- Backed by McNally Capital, the platform builds upon Smith & Oby, a leading mechanical contractor in Northeast Ohio
CHICAGO — Dec. 4, 2025 — Foundral, a newly formed platform dedicated to building and rapidly scaling a family of union-backed mechanical contracting companies, announces its official launch. Integrating experienced teams throughout the Midwest and surrounding growth markets and supporting them with a best-in-class support structure, Foundral is building the essential infrastructure of tomorrow.
Backed by private equity sponsor McNally Capital, the platform builds on the success and legacy of an existing McNally Capital portfolio company: Smith & Oby. Smith & Oby, along with its wholly owned subsidiary DSO, are two respected names in commercial mechanical contracting. Smith & Oby is a staple of Ohio’s construction industry, with a history that extends back to 1898; based in West Virginia, DSO has completed more than 100 major projects over the past decade.
“We are committed to the vision of creating the leading commercial HVAC player in the Midwest and beyond,” said Ravi Shah, Partner at McNally Capital. “Foundral is bringing together some of the most respected and accomplished mechanical contractors in the country and equipping them with the back-end capabilities that allow them to preserve their lineage while accelerating growth and modernization. These are the contractors who have built the cities and skylines around us — and now they’re uniting to build a stronger future.”
Foundral has appointed Jason Richards as Executive Chairman of the Board and Chief Executive Officer. With more than 33 years of experience in the infrastructure services sector, Richards has successfully led the strategic growth and operational excellence of multiple businesses. A mechanical and licensed professional engineer, he brings deep expertise in mechanical, electrical, building controls and energy service solutions, delivering innovative results for general contractors and building owners alike.
“At Foundral, we believe the best way to create long-term value is by honoring the legacy of great companies while giving their employees the support and resources they need to thrive,” said Richards. “We’re building from a position of strength with Smith & Oby and DSO by buying quality companies, integrating them thoughtfully and providing a solid foundation for sustainable success. That’s how we’re creating value for contractors and their clients, as well as for our investors.”
Foundral’s acquisition strategy targets leading commercial mechanical contracting companies across traditional Midwestern states and neighboring regions. The platform focuses on organizations with a strong HVAC specialty, union-based labor, strong workforce depth and annual revenues of at least $25 million. Ideal partners are those serving progressive end markets, such as data centers, hospitals, manufacturing, colleges and universities and those positioned for the next wave of infrastructure expansion.
“With a surge of data centers and other advanced facilities planned, permitted, and approved across the Midwest, we expect to play a significant role in supporting the region’s growing digital infrastructure needs,” Richards said. “We’re in the heart of America’s fast-growing commercial hubs, and we’re bringing the capabilities, expertise and talent required to deliver on these critical projects.”
For more information about Foundral, visit www.foundral.com.
For more information about McNally Capital, visit https://www.mcnallycapital.com.
About Foundral
Foundral is a growing family of leading mechanical contracting companies, uniting trusted teams across HVAC, plumbing and fire protection to build the essential infrastructure of tomorrow. Born from the workers and entrepreneurs who built the Midwest, Foundral honors a rich history of craftsmanship, integrity and grit while delivering modern, high-performance solutions for healthcare, higher education, industrial, government, life sciences and data center environments. For more information, visit www.foundral.com.
About McNally Capital
McNally Capital is a private equity firm based in Chicago, Illinois. The firm is currently investing out of its committed buyout fund, McNally Capital Fund III, LP. The firm seeks thesis-driven buyout investments in the lower middle market across two primary industries: Aerospace & Defense and Industrial Technology & Services. McNally Capital seeks to apply its hands-on experience, institutional capabilities and proprietary value creation framework to its portfolio companies to benefit management teams in their next phase of growth and build value for McNally Capital’s investors.
Ward McNally, Co-CEO & Managing Partner, founded the firm in 2008. He is a sixth-generation member of the McNally family, which proudly owned and operated Rand McNally & Company for nearly 150 years until its sale in 1997. For more information, visit https://www.mcnallycapital.com.
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