We are tracking Foundral's add-on acquisition of A. Hattersley and Sons, based in Fort Wayne, Indiana, announced May 21, 2026. Deal value undisclosed; no multiple disclosed.
Foundral, a portfolio company of McNally Capital, is building a union-represented mechanical contracting platform, and Hattersley joins existing members Smith and Oby and DSO within that group.
Hattersley covers commercial, industrial, and institutional mechanical work.
McNally's stated thesis targets the union-labor segment, which sits structurally underserved by most residential-oriented HVAC roll-ups.
Our data indicates this is a differentiated corner of the market. Where the large platforms chase residential density and franchise cash flow, McNally is assembling union mechanical contractors, a labor pool and client base that most consolidators skip. That specialization can insulate the platform from the bidding wars driving residential multiples higher, though it narrows future add-on targets. We read it as deliberate positioning rather than opportunistic buying by a generalist sponsor.