MARTINEZ STEEL COMPLETES REFINANCING

Leading Rebar Construction Services Company Increases Funding for Growth and Working Capital

ONTARIO, Calif., July 6, 2022 /PRNewswire/ -- Martinez Steel (or "the Company"), a leading infrastructure construction services company, announced today that it has 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 ("New State").

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 services to major public and private infrastructure projects on the West Coast, including the California High Speed Rail and Los Angeles Rams Inglewood Stadium.

Martinez Steel CEO Ken Witzenman commented, "We are pleased to embark on a new relationship with KeyBank as we continue our expansion into Northern California and diversify our product offerings. 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."

Shaun Vasavada, Vice President at New State, said, "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."

Founded in 1994, Martinez Steel is one of the largest independent rebar subcontractors in the United States. Headquartered in Ontario, California, with additional facilities in Fontana and Fresno, California, the company provides services for major public and private infrastructure projects on the West Coast, including the California High Speed Rail and Los Angeles Rams Inglewood Stadium. With 160 employees and operations in Southern, Central and Northern California, the company prides itself on strong relationships with general contractors, exceptional fabrication and placement capabilities, and superior customer service.

New State Capital Partners is an entrepreneurial-minded private equity firm that strives to be nimble, decisive, and cooperative. New State prides itself on a long-term outlook, approaching each potential investment as an opportunity to create lasting and valuable relationships with company founders and especially independent sponsors. The firm has the ability to invest up to $100 million in equity per transaction and seeks to invest in market-leading companies with $8 million to $40 million of EBITDA in the areas of business services, industrials, and consumer. New State and its affiliates have invested in more than 30 companies to date. For more information visit www.newstatecp.com.

Media contact:

LambertJennifer Hurson, [email protected], 845-507-0571orJoanne Lessner, [email protected], 212-222-7436

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SOURCE Martinez Steel; New State Capital Partners