MFG Partners backs Cincinnati industrial contractor UGS in growth deal
What's the deal? MFG PartnersDealroom has a profile for this one. Try Dealroom → has made a growth equity investment in United Group Services (UGS)Dealroom has a profile for this one. Try Dealroom →, a Cincinnati-based industrial services and mechanical contracting company. The transaction closed on 31 July 2026. Financial terms were not disclosed.
What's the endgame? The capital supports UGS's next phase of expansion while management retains significant equity and operational control. Chief executive officer Dan Freese and chief operating officer Troy Norvell will continue running day-to-day operations.
What does UGS do? Founded in 1982, the company provides construction, retrofit, and maintenance services for industrial facilities, including process piping, structural steel, rigging, millwright services, insulation, scaffolding, and HVAC installation. It serves manufacturing, chemical processing, food and beverage, energy, and technology customers across the Midwest and nationwide.
Why UGS? Its mix of project-based construction and recurring maintenance work spreads exposure across capital spending and ongoing facility upkeep. Jonathan Schilowitz, a partner at MFG, said UGS combines "more than four decades of operating experience" with in-house capabilities and a strong maintenance business.
Why now? Industrial service providers are benefiting from rising spending on manufacturing modernisation, infrastructure upgrades, and plant maintenance. Companies with diversified offerings and recurring revenue have drawn growing interest from private equity investors seeking stable customer relationships.
Freese said the deal gives UGS "a long-term capital partner" aligned with its operating philosophy and growth objectives. New York-based MFG invests in North American industrial, manufacturing, distribution, and industrial services businesses where management stays actively involved.
The signal: The deal reflects private equity's continued appetite for founder- and management-owned industrial firms with self-perform capabilities and recurring maintenance income — steady, essential businesses that hold up across market cycles.
Read more: citybiz.co
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