Skip to content

Yellow Point Invests in the State Group

APRIL 4, 2018 – Yellow Point Equity Partners (“Yellow Point”), is pleased to announce the closing of an investment in The State Group Inc. and The State Group Industrial (USA) Limited (collectively “The State Group” or “the Company”), a diversified, multi-trade contractor providing maintenance, repair and capital services to industrial clients across North America. Blue Wolf Capital Partners (“Blue Wolf”), a New York-based firm, is a majority equity investor in the transaction.

The State Group provides comprehensive electrical and mechanical trade services to clients spanning diverse end-markets, including power generation, automotive, oil and gas, communications, metals and transportation. Founded in 1961 and headquartered in Toronto, the Company operates 18 offices throughout the United States and Canada. The State Group employs over 800 professionals and skilled tradespersons from over 150 locals across eleven crafts who perform nearly 2,000 jobs each year repairing, maintaining and constructing enterprise-vital infrastructure with a relentless focus on safety and quality execution. In 2017, The State Group received the Silver Star Zero Injury Safety Award from the National Maintenance Agreements Policy Committee after performing 981,146 work hours injury-free.

Marc Dumont, Chief Executive Officer of The State Group, and his management team will continue to lead the business and have made a significant investment in the equity of the Company. Tyler Smyrski of Yellow Point, and Michael Ranson and Bennet Grill of Blue Wolf will join Mr. Dumont on the Company’s Board of Directors.

Tyler Smyrski, Partner of Yellow Point, said, “We have been very impressed by Marc and his team at The State Group. The Company has developed long-term customer relationships across its blue-chip client base through an exceptional track record of high-quality electrical and mechanical services and an industry-leading safety record. We look forward to our partnership with Blue Wolf and The State Group’s management in supporting the Company’s next phase of growth.”   

Mr. Dumont said, “We welcome this investment from Yellow Point and Blue Wolf. Their capital resources and operational expertise will allow us to take advantage of the significant opportunities we are seeing in the end markets of our customer base. We also believe our companies have a strong cultural fit – Yellow Point and Blue Wolf share our values of dedication to safety, quality and strong relationships with our customers and employees.”

This was Yellow Point’s fourth investment in its fourth fund, which had its final close in late 2015.

About The State Group

The State Group is a leading North American multi-trade industrial and specialty services contractor. Established in 1961, the Company provides comprehensive electrical and mechanical trade services to Fortune 100 companies in the power generation, automotive, oil and gas, communications, metals and transportation industries. The State Group performs over two million man-hours annually of retrofit, maintenance, construction and emergency services and maintains a tooling and equipment inventory to support its skilled workforce. Headquartered in Toronto, Ontario, the Company has offices across the United States and Canada. The State Group is ISO 9001:2015 registered. For more information, please

About Yellow Point

Yellow Point Equity Partners has been actively helping its management partners build better businesses for over 14 years. The firm invests in outstanding management teams of later-stage growth companies based primarily in western Canada and aims to be the long-term partner of choice for Canada’s leading mid-market companies. Yellow Point’s approach is supportive, hands-off with respect to day-to-day operations and active when it comes to strategic decisions and board work.

For more information, please contact us or visit

Brian Begert


Tyler Smyrski