Truelink Capital has acquired Horwitz, a Minnesota-based provider of mechanical, electrical, and plumbing services to commercial and industrial facilities, marking the private equity firm’s latest platform investment since its 2022 founding. Horwitz was previously owned by Svoboda Capital Partners.
Horwitz, headquartered in New Hope, Minnesota, was founded in 1918 and employs 720 people. The company is led by CEO Matt Dekkers, who joined in early 2023 and assumed the top role on January 1, 2024. Under the transaction, Horwitz’s management team will continue to run the business and retain an ownership stake alongside Truelink.
Horwitz provides service and maintenance, retrofits and upgrades, and new installations across HVAC systems, plumbing, electrical work, and building automation. Its customers are typically located across the Twin Cities and broader Midwest region and operate in sectors including data center, medtech, semiconductor fabrication, healthcare, and advanced manufacturing.
Truelink was founded in 2022 by Todd Golditch and Luke Myers, both former Platinum Equity investors. They see Horwitz as a base for broader expansion. Mr. Myers had this to say of the acquisition:
"We are excited to establish this partnership with the Horwitz team to execute Truelink’s value creation playbook of driving operational improvements and accelerating growth through strategic investments and a robust M&A strategy. Horwitz’s differentiated service capabilities, scaled regional platform, and deeply experienced management team make it an ideal partner as we look to build a diversified MEP services business."
The buyer, based in Los Angeles, invests in tech-enabled services and industrial companies with EBITDA ranging from $20 million to $75 million. Its targeted service sectors include business-to-business, education technology, financial technology, information technology, and software.
In March 2026, Truelink closed its second fund with $2 billion in capital, exceeding its $1.5 billion target and reaching its hard cap in under three months. The Horwitz acquisition is the firm’s 12th platform investment since launching in 2022.
For Truelink, Horwitz becomes a platform in a market valued at approximately $33 billion in 2025 and expected to grow to $35 billion in 2026, reaching roughly $47 billion by 2031, according to Mordor Intelligence. Retrofit and renovation work accounted for the biggest share of 2025 revenue, while contractors have reported accelerating retrofit activity tied to federal energy-efficiency incentives, with heat-pump and energy-efficient HVAC retrofits up roughly 40% since 2024.
Horwitz also brings acquisition experience into the partnership. Svoboda Capital acquired the company in March 2022, and during that ownership period Horwitz completed one add-on deal with the November 2024 acquisition of Preferred Electric, a Minneapolis-based electrical contractor. Horwitz had previously acquired Tempco over a decade ago, a Twin Cities-based provider of building automation systems.
David Rubin, a managing director at Svoboda Capital (seller), said the seller was pleased with the company’s progress during its ownership period. "Horwitz is an outstanding business with a strong leadership team and a clear focus on delivering high-quality outcomes for its customers", said Mr. Rubin. "It has been a privilege to work alongside management as the company evolved, and we are incredibly proud of what the team has accomplished."
Mr. Dekkers, from Horwitz, said the deal opens a new phase for the business. "Partnering with Truelink Capital marks an exciting new milestone for Horwitz", he said. "Truelink shares our commitment to operational excellence and our vision for expanding the capabilities and reach of our platform. This partnership is a testament to the hard work of our entire team, and we look forward to leveraging Truelink’s resources and expertise to build on the strong foundation we have created."
He also acknowledged the outgoing private equity firm, Svoboda, "We are grateful for SC’s partnership and support over the past several years", said Mr. Dekkers. "Their experience with services businesses and collaborative approach were instrumental in helping us scale the platform while reinforcing the culture and operational excellence that define our organization."
William Blair served as financial advisor to Horwitz and Svoboda Capital on the transaction.
