M&A Deal Summary

ONCAP Management Partners Acquires Mid-State Industrial Maintenance

On June 2, 2025, private equity firm ONCAP Management Partners acquired business services company Mid-State Industrial Maintenance from CenterGate Capital

Acquisition Highlights
  • This is ONCAP Management Partners’ 4th transaction in the Business Services sector.
  • This is ONCAP Management Partners’ 20th transaction in the United States.
  • This is ONCAP Management Partners’ 1st transaction in Florida.

M&A Deal Summary

Date 2025-06-02
Target Mid-State Industrial Maintenance
Sector Business Services
Buyer(s) ONCAP Management Partners
Sellers(s) CenterGate Capital
Deal Type Secondary Buyout
Advisor(s) J.P. Morgan Securities (Financial)
McDermott Will & Emery (Legal)

Target

Mid-State Industrial Maintenance

Lakeland, Florida, United States
Mid-State's headquarters in Lakeland, Florida.
Mid-State's headquarters in Lakeland, Florida.
Mid-State Industrial Maintenance is a provider of on-site and off-site industrial maintenance and service solutions. Mid-State serves as an outsourced maintenance and repair services provider to customers in the chemical processing, phosphate mining, power generation, and building products industries throughout the southeastern United States. Mid-State Industrial Maintenance was founded in 1973 and is based in Lakeland, Florida.

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Buyer(S) 1

Buyer

ONCAP Management Partners

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 1.8B USD
Size Large
Type Sector Agnostic
DESCRIPTION

ONCAP is the mid-market private equity business of Onex Corporation. ONCAP looks to invest in small and mid-sized North American businesses where it can commit $20 to $200 million of equity capital. ONCAP considers investment opportunities in a wide range of industry sectors. Situations of interest include, complete or partial sales of a closely held private companies, divestitures, companies seeking equity capital to pursue key strategic initiatives, and take privates. ONCAP was established in 1999 and is based in Toronto.


DEAL STATS #
Overall 35 of 35
Sector: Business Services M&A 4 of 4
Type: Secondary Buyout M&A Deals 11 of 11
State: Florida M&A 1 of 1
Country: United States M&A 20 of 20
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-06-03 EnGlobe

Quebec, Quebec, Canada

EnGlobe is an international integrated environmental services company specializing in the management of organic-based waste streams and contaminated soils, with an emphasis on beneficial reuse. Englobe offers a broad suite of services from engineering, design and inspection to environmental consulting and remediation. EnGlobe was formed in 1961 and is headquartered in Quebec.

Sell $475M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-07-15 Precision Concepts International

Mooresville, North Carolina, United States

Precision Concepts International is a specialty plastic packaging company providing a broad array of packaging solutions to the personal care and pharmaceutical markets. Precision Concepts International was founded in 2003 and is based in Mooresville, North Carolina.

Sell -

Seller(S) 1

SELLER

CenterGate Capital

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2014
PE ASSETS 740M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

CenterGate Capital is a private equity firm focused on improving and growing lower middle market companies. The Firm looks to partner with companies generating $20 to $250 million in revenues. Sectors of interest include business services, industrials, energy services, consumer, and healthcare services. Prospective transaction situations include buyouts, divestitures, recapitalizations, shareholder liquidity needs, and restructurings. CenterGate Capital was founded in 2014 and is based in Austin, Texas.


DEAL STATS #
Overall 5 of 5
Sector: Business Services M&A 1 of 1
Type: Secondary Buyout M&A Deals 3 of 3
State: Florida M&A 1 of 1
Country: United States M&A 4 of 4
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-12-10 Soroc Technology

Woodbridge, Ontario, Canada

Soroc Technology is a full-service IT firm that provides end-to-end IT infrastructure lifecycle services, including on-site and help desk support, procurement and deployment, professional services, recruiting, and business continuity and disaster recovery services. Soroc Technology is based in Woodbridge, Ontario.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-06-25 Marena

Lawrenceville, Georgia, United States

Marena is a manufacturer of medical-grade compression garments, shapewear, and activewear sold to plastic surgery centers, hospitals, medical providers, patients, and consumers. Marena was founded in 1994 and is based in Lawrenceville, Georgia.

Buy -