Leading carbon and alloy bar mill and specialty metal plate mill….
Founded in 1994 and headquartered in Ontario, California, Martinez Steel is one of the largest independent rebar subcontractors in the United States. The company provides its services to major public and private infrastructure projects on the west coast, such as the California High Speed Rail and Los Angeles Rams Inglewood Stadium. Martinez has developed strong, lasting relationships with some of the nation’s most prominent general contractors, leading to increasingly large and more complex projects.
The company has distinguished itself through its exceptional fabrication and placement capabilities along with superior customer service. Martinez employs 160 full-time people and operates in Southern California, Northern California and Nevada.
Case Study Details
- New State gained a competitive advantage by teaming with Isleworth Capital Partners, an operationally focused independent sponsor
- We closed the investment in November 2018, with rollover ownership and management remaining as equity partners post-close
- Historically, Martinez benefited from an MBE certification, winning many of its jobs due to its designation
- An unusually rainy season in California led to project delays in 2019, creating operational and financial challenges
- Internal management was very entrepreneurial
- Structured to preserve minority-owned business designation
- Invested equity capital INTO the business
- Increased backlog by over $100 million
- Added to management, including COO, CFO, Director of Operations and Controller.
- Implemented a pricing desk, HR best practices, and active inventory management
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