New York, NY, May 6th, 2025 – NMS Capital (“NMS”), a leading private equity firm focused on investments within Business Services and Healthcare Services, today announced that it has partnered with Company management in the recapitalization of Capstone Mechanical, LLC (“Capstone” or the “Company”). This marks NMS Capital’s 11th and final platform investment out of its most recent private equity fund, NMS Fund IV. Terms of the transaction were not disclosed.
Founded in 2011 and headquartered in Portsmouth, New Hampshire, Capstone Mechanical is a leading commercial HVAC service and refrigeration provider specializing exclusively in maintenance, repair, and parts / system replacement services. The company primarily serves commercial end markets and operates across a broad footprint spanning the East Coast of the U.S.
NMS’ investment in Capstone originated from a thematic investment initiative focused in the Facility Services sector, and more specifically, the Commercial HVAC & Refrigeration sub-sector. Through its partnership with Capstone, NMS has made a substantial capital commitment to support Capstone’s growth both organically and through acquisitions.
Jim Mckenna, Co-Founder of Capstone, commented, “When we founded Capstone, we set out to build something different—a service company that put more control and opportunity in the hands of the technicians and teams doing the work. We’ve been honored by the incredible growth we’ve experienced, the people who’ve joined us, and the customers who’ve trusted us. But we know there’s much more we can do.” Ken Slover, Co-Founder of Capstone, remarked, “This partnership with NMS marks a new phase of opportunity. NMS shares our vision and values. They were deeply impressed by our team, culture, and reputation with customers. With their support, we’ll be able to grow our footprint, strengthen our infrastructure, and continue delivering best-in-class service—while staying true to what makes Capstone special.”
Daniel Schwartz, NMS Partner and Co-Head of Business Services, noted, “We could not be more excited and prouder to partner with Jim, Ken, and the entire Capstone team. The Company has a remarkable track record of growth while maintaining an unmatched commitment to client service and company culture. We look forward to supporting Jim, Ken, and their team through Capstone’s next phase of growth. This investment is a direct outcome of NMS’ theme-based investment strategy within the Facility Services sector and highlights our commitment to establishing partnerships with leading founder-owned enterprises in our core sectors across North America.”
Neal Monga, NMS Principal, added, “The Capstone team has built a truly unique and impressive platform over the past 14 years. The essential services that Capstone provides, combined with the growing demand for high-quality, reliable service providers, align perfectly with our strategic focus within the Commercial HVAC and Refrigeration sub-sector. We believe Capstone’s emphasis on preventative maintenance and its exposure to strong, long-term secular tailwinds will drive sustained growth. NMS is excited to support Capstone’s next chapter—both through organic initiatives and via strategic M&A.”
The NMS deal team also included Madeline Schneiter (NMS Portfolio Optimization Group) and John Jakubowicz. Lincoln International served as financial advisor and McDermott Will & Emery provided legal counsel to NMS. McLane Middleton served as legal counsel to Capstone.
About Capstone Mechanical:
Based in Portsmouth, NH, Capstone Mechanical is a leading commercial HVAC and refrigeration service provider specializing in maintenance, repair, and parts / system replacements. Operating across the Eastern U.S. from Maine to South Carolina and west to Ohio, Capstone serves commercial customers through a technician-first operating model that prioritizes service quality and operational efficiency. With a culture rooted in trust, transparency, and performance, Capstone is committed to safety, proactive customer care, and continuous improvement, delivering high-quality service and communication that support clients’ ongoing facility needs. For more information on all Capstone offerings, please visit www.cstonemechanical.com.
About NMS Capital:
Founded in 2010, NMS Capital is an experienced private equity firm managing assets in excess of $1.5 billion. Since inception, NMS has partnered with management teams in over 150 investments and follow-on acquisitions across defined investment themes within the Business Services and Healthcare Services industries. The firm’s principal strategy is to create long-term value by providing strategic and operational resources to growth-oriented companies led by founders or experienced management teams. NMS has successfully built industry leading lower middle market companies in defensible and scalable end markets by accelerating organic and acquisition-driven growth.
For additional information on NMS, please visit the firm’s website at www.nms-capital.com. Follow NMS Capital on www.linkedin.com/company/nms-capital.
For further information:
For Capstone Mechanical:
Brenda O’Connor
Chief People Officer
boconnor@cstonemechanical.com
For NMS Capital:
Daniel Schwartz
Partner & Co-Head of Business Services
(914) 661-1147
dschwartz@nms-capital.com