Maddix Capital, a Lehi-based growth-stage private equity firm, has acquired a majority stake in AK Masonry, a masonry and concrete contractor specializing in municipal and commercial building projects, also based in Lehi. Hillcrest Bank provided funds for the acquisition.
AK Masonry said the investment is the first funding it has received and will be leveraged to expand its services and geographical reach beyond Utah.
“AK Masonry exists to fix what's broken in a fragmented market of the construction industry,” said Alex Short, CEO and founder of AK Masonry, who will remain at the helm of the company. “We’ve already achieved great success at the local level, but this investment from Maddix together with our ongoing banking relationship with Hillcrest Bank will allow us to increase our impact and output dramatically. Our deep industry relationships and expertise, combined with Maddix’s prowess in M&A, strategic planning and scaling their own businesses as operators, will make us a force to be reckoned with. We aim to help other promising businesses like ours overcome growth plateaus and achieve major milestones through our proven model, and we are thrilled that this new infusion of capital will help us make that goal a reality.”
Founded in 2004, AK Masonry has scaled organically for almost two decades, having grown from a “bootstrapped” small business to one that produces over $30 million in revenue.
“Our team shares a deep commitment to this industry, and our goal is to offer skilled craftsmen an entry point into this trade,” said Short.
“It quickly became clear to us that Alex and his team have built something special here,” said Jesse Silva, Maddix founder and general partner, who will join the AK Masonry board. “Beyond the company’s growing position in the local market over the years, I was drawn to the fact that we both share a track record of building businesses from scratch within the professional services domain. Both of our teams believe this kind of offering is what the construction industry needs, and we are excited to join forces to help AK Masonry realize its potential as the premier name in the space.”