Key Takeaways
- • Midland Industries, backed by Gemspring Capital since September 2023, has acquired Trading Services International (TSI), a New York City–headquartered HVAC component distributor founded in 1988 and led by CEO Joel Darr.
- • TSI specializes in sourcing and distributing aluminum, copper, and brass fittings, valves, and coils for OEM customers in the HVAC sector, adding complementary product capabilities and global supplier relationships to Midland's existing 37,000+ SKU portfolio.
- • The acquisition expands Midland's product breadth and sourcing capabilities while leveraging TSI's established OEM customer relationships and technical expertise in hard-to-find industrial components, positioning the combined entity for enhanced market penetration in HVAC and industrial distribution channels.
- • This transaction represents Midland's third significant acquisition under Gemspring ownership, following the 2025 acquisition of Cerro Brass and the 2026 acquisition of Industrial Specialties Manufacturing, signaling an aggressive consolidation strategy within industrial distribution.
- • Gemspring Capital, founded in 2015 and headquartered in Westport, Connecticut, has completed more than 125 acquisitions across its portfolio, with $1.1 billion in commitments to its second non-control investment vehicle as of September 2025.
Summary
Midland Industries, a Gemspring Capital portfolio company, has acquired Trading Services International (TSI), strengthening its competitive position in the industrial distribution and HVAC sectors. TSI, founded in 1988 and headquartered in New York City, has built a specialized business around distributing aluminum, copper, and brass components—including fittings, valves, and coils—primarily to original equipment manufacturers in the HVAC industry. The company's expertise in sourcing hard-to-find materials and its established relationships with OEM customers and global suppliers form the strategic foundation for this acquisition.
Midland Industries, led by CEO Bryan Wight and headquartered in Kansas City, operates a diversified platform manufacturing and distributing more than 37,000 SKUs of pipe, valve, and fitting products across industrial and commercial applications. The company's product suite serves fluid transfer, pressure regulation, and connection systems used in plumbing, industrial machinery, utilities, and HVAC installations. Through its network of subsidiaries including Anderson Metals, Midland Metal, Buchanan Rubber, and multiple brass fittings brands, Midland maintains full-stocking distribution facilities across the United States and Canada.
The TSI acquisition directly addresses Midland's stated objectives: expanding product breadth in specialized HVAC components and enhancing global sourcing capabilities. TSI CEO Joel Darr emphasized that the combination preserves the company's service-first approach while gaining access to Midland's operational scale and complementary product portfolio. Fabian de Armas, executive chairman of Midland, highlighted that TSI's "highly differentiated, longstanding customer relationships" and "strong reputation for quality and exceptional service" will enable Midland to deliver more comprehensive solutions to both new and existing customers.
This acquisition is the third major deal under Gemspring's ownership since acquiring Midland in September 2023, following the 2025 acquisition of Cerro Brass (a St. Louis-based brass fittings provider) and the 2026 acquisition of Industrial Specialties Manufacturing (a Colorado-based specialty fittings manufacturer). This pattern reflects a deliberate platform-building strategy focused on consolidating fragmented industrial distribution markets. Gemspring Capital, founded in 2015 with offices across Westport, Los Angeles, Charlotte, and Columbus, invests in companies with up to $2 billion in revenue across business services, industrial, healthcare, software, and tech-enabled services sectors.
Midland Industries, led by CEO Bryan Wight and headquartered in Kansas City, operates a diversified platform manufacturing and distributing more than 37,000 SKUs of pipe, valve, and fitting products across industrial and commercial applications. The company's product suite serves fluid transfer, pressure regulation, and connection systems used in plumbing, industrial machinery, utilities, and HVAC installations. Through its network of subsidiaries including Anderson Metals, Midland Metal, Buchanan Rubber, and multiple brass fittings brands, Midland maintains full-stocking distribution facilities across the United States and Canada.
The TSI acquisition directly addresses Midland's stated objectives: expanding product breadth in specialized HVAC components and enhancing global sourcing capabilities. TSI CEO Joel Darr emphasized that the combination preserves the company's service-first approach while gaining access to Midland's operational scale and complementary product portfolio. Fabian de Armas, executive chairman of Midland, highlighted that TSI's "highly differentiated, longstanding customer relationships" and "strong reputation for quality and exceptional service" will enable Midland to deliver more comprehensive solutions to both new and existing customers.
This acquisition is the third major deal under Gemspring's ownership since acquiring Midland in September 2023, following the 2025 acquisition of Cerro Brass (a St. Louis-based brass fittings provider) and the 2026 acquisition of Industrial Specialties Manufacturing (a Colorado-based specialty fittings manufacturer). This pattern reflects a deliberate platform-building strategy focused on consolidating fragmented industrial distribution markets. Gemspring Capital, founded in 2015 with offices across Westport, Los Angeles, Charlotte, and Columbus, invests in companies with up to $2 billion in revenue across business services, industrial, healthcare, software, and tech-enabled services sectors.
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