Blackford Capital: Buy Box & Recent Acquisitions

At a glance

EBITDA range	$3M to $20M S3
Revenue range	$20M to $200M S3
Deal types	Platform, Add-on S1
Sectors	HVAC, Plumbing & Electrical, Construction Services, Industrial & Manufacturing, Consumer & Food, Distribution

What Blackford Capital buys

Blackford Capital is a Grand Rapids, Michigan firm, founded by Martin Stein in 2010, that buys majority control of founder-owned and family-owned companies in manufacturing, industrial, distribution and service businesses. It looks for stable, profitable companies with $20 million to $200 million of revenue and $3 million to $20 million of EBITDA. The firm says it has completed 20 platform investments and 33 add-ons.

Blackford runs a buy-and-build model. Its current platforms include Habco, an electrical, HVAC and plumbing services group built from two December 2025 purchases; Security Fire Systems in fire sprinklers, alarms and security; PACIV in industrial automation; injection molders Texas Injection Molding and Industrial Molding Company; and two outdoor living consumer platforms, Outova and Helio Outdoors. In September 2026 it lined up $130 million from New 2ND Capital to back five of its companies. A smaller contractor or manufacturer is most likely to meet Blackford as an add-on, as E.G. Middleton and Industrial Electronic Systems did in 2026.

Recent deals

Announced in the 24 months before October 20, 2026.

Date	Company	Type	Sector	Source
Oct 2026	E.G. MiddletonFamily-owned Norfolk, VA electrical contractor founded in 1920, added to Habco	Add-on	HVAC, Plumbing & Electrical	Source
Sep 2026	Five portfolio companies (New 2ND Capital partnership)$130 million committed by New 2ND Capital to Automation Control Group, Burgaflex, Habco, Security Fire Systems and Texas Injection Molding	Investment		Source
Aug 2026	Industrial Electronic SystemsSacramento-area fire alarm and life safety systems integrator, the second add-on for Security Fire Systems	Add-on	Construction Services	Source
Mar 2026	Habco Partnership and Moro CorporationElectrical contractor and Northeast HVAC and construction services company, both bought in December 2025, merged into a new HVAC and electrical services platform	Platform	HVAC, Plumbing & Electrical	Source
Nov 2025	Texas Injection MoldingHouston maker of precision injection molded industrial parts	Platform	Industrial & Manufacturing	Source
September 2025	Lakeview Security, Fire & CommunicationsNorth Little Rock, AR security and fire alarm company added to Security Fire Systems; the owner and team stay	Add-on	Construction Services	Source
Jan 2025	Ace ControlsHouston industrial control panel builder, the third add-on for PACIV	Add-on	Industrial & Manufacturing	Source
Jan 2025	Mopec GroupPathology lab equipment maker sold to Waud Capital Partners after 11 years of ownership	Exit	Industrial & Manufacturing	Source
Dec 2024	Security Fire SystemsDallas-Fort Worth fire sprinkler design and installation company; launched the fire safety platform	Platform	Construction Services	Source

Portfolio by sector

From the firm's portfolio page S4.

Fire Safety Consolidation platform

Security Fire Systems

HVAC, Electrical and Diversified Services platform

Habco Partnership

Industrial Automation platform

PACIV

Manufacturing

Texas Injection Molding
Industrial Molding Company
Burgaflex

Outdoor living

Outova Patio Platform
Helio Outdoors

Services

Design Environments

Past investments: Mopec Group

Greymont’s take

How Blackford Capital fits a seller

Blackford fits owners of contractors, manufacturers and distributors who are ready to sell control and want a buyer that will keep building the company. Its recent deals lean toward electrical, HVAC and fire protection contractors, and its add-on releases show sellers often staying: Lakeview's owner and his team remained after joining Security Fire Systems in 2025, and E.G. Middleton, a family business since 1920, joined Habco in 2026.

Blackford also tends to hold for a long time, which matters for an owner who rolls equity. It owned Mopec for 11 years before selling it to Waud Capital Partners in January 2025, and in 2026 it brought in $130 million from a secondaries investor to fund five companies rather than sell them. Owners should ask how long Blackford expects to hold, how the deal capital is raised, and who will lead the combined company after closing.

Questions owners ask

What size companies does Blackford Capital buy?

Its seller criteria call for $20 million to $200 million of revenue and $3 million to $20 million of EBITDA, along with stable cash flow and a record of profits.

Does Blackford Capital buy HVAC and electrical contractors?

Yes. In March 2026 it launched an HVAC, electrical and diversified services platform from Habco and Moro, both bought in December 2025, and in October 2026 it added E.G. Middleton, a Virginia electrical contractor.

Does Blackford Capital take minority stakes?

No. Its homepage says it invests in majority control positions in family-owned and founder-owned lower middle market companies in manufacturing, distribution and services.

Is Blackford active in fire protection?

Yes. It entered fire safety by buying Security Fire Systems of Dallas-Fort Worth in December 2024, then added Lakeview Security, Fire & Communications in 2025 and Industrial Electronic Systems in August 2026.

Sources

S1Blackford Capital home page Accessed October 20, 2026
S2Blackford Capital: Firm Overview Accessed October 20, 2026
S3Blackford Capital: Sellers (investment criteria) Accessed October 20, 2026
S4Blackford Capital: Portfolio Companies Accessed October 20, 2026
S5Blackford Capital: Blog & News Accessed October 20, 2026
S6Blackford Capital Launches New HVAC, Electrical and Diversified Services Platform (March 2026) Accessed October 20, 2026
S7Blackford Capital Announces Partnership with New 2ND Capital (September 1, 2026) Accessed October 20, 2026
S8Blackford Capital releases on PR Newswire Accessed October 20, 2026
S9Blackford Capital Year in Review 2024 Accessed October 20, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Blackford Capital. Figures are as reported on the dates shown and may have changed. Request a correction