Horwitz Finds a New Partner in Truelink Capital

Truelink Capital has acquired Horwitz, a provider of mechanical, electrical, and plumbing (MEP) services to commercial and industrial facilities, from Svoboda Capital Partners.

Horwitz’s core offerings span service and maintenance, retrofits and upgrades, and new installations for HVAC systems, plumbing, electrical work, and building automation. The company’s customers, typically located across the Twin Cities and broader Midwest region, operate in the data center, medtech, semiconductor fabrication, healthcare, and advanced manufacturing sectors.

Horwitz, led by CEO Matt Dekkers and employing 720 people, was founded in 1918 and is headquartered near Minneapolis in New Hope, Minnesota.  Its management team will continue to lead the business and retain an ownership stake in partnership with Truelink. Mr. Dekkers, a construction industry veteran, joined the company in early 2023 and assumed the CEO role on January 1, 2024.

Svoboda Capital acquired Horwitz in March 2022 and, under its ownership, closed one add-on acquisition with the buy of Preferred Electric, a Minneapolis-based electrical contractor, in November 2024.

“Horwitz is an outstanding business with a strong leadership team and a clear focus on delivering high-quality outcomes for its customers,” said David Rubin, a managing director at Svoboda Capital. “It has been a privilege to work alongside management as the company evolved, and we are incredibly proud of what the team has accomplished.”

Truelink is headquartered in Los Angeles and invests in tech-enabled services and industrial companies with EBITDA ranging from $20 million to $75 million. The firm’s targeted service sectors include business-to-business, education technology, financial technology, information technology, and software. Truelink was founded in 2022 by Todd Golditch and Luke Myers, both former Platinum Equity investors.

Mr. Myers framed Horwitz as the anchor for a larger ambition. “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,” he said. “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.”

Horwitz serves a large and expanding market. The U.S. MEP services market was valued at approximately $33 billion in 2025 and is expected to grow to $35 billion in 2026, reaching roughly $47 billion by 2031, an annual growth rate of about 6.3%, according to Mordor Intelligence. Retrofit and renovation work accounted for the biggest share of 2025 revenue, and 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. Demand has also been shaped by healthcare facility expansions, semiconductor fabrication projects, and data center construction, end markets that overlap directly with Horwitz’s customer base.

For Truelink, the appeal is a scaled operator in those technically demanding end markets, paired with a recurring revenue base. Horwitz’s service and maintenance line adds a layer of stability to a platform otherwise exposed to project-based retrofit and new construction work, giving Truelink a foundation from which to pursue the diversified MEP business.

The firm has ample capital to do so. 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 buy of Horwitz is Truelink’s 12th platform investment since the firm’s founding in 2022 and fits its strategy of pairing capital with operational improvement, pursued through an internal playbook and add-on acquisitions. Horwitz has its own history with that approach, including the acquisition of Tempco, a Twin Cities-based provider of building automation systems, in 2015 and the November 2024 acquisition of Preferred Electric — a pattern likely to continue under Truelink.

Mr. Dekkers welcomed the new backing. “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 thanked the departing owner. “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.”

Svoboda Capital invests $10 million to $25 million in professional services, industrial and commercial services, and transportation and logistics services companies with revenues from $10 million to $100 million and EBITDAs from $3 million to $15 million. The firm was founded in 1998 and is headquartered in Chicago.

William Blair was the financial advisor to Horwitz and Svoboda Capital on this transaction.