Midland Industries, a portfolio company of Gemspring Capital, has acquired Trading Services International.
Trading Services International (TSI) distributes industrial components primarily used in the HVAC sector. The company supplies aluminum, copper, and brass fittings, valves, and coils that are used by OEMs in the production of HVAC systems and related equipment.
The acquisition of TSI expands Midland’s product portfolio and adds sourcing capabilities in aluminum, copper, and brass components used in HVAC applications. TSI’s relationships with OEM customers and other global suppliers are expected to extend Midland’s reach within those channels. TSI, led by CEO Joel Darr, was founded in 1988 and is headquartered in New York City.
“We are excited to join the Midland platform and believe the combination creates meaningful growth opportunities for our customers and suppliers,” said Mr. Darr. “Midland’s complementary portfolio, scale, and operational resources will enhance our capabilities while preserving the service-first approach that has defined TSI.”
Midland Industries manufactures and distributes more than 37,000 SKUs of pipe, valve, and fittings products used across industrial and commercial applications. The company produces and supplies valves, hose assemblies, clamps, and fittings that support fluid transfer, pressure regulation, and connection systems in manufacturing and infrastructure environments. Its products are used in plumbing systems, industrial machinery, utilities networks, and HVAC installations, where durability and compatibility with varying pressure and temperature conditions are required.
Midland is comprised of numerous operating subsidiaries, including Anderson Metals, Midland Metal, Buchanan Rubber, Amiflex, Mid-America Fittings, Stainless Adapters, Champion Brass, Century Brass, Cerro Brass, and Gruner Brass Fittings.
Kansas City‑headquartered Midland, led by CEO Bryan Wight, operates a network of full‑stocking distribution facilities across the United States—in Missouri, California, Texas, Oregon, and Georgia—and Canadian distribution locations through its Buchanan Rubber brand.
Gemspring acquired Midland in September 2023 from Wynnchurch Capital. In addition to the acquisition of TSI, Midland, under Gemspring ownership, acquired Industrial Specialties Manufacturing, a Colorado-based manufacturer of specialty fittings and related components, in 2026; and Cerro Brass, a St. Louis-headquartered provider of brass fittings and components, in 2025.
“TSI has built highly differentiated, longstanding customer relationships, supported by a strong reputation for quality and exceptional service,” said Fabian de Armas, executive chairman of Midland. “We are excited to welcome the TSI team to Midland. This acquisition expands our product breadth, enhances our global sourcing capabilities, and positions us to deliver an even more comprehensive offering to both new and existing customers.”
Gemspring invests in companies with revenues of up to $2 billion that operate in the business services, consumer services, financial and insurance services, healthcare, industrial, software, and tech-enabled services sectors. The firm was founded in 2015 and has completed more than 125 acquisitions across its buyout and growth strategies.
In September 2025, Gemspring closed its second non-control investment vehicle, Gemspring Growth Solutions Fund II LP, with $1.1 billion in limited partner commitments. Gemspring was founded in 2015 and is headquartered in Westport, Connecticut, with additional offices in Los Angeles, Charlotte, and Columbus.
“TSI has built highly differentiated, longstanding customer relationships, supported by a strong reputation for quality and exceptional service,” said Fabian de Armas, executive chairman of Midland. “We are excited to welcome the TSI team to Midland. This acquisition expands our product breadth, enhances our global sourcing capabilities, and positions us to deliver an even more comprehensive offering to both new and existing customers.”
