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M&A Deal Summary

NMS Capital Acquires Capstone Mechanical

On May 6, 2025, private equity firm NMS Capital acquired business services company Capstone Mechanical

Acquisition Highlights
  • This is NMS Capital’s 6th transaction in the Business Services sector.
  • This is NMS Capital’s 25th transaction in the United States.
  • This is NMS Capital’s 1st transaction in New Hampshire.

M&A Deal Summary
Date 2025-05-06
Target Capstone Mechanical
Sector Business Services
Buyer(s) NMS Capital
Deal Type Recapitalization
Advisor(s) McLane Middleton (Legal)

Target

Capstone Mechanical

Portsmouth, New Hampshire, United States
Capstone Mechanical is a commercial HVAC service and refrigeration provider specializing in maintenance, repair, and parts/system replacement services. Capstone Mechanical was founded in 2011 and is headquartered in Portsmouth, New Hampshire.

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Buyer(S) 1

Buyer

NMS Capital

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2010
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

NMS Capital is a private investment firm that specializes in strategic equity investments and leveraged buyouts. The Firm targets middle-market growth companies throughout the US. New Mainstream focuses on companies with experienced management, high operating margins, and strong cash flows. NMS Capital looks to invest $25 to $75 million in companies valued up to $150 million. The Firm will consider opportunities in a variety of sectors, however the Firm has a special interest in healthcare services, consumer products/services, and specialized business services. NMS Capital was formed in 2010 and is based in New York, New York.

DEAL STATS #
Overall 26 of 27
Sector: Business Services M&A 6 of 6
Type: Recapitalization M&A Deals 14 of 15
State: New Hampshire M&A 1 of 1
Country: United States M&A 25 of 26
Year: 2025 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-04-09 U.S. Urology Partners

Nolensville, Tennessee, United States

U.S. Urology Partners offers an alternative to hospital acquisition, allowing urology practices to retain their independence while benefitting from operational support, management expertise and deep financial resources of a partner. U.S. Urology Partners is based in Nolensville, Tennessee.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-09-04 NorthWest Environmental

Baltimore, Maryland, United States

Northwest Environmental is a waste-management and recycling consultancy offering nationwide services, including waste audits, vendor management, roll-off rentals, medical and valet waste handling, shredding, and portfolio waste programs for a wide range of commercial clients. NorthWest Environmental was founded in 2008 and is based in Baltimore, Maryland.

Buy -
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