Del Monte Capital, a Houston-based private equity firm specializing in growth-oriented, lower middle-market companies, has announced a majority recapitalization of the Cornerstone companies: Cornerstone Excavating (formerly WDBS Cornerstone) and Cornerstone On-Site Concrete (formerly Cornerstone OnTime Concrete), with Saginaw, Texas headquarters. Operating primarily in the Dallas-Fort Worth area, the companies are well-positioned to expand their geographic reach and capitalize on significant growth opportunities in the infrastructure sector.
Founded in 2002 by David Stocker, Cornerstone Excavating has become a trusted provider of turnkey infrastructure solutions, specializing in underground utility installations for mission-critical projects such as data centers and water treatment plants. Established in 2016, Cornerstone On-Site Concrete delivers a range of specialty and custom concrete solutions through its fleet of volumetric mixer trucks, enabling precise, cost-effective on-site concrete production for complex infrastructure.
As part of the transaction, David Owen, president and a key driver of the Cornerstone companies’ growth in recent years, gained significant ownership and will continue to lead the business and oversee all operations. “Del Monte Capital’s investment and support will allow us to build on our success, expand into new markets, and deliver even more value to our customers,” he says. “I look forward to working closely with the DMC team to execute our vision for the future.”
“Working with Del Monte Capital has been a very positive experience,” adds Stocker. “Their professionalism, expertise, and shared vision made it possible. Most of all, I know I’ve chosen the right team to build on my company’s legacy.” Stocker will retain an ownership stake in the company as well as continue to support the business in a consulting role.
“Cornerstone is a remarkable company with an outstanding reputation for quality and service,” observes Del Monte Capital Managing Partner Ross Canion. “As the modern era of digital computing and use of AI accelerates, we believe this company represents a unique and tangible ‘picks and shovels’ investment approach. We are equally as excited about the role Cornerstone plays in building and expanding water and wastewater plants as well as other critical infrastructure in the fast-growing Texas market.”
Troutman Pepper Locke served as legal counsel to Del Monte Capital on the transaction. Woodforest National Bank provided financing. Blank Rome served as seller counsel.
CalPortland Co. has grown its southern California concrete and sand & gravel production footprint, acquiring the assets of Grimes Rock Inc. in Fillmore and affiliates, State Ready Mix Inc. and State Ready Mix Recycling, in Oxnard. “This addition aligns with our commitment to strategic growth in the aggregate and concrete markets and to provide sustainable, Quality Unsurpassed building materials to our customers,” says CalPortland CEO Allen Hamblen.
Wells, Minnesota-based leader in precast, prestressed architectural or structural elements and building systems, has appointed Rick DeBlois as Sustainability manager. He will serve as a liaison to regional operations to enhance best practices and foster awareness of best environmental operating and design practices. DeBlois arrives with three-plus decades of industry experience, including leadership roles in precast concrete, dimension stone and chemical businesses. Along with sustainability matters, he specialized in quality, materials management and product/process development. DeBlois holds a master’s degree in chemistry and NPCA PSQ I certification, plus past PCI I and II certification.
“I look forward to driving a path toward a more sustainable future for Wells. My goal is to foster cross-departmental engagement and create a shared understanding of sustainability that aligns with our strategic goals,” he affirms.
“Rick’s understanding of the manufacturing process to support our Environmental Product Declarations has been invaluable,” adds Wells Senior Vice President & Chief Strategy Officer Kimberly Wacker. “He brings a wealth of experience and passion for sustainability to this role. His ability to distill complex concepts into actionable strategies and his dedication to teaching and mentoring aligns perfectly with our vision.”
Separately, Wells has named Keith Jensen as Midwest region sales representative. With over 20 years of experience in the precast industry, he has held key project management and product innovation roles. He previously worked for a small family-owned precast business, overseeing various projects from functional structures to high-profile builds, including the Kansas City Airport terminal.
“Joining Wells is an exciting opportunity to continue being part of Kansas City’s dynamic building landscape with a team that values innovation and quality as much as I do,” says Jensen. “Wells’ capabilities allow us to explore the aesthetic and structural building needs of each project. I look forward to working with building partners to show them the full potential of prefabrication.”
“Keith brings technical depth and hands-on experience that is invaluable to our team,” adds Wells Vice President of Sales, Midwest Mike Mortensen. “His familiarity with the local building industry needs, combined with his passion for client-centered service, make him a strong fit for this role of expanding Wells’ brand presence within the Kansas City market.”
Delta Companies Inc., a Cape Girardeau, Mo. subsidiary of Reeves Construction Co. and part of Colas USA, has completed a rebranding effort in response to accelerating growth and streamlining the operations of its multiple sub-brands. Delta is a leading, vertically integrated transportation construction company in the Missouri-Arkansas region, with aggregate plants and local construction offices. Over the past year, the flagship business and regional divisions have renewed a united corporate vision and created a new brand identity under the Delta banner.
“The Delta team is very excited about everything we have accomplished and the trajectory of the company,” says Vice President Brad Marotti. “The dedication of our employees, the trusted relationships we’ve built over 100 years, and the global strength of Colas, all combine to make Delta a force in the construction industry across southeast Missouri and northeast Arkansas. We believe this rebrand will better convey the future vision of Delta and set us up for success in 2025 and beyond.”
Virginia-based stone, sand & gravel producer Luck Companies plans to develop quarry sites in South Carolina’s Chester, Edgefield, Saluda and Spartanburg Counties and expand its existing aggregate operations in Fairfield and Kershaw Counties. Investment of $450 million over the next two decades will create 70 new jobs, according to the office of South Carolina Governor Henry McMaster.
FORMWORK LEADER PERI EMBRACES DIGITALIZATION
Vemaventuri GmbH, a wholly owned subsidiary of Peri SE, and core sensing GmbH have entered into a strategic partnership to revolutionize the construction industry with innovative solutions. Together, the companies want to drive digitalization on the construction site and set new standards in terms of efficiency and safety.
Vemaventuri specializes in comprehensive solutions for monitoring and optimizing concreting processes and increasing the efficiency of construction site workflows. By integrating state-of-the-art sensor technology, the company enables precise data acquisition and evaluation. This ensures greater safety and control on the construction site and makes a significant contribution to increasing efficiency.
core sensing GmbH is a leader in the transformation of mechanical components into intelligent, wireless sensor systems. With its intelligent and integrated sensor solutions, it is setting new standards in Industry 4.0. In close partnership with customers from the construction, mining and production machinery sectors, among others, core sensing offers full-stack solutions and supports them from brainstorming and conception through to industrial series production and beyond. Its solutions make it possible to use real-time data from machines and systems to increase efficiency in terms of condition monitoring, reduce maintenance costs and develop new digital business models.
As part of the strategic partnership, Vemaventuri and core sensing will pool their expertise and jointly develop new products for the digitalization of the construction site. By combining the strengths of both companies, innovative solutions will be created that will change the construction industry in the long term. The partnership offers customers numerous benefits, management notes:
- Greater efficiency. Construction projects can be completed faster and more cost-effectively thanks to optimized processes and precise data collection.
- Increased safety. The real-time data enables early detection of problems and hazards, thus increasing safety on the construction site.
“We are very pleased about the partnership with core sensing,” says Vemaventuri Managing Director Michel Seeger. “Together, we can significantly advance digitalization on construction sites and offer our customers innovative solutions for greater efficiency and safety.”
“The collaboration with Vemaventuri gives us the opportunity to use our sensor technologies in a new field of application,” adds core sensing Director of Customer Solutions Christoph Miks. “Together, we have already reached important milestones and I am convinced that we will develop forward-looking and sustainable solutions that will set new standards in the industry and decisively advance digitalization on construction sites.”
Vemaventuri and core sensing will be presenting their jointly developed solution at bauma 2025 in Munich, from April 7-13. Both companies will be exhibiting at the world’s leading trade fair for construction machinery, building material machines, mining machines, construction vehicles and construction equipment.