LEHI, Utah--(BUSINESS WIRE)--AK Masonry, a leading local masonry and concrete contractor specializing in municipal and commercial building projects, has announced its recent acquisition by Maddix Capital (“Maddix”), a Utah-based growth-stage private equity firm. Maddix worked with Hillcrest Bank, a division of NBH Bank, to secure partial financing to complete the acquisition. The multi-million-dollar investment secures a 51% stake in the company and marks the first funding AK Masonry has taken to date. The company plans to leverage the new capital to rapidly 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 now, having grown from a bootstrapped small business to one that produces over $30 million in revenue. This acquisition harnesses the power of the companies’ combined resources, teams, and expertise – presenting a timely opportunity for AK Masonry to begin acquiring and rolling up other similar businesses that show growth potential. With this ongoing expansion, the company solidifies its position as an industry pacesetter that delivers a best-in-class experience within the construction landscape.
“Our team shares a deep commitment to this industry, and our goal is to offer skilled craftsmen an entry point into this trade,” continued Short. “We also want our business and story to serve as important reminders that not all paths to a successful career or a six-figure income require a college diploma. There is real power and massive earning potential in the essential (and often-overlooked) service trades like ours, and we want to open that door for more promising professionals and artisans to enter.”
The synergy between AK Masonry, Maddix, and Hillcrest Bank was a natural fit from the start, given the success Maddix’s founder and General Partner, Jesse Silva, had scaling his own service-based business and executing several highly profitable acquisitions within that space during his tenure. This shared experience is what drew AK Masonry to Maddix’s table, but it was the unique vision and relatability of Silva and his team that sealed the deal. That, and Maddix’s core thesis: the belief that the entrepreneur can and should be at the forefront of a fund’s focus in each portfolio company it takes on.
“It quickly became clear to us that Alex and his team have built something special here,” said Silva, 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.”
The pressing need to accommodate the evolving demographics in the Intermountain West region of Utah specifically (projected to grow by 65%+ in population over the next 30 years), places local municipalities and businesses under significant pressure. To meet this rising demand, the construction sector must evolve and modernize its approach. Bolstered by its deep-rooted relationships with regional contractors, its trusted team, and its comprehensive service portfolio, AK Masonry is poised to capture a significant portion of the market and help support Utah’s booming growth.
“At Hillcrest Bank, we believe in supporting the entrepreneurial spirit, and that's why we were excited to be able to assist Maddix in this transaction,” said Adam Lewis, Commercial Relationship Manager of Hillcrest Bank. “We feel this opportunity brings together our support of AK Masonry’s traditional banking needs together with our expertise in partnering with firms looking to support local entrepreneurs.”
ABOUT MADDIX CAPITAL
Maddix Capital (“Maddix”) is reimagining private equity by expanding access for investors while uplifting the entrepreneurs, teams, and culture of the businesses in its growing portfolio. Launched out of the Silicon Slopes tech hub of Lehi, Utah in January 2022, Maddix closed its first deal nine months later with multiple prospective portfolio companies under contract – a significant growth indicator that firms do not often see in their first year. With a core thesis that is operator-driven and entrepreneur-friendly, Maddix aims to deeply democratize access to the historically exclusive world of private equity and set a new standard for the industry with a transparent, hands-on approach that brings opportunities to all sides of the investment. For more information, visit www.maddixcapital.com.
ABOUT HILLCREST BANK
Hillcrest Bank is a division of NBH Bank. NBH Bank operates a network of banking centers, serving individual consumers, small, medium and large businesses, and government and nonprofit entities. NBH Bank operates under Hillcrest Bank and Hillcrest Bank Mortgage in Utah, Texas, New Mexico, and Idaho. National Bank Holdings Corporation is a bank holding company created to build a leading community bank franchise delivering high-quality client service and committed to shareholder results. For more information, visit: hillcrestbank.com or nbhbank.com.
ABOUT AK MASONRY
AK Masonry is a leading masonry and concrete contracting company made up of 250+ industry professionals and artisans who specialize in municipal and commercial building projects. With a proven track record of excellence, on-time delivery, and on-budget contracting, AK Masonry has earned a trusted reputation for delivering superior craftsmanship backed by deep industry expertise and cutting-edge processes. For more information, visit www.akmasonryllc.com.
