Key Takeaways
- • Crest Rock Partners, a Denver-based lower middle-market PE firm founded in 2019, has made a growth investment in Andrew Site Work (ASW), a Fort Myers-based underground utility infrastructure contractor serving Southwest Florida's water, sewer, and drainage systems.
- • ASW, founded in 2008 by Ralph Andrew, operates in a $68 billion U.S. market for water and sewer line construction, driven by aging infrastructure replacement and Sun Belt population growth, with significant room for regional consolidation.
- • The investment backs ASW's geographic expansion into neighboring counties, development of new utility service lines, and deepened relationships with government partners while leveraging Crest Rock's infrastructure sector expertise and operational scaling capabilities.
- • ASW offers integrated design-build and construction-manager-at-risk delivery services alongside traditional installation and repair work, enabling municipalities to consolidate project management from design through construction under a single contract.
- • Hyde Park Capital served as financial advisor to ASW, with Managing Directors Luke Horanski and Matthew Gladdish leading the transaction team; deal valuation and financing terms were not disclosed.
Summary
Crest Rock Partners has executed a growth investment in Andrew Site Work, a regional contractor specializing in underground water, sewer, and drainage infrastructure across Southwest Florida. The investment represents Crest Rock's expansion into the municipal utility services sector, a fragmented and locally concentrated market with significant consolidation potential.
Andrew Site Work, headquartered in Fort Myers and founded in 2008 by Ralph Andrew, operates across the full spectrum of underground utility work: installation, upgrades, and repairs of water mains and sewer lines; rehabilitation of treatment facilities; and emergency response to infrastructure failures. The company differentiates through design-build and construction-manager-at-risk service delivery, which allows municipalities to consolidate complex projects under a single contract rather than coordinating separate designers and general contractors. This integrated approach reduces project complexity and client friction, a valuable proposition for budget-constrained local governments managing aging infrastructure.
The market backdrop is compelling for regional operators. The U.S. water and sewer line construction sector generated approximately $68 billion in revenue in 2026, according to IBISWorld, with demand sustained by two structural drivers: replacement of legacy pipe networks installed decades ago, and rapid population growth in the Sun Belt requiring system expansion. The sector remains highly local and fragmented, with municipal budgets and regulatory mandates dictating pace and opportunity. This fragmentation creates an opening for well-capitalized, operationally sound regional contractors to consolidate market share and expand into adjacent counties—precisely the growth vector Crest Rock is funding for ASW.
Crest Rock, founded in 2019 and based in Denver, targets control investments in lower middle-market companies with enterprise values between $25 million and $200 million, with a focus on industrial services, manufacturing, IT services, and technology-enabled business services. Andrew Carlin, a principal at Crest Rock, cited ASW's "reputation for reliability and excellence" and its "technical capabilities and commitment to delivering the highest quality work" as investment rationale. Ralph Andrew emphasized that Crest Rock's "experience in the infrastructure space, knowledge in scaling businesses, and operational capabilities" made the firm the right partner for ASW's next growth phase.
Tampa-based Hyde Park Capital served as financial advisor to ASW on the transaction, with Managing Directors Luke Horanski and Matthew Gladdish leading the advisory team. No deal valuation or financing structure was disclosed in available materials.
Andrew Site Work, headquartered in Fort Myers and founded in 2008 by Ralph Andrew, operates across the full spectrum of underground utility work: installation, upgrades, and repairs of water mains and sewer lines; rehabilitation of treatment facilities; and emergency response to infrastructure failures. The company differentiates through design-build and construction-manager-at-risk service delivery, which allows municipalities to consolidate complex projects under a single contract rather than coordinating separate designers and general contractors. This integrated approach reduces project complexity and client friction, a valuable proposition for budget-constrained local governments managing aging infrastructure.
The market backdrop is compelling for regional operators. The U.S. water and sewer line construction sector generated approximately $68 billion in revenue in 2026, according to IBISWorld, with demand sustained by two structural drivers: replacement of legacy pipe networks installed decades ago, and rapid population growth in the Sun Belt requiring system expansion. The sector remains highly local and fragmented, with municipal budgets and regulatory mandates dictating pace and opportunity. This fragmentation creates an opening for well-capitalized, operationally sound regional contractors to consolidate market share and expand into adjacent counties—precisely the growth vector Crest Rock is funding for ASW.
Crest Rock, founded in 2019 and based in Denver, targets control investments in lower middle-market companies with enterprise values between $25 million and $200 million, with a focus on industrial services, manufacturing, IT services, and technology-enabled business services. Andrew Carlin, a principal at Crest Rock, cited ASW's "reputation for reliability and excellence" and its "technical capabilities and commitment to delivering the highest quality work" as investment rationale. Ralph Andrew emphasized that Crest Rock's "experience in the infrastructure space, knowledge in scaling businesses, and operational capabilities" made the firm the right partner for ASW's next growth phase.
Tampa-based Hyde Park Capital served as financial advisor to ASW on the transaction, with Managing Directors Luke Horanski and Matthew Gladdish leading the advisory team. No deal valuation or financing structure was disclosed in available materials.
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