AK Masonry, a Lehi, UT-based local masonry and concrete contractor specializing in municipal and commercial building projects, received a multi-million-dollar investment from Maddix Capital, a Utah-based growth-stage private equity firm.
The amount of the deal was not disclosed. Maddix worked with Hillcrest Bank, a division of NBH Bank, to secure partial financing to complete the acquisition. The investment secures a 51% stake in the company. Maddix’s founder and General Partner, Jesse Silva, will join the AK Masonry board.
The company plans to leverage the new capital to rapidly expand its services and geographical reach beyond Utah. This acquisition presents an opportunity for AK Masonry to begin acquiring and rolling up other similar businesses that show growth potential.
Led by Alex Short, CEO and founder, AK Masonry is a masonry and concrete contracting company made up of 250+ industry professionals and artisans who specialize in municipal and commercial building projects. Founded in 2004, the company has scaled organically for almost two decades now, having grown from a bootstrapped small business to one that produces over $30 million in revenue.
FinSMEs
17/08/2023