Middle market private equity firm
Good Springs Capital
- HeadquartersNew York, NY S1
- Founded2023 S1
- Websitegoodspringscap.com
- Last verifiedNovember 2, 2026
At a glance
| Assets under management | $611M (as of Jan 2025) S5 |
|---|---|
| Latest fund | Good Springs Capital Fund I, $570M (Jan 2025) S5 |
| EBITDA range | $10M to $40M S1 |
| Check size | $50M to $150M S1 |
| Deal types | Platform, Add-on S1 |
| Geography | United States S1 |
| Sectors | HVAC, Plumbing & Electrical, Environmental & Waste, Construction Services |
What Good Springs Capital buys
Good Springs Capital is a New York firm formed in 2023 by the senior team that built Alleghany Capital, the private investment arm of Alleghany Corporation. The Chickasaw Nation is its anchor investor and strategic partner. It buys founder- and family-owned middle market companies in industrial and services sectors, and its four holdings so far are two mechanical contractors, an infrastructure engineering firm and a water and wastewater services contractor. Its first fund closed at $570 million in January 2025, which took assets under management to about $611 million.
The stated target is a company with $10 million to $40 million of EBITDA and an equity investment of $50 million to $150 million, mainly in the US. It takes majority stakes, or minority stakes that turn into majority control soon after, and expects each platform to keep growing through add-on acquisitions. Owners below that size are most likely to meet Good Springs as an add-on, the way Gibson Plumbing joined Kimbel Mechanical Systems in May 2025.
Recent deals
Announced in the 24 months before November 2, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| May 2026 | Snyder Environmental ServicesFounder-owned water, sewer and stormwater line contractor and treatment plant operator in Kearneysville, West Virginia, founded in 1979 | Platform | Environmental & Waste | Source |
| Oct 2025 | Falasca MechanicalFamily-owned HVAC and plumbing contractor in Vineland, New Jersey, with more than 400 employees | Platform | HVAC, Plumbing & Electrical | Source |
| May 2025 | Gibson Plumbing CompanySan Antonio residential plumbing contractor added to Kimbel Mechanical Systems, Kimbel's first acquisition | Add-on | HVAC, Plumbing & Electrical | Source |
| Jan 2025 | Good Springs Capital Fund IInaugural fund closed at $570 million, anchored by the Chickasaw Nation | Fund close | Source |
Portfolio by sector
From the firm's portfolio page S1.
Construction Services
- Tectonic Engineering
Environmental & Waste
- Snyder Environmental Services
HVAC, Plumbing & Electrical
- Kimbel Mechanical Systems
- Falasca Mechanical
Greymont’s take
How Good Springs Capital fits a seller
Good Springs fits a founder or family that wants a long-term partner and intends to keep its leadership team in place. In its Tectonic, Falasca and Snyder announcements the firm said existing management would keep running the business, and at Tectonic the management team also stayed on as significant owners. The Falasca family described its deal as a step toward a third-generation handover. Because the firm is young, with four platforms bought since mid-2024, each company gets close attention from a senior team that has worked together for more than a decade. The $10 million EBITDA floor rules out most small companies as new platforms, but HVAC, plumbing, engineering and water infrastructure businesses can join an existing one. Owners should ask how many years the firm's long-term approach really means, given that it invests from a traditional fund, and whether they will keep a stake after closing.
Questions owners ask
Does Good Springs Capital buy HVAC and plumbing companies?
Yes. It owns Kimbel Mechanical Systems, a plumbing, HVAC and electrical contractor for homebuilders that added San Antonio's Gibson Plumbing in May 2025, and Falasca Mechanical, a southern New Jersey HVAC and plumbing contractor it invested in during October 2025.
Does Good Springs Capital invest in water and wastewater services?
Yes. In May 2026 it invested in Snyder Environmental Services of Kearneysville, West Virginia, which replaces and repairs water, sewer and stormwater lines and operates and maintains treatment plants across the Mid-Atlantic.
How large does a company need to be for Good Springs Capital?
For a new platform, $10 million to $40 million of EBITDA, with equity investments of $50 million to $150 million. Smaller businesses are more likely to fit as add-ons to one of its existing companies.
Who is behind Good Springs Capital?
Managing partners David Van Geyzel and Udi Toledano co-founded and led Alleghany Capital from 2013 before starting Good Springs in 2023. The Chickasaw Nation anchored the first fund and is the firm's strategic partner.
Sources
- S1Good Springs Capital home page (about, investment criteria, team, companies and news) Accessed November 2, 2026
- S2Good Springs Capital Announces Investment in Snyder Environmental Services (PR Newswire, May 13, 2026) Accessed November 2, 2026
- S3Good Springs Capital Announces Investment in Falasca Mechanical (PR Newswire, October 27, 2025) Accessed November 2, 2026
- S4Good Springs Capital Announces Kimbel Mechanical's Acquisition of Gibson Plumbing (PR Newswire, May 27, 2025) Accessed November 2, 2026
- S5Good Springs Capital Raises $570 Million for Inaugural Investment Fund (PR Newswire, January 16, 2025) Accessed November 2, 2026
- S6Good Springs Capital Announces Investment in Tectonic Engineering (PR Newswire, October 30, 2024) Accessed November 2, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Good Springs Capital. Figures are as reported on the dates shown and may have changed. Request a correction