Del Monte Capital Announces Investment in the Cornerstone Companies

A "Picks and Shovels" Investment Approach to Digital Computing Boom and Critical Water Infrastructure

HOUSTON, Jan. 17, 2025 /PRNewswire/ -- Del Monte Capital ("DMC"), a private equity firm specializing in growth-oriented, lower middle-market companies, is pleased to announce its majority recapitalization of the Cornerstone companies: Cornerstone Excavating (formerly WDBS Cornerstone) and Cornerstone On-Site Concrete (formerly Cornerstone OnTime Concrete). Operating primarily in the Dallas-Fort Worth area, the Cornerstone 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 specialty excavation and 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 needs.

As part of the transaction, David Owen, Cornerstone's 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.

"I'm excited about this next phase of growth for Cornerstone and appreciate the partnership with Del Monte Capital," said Owen. "Their investment and support will allow us to build on our success, expand into new markets, and deliver even more value to our customers. I look forward to working closely with the DMC team to execute our vision for the future."

Reflecting on the transaction, David Stocker commented, "Working with Del Monte Capital has been a very positive experience. 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." Mr. 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," said Ross Canion, Managing Partner of Del Monte Capital. "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.

About the Cornerstone companies

The Cornerstone companies provide turnkey solutions for complex infrastructure projects. Together, Cornerstone Excavating and Cornerstone On-Site Concrete are leaders in excavation, underground utility installations, and on-site concrete production services. Committed to quality and precision, they serve a diverse range of clients, including major technology companies, municipalities, and industrial facilities. For more information, please visit https://cornerstonedfw.com 

About Del Monte Capital

Founded in 2023, Del Monte Capital is a Texas-based private equity firm focused on lower middle-market companies. The firm specializes in providing capital and strategic resources to support growth, recapitalizations, management buyouts, and company successions. With a focus on industrial services, building products, specialty construction, and other infrastructure-related industries, Del Monte Capital is committed to partnering with exceptional businesses and their leadership teams. As a capital provider with a track record of supporting founders, in 2024 Del Monte Capital was named by Inc. Magazine as a "Founder Friendly Investor." For more information, please visit https://www.delmontecap.com.

Contact: David Hartland: 713.997.2139, [email protected]  

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SOURCE Del Monte Capital