Crest Rock Partners Invests in Specialty Alloy Distributor Midalloy

Denver, CO – September 20, 2023 – Crest Rock Partners (“Crest Rock”), a Denver-based private equity firm investing in lower middle market software, technology, services and manufacturing businesses, today proudly announced an investment in Midwest Alloys & Technology Inc. and Midalloy Specialty Materials, LLC (together “Midalloy” or the “Company”). Founded in 1985 and headquartered in St. Louis, Missouri, Midalloy is a value-added supplier of specialty alloy welding consumables and bar and wire rod products that are used in mission-critical applications in demanding end markets, including aerospace, defense, and petrochemical. Midalloy’s founders invested alongside Crest Rock.

Midalloy is comprised of two standalone entities: Midalloy Performance Welding Products (“MID”), founded in 1985, and Midalloy Specialty Materials (“MSM”), founded in 2006. MID offers Midalloy branded specialty alloy joining and overlay products primarily to gas and welding supply distributors across the United States. MSM supplies bar and wire rod products to manufacturers of critical components, including fasteners, fittings, flanges, valves, and pumps. MSM helps alleviate customers’ supply chain risk and offers continuous on-site supply of its specialty alloy products through its customized inventory management programs. The Company’s technical expertise and superior customer support have created a dedicated customer base of manufacturers and distributors that continues to expand over time.

“We are thrilled to partner with Crest Rock on the next phase of our Company’s journey,” said Dennis Nelson, co-founder and President of Midalloy. “Brad Brunk, Cliff Bailye, and I were looking for a partner who brought extensive operating expertise and knowledge, in addition to capital, to support our strategic plan and provide fresh ideas to lead Midalloy to new heights. Crest Rock is exactly the partner we envisioned.”

“Midalloy’s breadth of products and employee expertise provide exceptional value to its customers,” commented Steve Johnson, co-founder and Partner at Crest Rock. “The Company’s metallurgic and welding engineering knowledge, long-standing relationships with steel mills, and partnership approach have created many satisfied customers who have remained loyal to the Company, in many cases for decades. The specialty alloys environment is becoming increasingly challenging to navigate with supply chain issues, geopolitical tensions, and pricing fluctuations. Midalloy is well positioned to address its customers’ needs with its differentiated expertise and specialized offerings. We are excited to partner with Midalloy as they continue to serve as a value-added supplier to distributors and manufacturers and help them address their specialty alloy needs.”

About Crest Rock Partners

Crest Rock Partners is a Denver-based private equity firm focused on the lower middle market. Founded in 2019, the firm seeks investment opportunities where it can leverage its principals’ extensive operating and investing experience to help companies execute their strategic initiatives. Through the team’s completion of over 60 acquisitions, divestitures, mergers, and integrations, Crest Rock has developed a differentiated investment process and partnership approach, working with management, founders, and other shareholders to establish alignment and achieve mutual objectives. Crest Rock targets control investments across multiple industry verticals, including software, technology, IT services, tech-enabled business services, manufacturing, and industrial services with enterprise values ranging from $15 million to $150 million. For more information about Crest Rock, please visit www.crestrockpartners.com.

About Midalloy

Founded in 1985 with locations in Saint Louis, Missouri and Houston, Texas, Midalloy provides high quality, specialty alloy welding products, bar, and wire rod to welding supply distributors and manufacturers. Midalloy Performance Welding Products supplies a nationwide network of welding distributors while Midalloy Specialty Materials provides the highest quality nickel alloy and specialty stainless products to manufacturers across the nation. The Company is ISO 9001:2015 certified and is a member of several industry groups, including the American Welding Society, the Gases and Welding Distributors Association, and the Pipe Fabrication Institute.  For more information, visit www.midalloy.com and www.midalloy-sm.com.

Lumin8 Transportation Technologies Expands into Texas with the Acquisition of Bean Electrical

Denver, CO – May 11, 2023 – Lumin8 Transportation Technologies (“Lumin8”), a portfolio company of Crest Rock Partners, today announced that it has acquired Bean Electrical (“Bean”), a Fort Worth, Texas-based provider of traffic signal and streetlight construction services for municipalities and general contractors in the Dallas-Fort Worth (“DFW”) Metroplex. The acquisition creates a combined organization of over 400 employees dedicated to providing intelligent transportation systems (“ITS”) and traffic-related services to government entities, agencies, and contractors nationwide.

“As states and municipalities begin to invest in smart city initiatives and the connected highway, Lumin8’s unmatched ability to design, build, monitor, and maintain traffic infrastructure assets is of ever increasing value,” said Andrew Carlin, Vice President at Crest Rock. “The acquisition of Bean adds a high achieving team to the Lumin8 family in one of the fastest growing states in the United States.”

“Joining the Lumin8 family marks a new chapter for Bean after nearly four decades of serving the DFW community. We look forward to continuing to serve our employees, customers, and partners for years to come,” said Chip Bean, President of Bean Electrical. “Combining our extensive history of high-quality craftsmanship with the support and additional service offerings of Lumin8 will allow us to deliver more value to customers in the DFW Metroplex.”

Lumin8 intends to leverage Bean’s strong operations to support existing construction and maintenance projects in addition to offering ITS infrastructure installation and maintenance work. “We are excited by the opportunity to partner with Chip and the entire Bean team as we look to bring all of Lumin8’s capabilities into Texas,” said Chuck Stein, CEO of Lumin8. “For decades, Bean has provided first-rate electrical services for its customers, and the opportunity to partner with a highly respected organization in a key market is thrilling to everyone here at Lumin8.” With the acquisition of Bean, Lumin8 adds an experienced team in Texas, an important state for expansion in the southern United States.

The acquisition of Bean is part of a broader buy-and-build strategy that Lumin8 first embarked upon in partnership with Crest Rock. Together with Crest Rock, Lumin8 continues to execute on its strategic vision and broaden its service offerings for departments of transportation, municipalities, and contractors around the United States.

About Bean Electrical

Founded by Roy Bean in 1985, Bean Electrical is an electrical contractor providing traffic signal and streetlight construction and maintenance services. Based in Fort Worth, Texas, Bean serves municipalities and general contractors across the Dallas-Fort Worth Metroplex. The current President is Roy (“Chip”) Bean II.

About Lumin8 Transportation Technologies

Lumin8 Transportation Technologies is a provider of services and technology relating to traffic and intelligent transportation systems. Lumin8 is headquartered in Arvada, Colorado with offices across the United States. With the acquisition of Bean, Lumin8 has over 400 employees and serves customers throughout the mountain west, the southwest and the eastern United States, including large government entities, agencies, and national contractors. For more information, please visit www.lumin8.com.

About Crest Rock Partners

Crest Rock Partners is a Denver-based private equity firm focused on the lower middle market. Founded in 2019, the firm seeks investment opportunities where it can leverage its principals’ extensive operating and investing experience to help companies execute their strategic initiatives. Through the team’s completion of over 55 acquisitions, divestitures, mergers, and integrations, Crest Rock has developed a differentiated investment process and partnership approach, working with management, founders, and other shareholders to establish alignment and achieve mutual objectives. Crest Rock targets control investments across multiple industry verticals, including software, technology, IT services, tech-enabled business services, and manufacturing with enterprise values ranging from $15 million to $150 million. For more information about Crest Rock, please visit www.crestrockpartners.com.

Lumin8 Transportation Technologies Expands Fiber Optic Capabilities

Denver, CO – February 16, 2023 – Lumin8 Transportation Technologies (“Lumin8”), a portfolio company of Crest Rock Partners, today announced that it has acquired Lightspeed Integrated Communications (“Lightspeed”), a Castle Rock, Colorado-based provider of fiber optic infrastructure and services related to interstate and traffic signal networks. The acquisition of Lightspeed expands service offerings for Lumin8 customers across the US.

Lightspeed has built a sterling reputation throughout the Rocky Mountains for being a dependable partner to dozens of departments of transportation and municipalities. “We are thrilled to join the Lumin8 family.  Lumin8 cares deeply about its employees, customers, and partners, and joining forces was the right next step when we thought about what was best for each one of our constituents,” said Jimmy Vincze, CEO of Lightspeed. “The combination with Lumin8 will allow our expertise and brand to reach across the US and provide meaningful new growth avenues.”

Lumin8 plans to leverage Lightspeed’s expertise to expand its intelligent transportation systems (“ITS”) infrastructure installation and maintenance work to further service clients and provide a one-stop shop for all ITS required activities. “Through the acquisition of Lightspeed, we are excited to bring fiber optic installation, splicing, testing, and maintenance capabilities to the growing suite of ITS services we provide to our customers in the Rocky Mountains and across the US,” said Chuck Stein, CEO of Lumin8. The acquisition of Lightspeed also allows Lumin8 to participate in broadband projects set to commence in many states across the US as part of new infrastructure bills.

The acquisition of Lightspeed is part of a broader rollup strategy that Lumin8 first embarked upon in partnership with Crest Rock. Together with Crest Rock, Lumin8 continues to execute on its strategic vision and broaden its service offerings for departments of transportation around the US.

About Lightspeed Integrated Communications

Founded by Slavica Vincze in 2001, Lightspeed Integrated Communications LLC is a fiber optic infrastructure service provider specializing in fiber installation for interstate and traffic signals networks. Based in Castle Rock, Colorado, Lightspeed serves departments of transportation and municipalities across the Rocky Mountains.

About Lumin8 Transportation Technologies

Lumin8 Transportation Technologies is a provider of services and technology relating to traffic and intelligent transportation systems. Headquartered in Arvada, Colorado, with offices across the United States, Lumin8 has over 300 employees and serves customers throughout the mountain west and the eastern United States, including large government entities & agencies and national contractors. For more information, please visit www.lumin8.com.  

About Crest Rock Partners

Crest Rock Partners is a Denver-based private equity firm focused on the lower middle market. Founded in 2019, the firm seeks investment opportunities where it can leverage its principals’ extensive operating and investing experience to help companies execute their strategic initiatives. Through the team’s completion of over 55 acquisitions, divestitures, mergers, and integrations, Crest Rock has developed a differentiated investment process and partnership approach, working with management, founders, and other shareholders to establish alignment and achieve mutual objectives. Crest Rock targets control investments across multiple industry verticals, including software, technology, IT services, tech-enabled business services, and manufacturing with enterprise values ranging from $15 million to $150 million. For more information about Crest Rock, please visit www.crestrockpartners.com.