Crest Rock Partners Announces Strategic Growth Investment in Relocity, a Leading Relocation Software and Tech-enabled Services Provider

Denver, CO – April 9, 2024 – Crest Rock Partners (“Crest Rock”), a Denver-based private equity firm investing in lower middle market software, technology, services and manufacturing businesses, today announced a strategic growth investment in Relocity Holdings, Inc. (“Relocity” or the “Company”). The investment will enable Relocity to accelerate product development and continue to expand its innovative solution portfolio of relocation software solutions and tech-enabled destination services globally. Relocity’s founder and executive team invested alongside Crest Rock.

Founded in 2016 and headquartered in Los Angeles, CA, Relocity provides software solutions and tech-enabled destination services to improve and streamline the employee relocation process. Relocity’s app-based platform revolutionizes how transferees manage and streamline their moves, while also providing valuable data and insights to corporate mobility managers and their relocation management company (“RMC”) partners. With the investment from Crest Rock, the Company intends to expand its geographic reach while continuing to evolve its leading-edge platform with additional features, integrations, analytics, and AI-driven capabilities. Relocity’s robust partner network of RMCs and technology partners will continue to work in tandem to improve the corporate relocation experience for transferees globally.

"We are thrilled to partner with Crest Rock Partners as we embark on this exciting phase of growth," said Klaus Siegmann, Founder & CEO at Relocity. "Crest Rock's investment not only validates our vision and strategy but also empowers us to execute on our ambitious goals and solidify our position as a leader in the global mobility industry for mobile employee experiences. As corporate mobility programs continue to evolve in this new working paradigm, we’ve never been more excited to be supporting and enabling our corporate and RMC partners through this industry evolution.

Crest Rock’s investment in Relocity underscores Crest Rock's commitment to partnering with high-potential companies and fueling their expansion and success. “Relocity’s leading mobility platform, combined with its relentless dedication to its customers, has allowed the Company to deliver exceptional software and services to corporate transferees around the world” commented Jeff Carnes, co-founder and Partner at Crest Rock. “In the midst of a transformative phase in the relocation industry, no other company provides the level of professionalism and innovative solutions to its customers and RMC partners that Relocity does. We are excited to partner with Klaus and the broader team at Relocity to support their mission of building the future of global mobility.”

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 growth 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 Relocity

Founded in 2016 and headquartered in Los Angeles, CA, Relocity is reimagining the global mobility experience. We enable enterprises to attract, retain, and engage talent globally through our unique blend of mobility software solutions and high-touch destination services. Our personalized digital transferee experience accommodates all mobile talent and is enabled through our AI-driven native mobile app and workforce mobility platform. Our core values drive us to focus on our customers, innovation, integrity, and excellence. Relocity serves thousands of cities across the United States, Europe, Asia, and Australia. Learn more at www.relocity.com.

Crest Rock Partners Invests in Specialty Pipe & Tube, a Leading Distributor of Large Diameter, Heavy Wall Seamless Pipe and Tubing

Denver, CO – January 9, 2024 – 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 Specialty Pipe & Tube (“SPT” or the “Company”). Founded in 1964 and located in Mineral Ridge, Ohio and Houston, Texas, SPT is a value-added supplier of large diameter, heavy wall mechanical pipe and tubing. SPT serves an essential role in the supply chain with its direct relationships with domestic and international mills, broad inventory of 800+ SKUs, short lead times, and in-house materials expertise.

SPT has a proven track record of delivering the highest quality, cut-to-length pipe and tubing products at industry-leading speeds, helping to alleviate supply chain risks for its customers. SPT’s hot rolled seamless products are key inputs in its customers’ end products, which require highly durable, specialized components for mission critical use cases. The Company’s technical expertise, product portfolio, and service offerings have created a dedicated customer base of manufacturers and distributors that continues to expand over time. SPT supplies niche sizes of tubing and pipe in both 1026 seamless carbon and 4140 seamless alloy.

“We are excited to partner with Crest Rock who shares our values and our vision for growth and innovation,” said Steve Baroff, President of Specialty Pipe & Tube. “As we celebrate our 60th year in business, we’re thrilled to be starting this new chapter with the same independent spirit that was instilled in the Company when it was founded back in 1964.”

“SPT’s history of excellence, range of products, and value-added services provide exceptional value to its customers,” commented Steve Johnson, co-founder and Partner at Crest Rock. “The Company’s premium, domestic and DFARS compliant products, technical expertise, and top-notch customer support have resulted in thousands of long-term customers who have remained loyal to the Company, in many cases for several decades. SPT’s partnership approach has differentiated them in the hot rolled seamless industry as they help their customers navigate a challenging supply chain environment by offering readily available inventory and consistently reliable shipping performance. Crest Rock looks forward to collaborating closely with the talented team at SPT to capitalize on growth opportunities.”

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 Specialty Pipe & Tube

Founded in 1964 with locations in Mineral Ridge, Ohio and Houston, Texas, SPT supplies large diameter, heavy wall mechanical pipe and tubing to distributors and manufacturers. As a fully integrated supply chain partner, SPT simplifies the procurement process for its customers by offering a wide array of readily available products, same day / next day delivery, high-touch customer service, and knowledgeable sales personnel. SPT is consistently aware of each customer’s needs and timing constraints and is known for integrity, reliability, and consistent performance. For more information, visit www.specialtypipe.com.

Lumin8 Transportation Technologies Acquires the Traffic Signal Division of Watson Electrical

Denver, CO – November 7, 2023 – Lumin8 Transportation Technologies (“Lumin8”), a portfolio company of Crest Rock Partners, today announced that it has acquired the Traffic Signal division of Watson Electrical Construction Co. LLC (“Watson Electrical” or “Watson”), a Wilson, North Carolina-based provider of electrical construction and maintenance services in North Carolina and Virginia. The transaction was structured as an asset divestiture from the parent company, Watson Electrical. This acquisition creates a combined Lumin8 organization of over 450 employees dedicated to providing intelligent transportation systems (“ITS”) and traffic-related services to government entities, agencies, and contractors nationwide. The assets and team of the Watson Traffic Signal division have been rebranded to Lumin8.

Lumin8 will support the Watson Traffic Signal team and management to improve operations and broaden their portfolio of solutions. With Lumin8’s existing operations in Western North Carolina, this addition more than doubles Lumin8’s presence in the state and enables full coverage for construction and maintenance activities from the mountains to the coast. Lumin8 looks forward to bringing its full suite of services and technology to current and future customers across North Carolina. “We are thrilled to welcome the Watson Traffic Signal employees to Lumin8 and work with them to enhance Lumin8’s capabilities in the east,” said Chuck Stein, CEO of Lumin8. “Watson has dutifully and effectively served its customers for decades, so the opportunity to work with these customers and partner with Watson’s highly experienced Traffic Signal team make this acquisition particularly exciting for everyone at Lumin8.”

“This acquisition will help us in our pursuit of becoming a leader of transportation and ITS construction and maintenance services across the state of North Carolina,” said Andrew Carlin, Vice President at Crest Rock. “North Carolina is a key growth state in the eastern market, and we look forward to helping the state invest in the next generation of transportation infrastructure.”

The acquisition of Watson’s Traffic Signal division 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 Watson Electrical

Founded in 1935, Watson Electrical is an electrical contractor providing commercial, energy, and multi-family construction and maintenance services. Based in Wilson, North Carolina, Watson serves general contractors, developers, and government entities across North Carolina and Virginia.

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. Lumin8 has over 450 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 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.

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.