Foundral, a Chicago-based company specializing in scaling union-backed mechanical contractors, finalized its acquisition of A. Hattersley & Sons near the end of May 2026. This deal marks Foundral's first step into Indiana.
A. Hattersley, established in 1856, is a long-standing mechanical contractor with expertise in HVAC, piping, and engineering, serving clients in Northeast Indiana.
Since its launch in December 2025, Foundral has been building on the strong foundations of Smith & Oby and DSO. This platform, backed by McNally Capital, brings together union-supported mechanical contractors across the Midwest to expand into advanced end markets. Foundral specifically targets contractors generating at least $25 million in annual revenue, with a focus on sectors like healthcare facilities, higher education campuses, industrial plants, and data centers. CEO Jason Richards, a licensed professional engineer with more than 33 years of experience in infrastructure services, summed up the company’s mission:
"Foundral was created to bring together leading commercial HVAC companies with strong reputations and generational legacies... then help them grow in exciting new ways."
Rather than altering what makes each company successful, Foundral integrates back-office operations such as HR, finance, and IT, and introduces advanced tools like robotic welding. According to Richards, this technology enables field teams to nearly triple their manual output. This streamlined approach creates a solid foundation for incorporating established market leaders like A. Hattersley & Sons.
A. Hattersley & Sons brings a rich history and a well-established market presence to Foundral’s growth plans. Founded in 1856, the company has a 170-year tradition of delivering exceptional craftsmanship across commercial, industrial, and institutional projects in Northeast Indiana.
The company’s services cover the full spectrum of mechanical contracting, including design-build projects, engineering, project management, HVAC installation, piping, and ongoing maintenance. A. Hattersley’s portfolio demonstrates impressive technical expertise. For instance, the team installed a campus-wide geothermal loop system at Indiana Tech, utilizing 400-foot-deep wells to deliver 120 tons of geothermal capacity during Phase I of the project. Similarly, their work on Taylor University’s $21.3 million Greg and Mary Fran Euler Science Complex involved handling intricate laboratory environments.
A. Hattersley’s technical expertise, strategic location, and dedication to union craftsmanship align perfectly with Foundral’s expansion strategy. Located in Fort Wayne, the company is ideally positioned to meet the needs of healthcare, education, and industrial sectors - markets that are central to Foundral’s focus. Its established operations directly support Foundral’s goals.
Cultural alignment was another key factor. Jack Koehne, President and CEO of A. Hattersley & Sons, highlighted this alignment:
"We wanted a partner who could help us scale thoughtfully while preserving the craftsmanship, relationships and culture that have defined our success for generations. Foundral is the right fit to carry that legacy forward."
Ravi P. Shah, Partner at McNally Capital, reinforced this sentiment, stating that Hattersley’s identity and capabilities make it "a natural addition to the platform". This partnership demonstrates how Foundral’s strategy values local expertise while uniting companies under a shared vision for growth.
