Tekwell Services sold to Industrial Service Group with Harpeth Capital advising

What's the deal? Chattanooga-based Tekwell ServicesDealroom has a profile for this one. Try Dealroom →, an electric motor and rotating equipment repair company, has been acquired by Indianapolis-based The Industrial Service GroupDealroom has a profile for this one. Try Dealroom → (ISG), a portfolio company of TJC. Harpeth Capital served as exclusive financial adviser on the deal.

Tekwell will join ISG's Motor and Pump division. Financial terms were not disclosed.

Founded in 2009 when Jim Steffner Jr. acquired Tennessee Armature & Electric in Knoxville, Tekwell expanded in 2012 with a location in Cartersville, Georgia. It provides motor and rotating equipment repair, field service, and new equipment sales across the Southeast, serving utilities and heavy industry customers.

Why now? The deal marks the third time founder Jim Steffner has partnered with Harpeth Capital over more than 20 years. With Steffner's son Jamey serving as chief executive officer, the sale positions Tekwell for its next growth phase under ISG's broader platform.

"ISG is the right home for Tekwell, and I'm excited to continue growing the business and delivering for our customers," Jamey Steffner said.

The signal: With both Tekwell and ISG classified as early-growth businesses on Dealroom, the deal underscores how PE-backed platforms in fragmented industrial services sectors are scaling through acquisition rather than organic expansion alone. The repeated adviser–client relationship — three transactions over two decades — also highlights how founder-led niche service firms in rotating equipment and heavy industry remain attractive roll-up targets as consolidation in the space accelerates.

Read more: harpethcapital.com