-supported MEP services platform
- Transaction Purpose: Support long-term growth and value creation initiatives
- Leadership Continuity: CEO Matt Dekkers and leadership team will continue leading the company
- Ownership Structure Post-Investment: Significant ongoing ownership by management team
Investment in Horwitz
Truelink Capital announced that it has entered into a definitive agreement to make a significant investment in Horwitz, a leading provider of mechanical, electrical, and plumbing services supporting complex commercial and industrial facilities.
The transaction brings together Truelink’s operationally focused investment strategy and Horwitz’s established position within the regional MEP services market.
Key transaction highlights include:
- Significant investment by Truelink Capital
- Horwitz management team to remain in place
- CEO Matt Dekkers to continue leading the business
- Existing management retaining a significant ownership stake
- Financial terms not disclosed
- Continued focus on growth and operational expansion
The companies stated that the partnership is designed to support long-term growth initiatives while building upon Horwitz’s existing platform and customer relationships.
Horwitz’s Market Position
Founded in 1918 and headquartered in Minneapolis, Minnesota, Horwitz has established itself as a regional provider of MEP services focused on complex and mission-critical facilities.
The company provides:
- HVAC services
- Plumbing services
- Electrical services
- Building automation solutions
Horwitz serves commercial and industrial customers throughout the Twin Cities region and the broader Midwest market.
According to the announcement, the company operates within a large and fragmented regional MEP services market that continues to experience demand from several expanding industries.
Primary end markets include:
- Data centers
- Medtech
- Semiconductor fabrication
- Healthcare
- Advanced manufacturing
These sectors require specialized infrastructure systems and ongoing maintenance support, positioning MEP service providers as critical partners throughout the facility lifecycle.
Core Service Lines
Horwitz operates across three primary service categories that support customers throughout planning, installation, maintenance, modernization, and operational phases.
Service & Maintenance
The company’s service and maintenance operations support customers through ongoing inspection, repair, preventative maintenance, and operational optimization activities.
This segment contributes to the company’s recurring revenue base and supports long-term customer relationships.
Retrofit & Upgrades
Horwitz also provides retrofit and upgrade services designed to improve facility performance, modernize infrastructure systems, and address changing operational requirements.
These projects allow customers to enhance existing facilities without requiring full system replacement.
New Systems
The company participates in new system installations supporting commercial and industrial construction projects across multiple sectors.
This business line positions Horwitz to participate in facility expansion and new development activity throughout its operating markets.
Workforce and Customer Reach
According to the announcement, Horwitz employs approximately 720 employees, including approximately 540 highly skilled technicians.
The scale of the workforce supports the company’s ability to serve a large and diversified customer base throughout the region.
Operational highlights include:
- Approximately 720 employees
- Approximately 540 technicians
- More than 10,000 annual engagements
- Diversified customer base
- Long-tenured customer relationships
- Presence across the facility lifecycle
The company stated that its recurring engagement model enables ongoing customer relationships across installation, maintenance, modernization, and support activities.
Truelink Capital’s Growth Strategy
The investment reflects Truelink’s strategy of partnering with established businesses positioned for long-term expansion.
According to the firm, Horwitz represents a platform with differentiated capabilities, strong market positioning, and an experienced leadership team.
The investment also aligns with Truelink’s operational approach focused on:
- Driving operational improvements
- Supporting strategic investments
- Accelerating organic growth
- Executing acquisition strategies
- Building scalable platforms
- Creating long-term value
The company stated that it intends to apply its value-creation framework while supporting Horwitz’s ongoing development and market expansion initiatives.
Company Commentary
Luke Myers
Co-Founder and Managing Partner, Truelink Capital
“We are excited to establish this partnership with the Horwitz team to execute Truelink’s value creation playbook of driving operational improvements and accelerating growth through strategic investments and a robust M&A strategy.”
“Horwitz’s differentiated service capabilities, scaled regional platform, and deeply experienced management team make it an ideal partner as we look to build a leading and diversified MEP services business.”
The comments highlight Truelink’s focus on growth initiatives, operational enhancement, and acquisition-driven expansion opportunities.
Matt Dekkers
Chief Executive Officer, Horwitz
“Partnering with Truelink Capital marks an exciting new milestone for Horwitz.”
“Truelink shares our commitment to operational excellence and our vision for expanding the capabilities and reach of our platform.”
“This partnership is a testament to the hard work of our entire team, and we look forward to leveraging Truelink’s resources and expertise to build on the strong foundation we have created.”
According to Horwitz, the partnership provides access to resources and expertise intended to support future growth while maintaining the company’s commitment to operational excellence.
Truelink’s Continued Investment Activity
The Horwitz transaction represents another milestone in Truelink’s investment strategy focused on industrial and business services companies.
The firm stated that the investment marks the 12th platform investment completed through Truelink Capital Fund I since the fund’s launch in 2022.
The transaction further demonstrates the firm’s ongoing focus on identifying companies with established market positions, scalable operations, and opportunities for continued expansion.
Advisory Firms
Several organizations supported the transaction.
William Blair served as financial advisor to Horwitz.
Fredrikson & Byron P.A. served as legal counsel to Horwitz and Svoboda Capital Partners.
About Truelink Capital
Truelink Capital is a Los Angeles-based private equity firm focused on growth and long-term value creation.
The firm combines industry experience in the industrials and business services sectors with an operationally focused investment strategy. Truelink works alongside management teams, founders, and corporate sellers to support growth initiatives and strategic acquisitions designed to expand capabilities and create long-term value.
About Horwitz
Horwitz is a Minneapolis-headquartered provider of mechanical, electrical, and plumbing services focused on complex commercial and industrial facilities throughout the Twin Cities region and broader Midwest market.
The company delivers HVAC, plumbing, electrical, and building automation solutions across a diversified range of industries including data centers, medtech, pharmaceutical, semiconductor fabrication, healthcare, education, industrial, and government sectors.
About Svoboda Capital
Svoboda Capital Partners is a Chicago-based private equity firm investing in the professional services, industrial & commercial services, and transportation & logistics services sectors.
The firm partners with management teams pursuing clearly defined growth initiatives and long-term business expansion strategies.
Media Contact
For additional information, visit truelinkcap.com.
Source Attribution
Source: Company announcement
