Martinez Steel, an infrastructure construction services company, completed a refinancing with KeyBank. Proceeds will be used to fund continued growth driven by strong infrastructure demand as well as expansion plans. Additional terms of the transaction were not disclosed. Martinez Steel is a portfolio company of New State Capital Partners.
Founded in 1994 and headquartered in Ontario, CA, Martinez Steel is one of the largest independent rebar subcontractors in the United States. The company provides services to major public and private infrastructure projects on the West Coast, including the California High Speed Rail and Los Angeles Rams Inglewood Stadium.
“We are pleased to embark on a new relationship with KeyBank as we continue our expansion into Northern California and diversify our product offerings,” Ken Witzenman, CEO of Martinez Steel, said. “The new partnership will allow us to continue to develop our core business as well as enter new markets and successfully compete for a variety of public and private infrastructure projects.”
“This financing will help drive the Company’s growth as it builds out its contract fabrication business and adds high-quality services and solutions that benefit smaller contractors,” Shaun Vasavada, vice president at New State, said.