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.
