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Capstone Headwaters Advises Rogers Mechanical on its investment by Craft Work Capital (backed by Aterian Investment Partners)

September 2020

Chicago, IL - Capstone Headwaters, a leading middle market investment banking firm, advised Rogers Mechanical Contractors (“Rogers”), provider of mechanical, HVAC and plumbing contracting services, on its investment by Craft Work Capital (“Craft Work”) which is backed by Aterian Investment Partners (“Aterian”).  Terms of the deal were not disclosed.   

Founded in 1962 and based in Villa Rica, Georgia, Rogers is a leading national provider of mechanical, HVAC and plumbing contracting services to industrial, commercial and institutional clients, specializing in mission-critical, time-sensitive and complex projects.  Led by a highly experienced team, Rogers differentiates itself through its premium retrofit and new construction contracting services, skilled and flexible labor model, in-house design, engineering and drafting expertise, and rich history of working directly with established general contractors.  Rogers has unparalleled experience in the highly dynamic buildout of e-commerce infrastructure with industry leading customers.  A third-generation family-owned business, Rogers has strategically evolved into the only mechanical contractor of scale focusing on the distribution center market.

Dustin Rogers, CEO of Rogers, said “Every member of the Rogers team works hard each day to maintain our reputation for outstanding job performance and to deliver unmatched value to our customers. With the support and investment from Craft Work, it is our goal to become even more relevant to our customers by reaching new heights of performance.” He also added “Capstone was diligent and unmatched every step of the way. As a third-generation family business, certain things were not negotiable in bringing on an investor.  First and foremost, they had to respect the culture we have worked hard to cultivate over many years. Through Capstone’s hard work and diligent leadership, they were able to find the perfect fit for us and help us consummate a deal during trying Covid-19 times."

Ted Polk, a Managing Director at Capstone said “Rogers is a critical partner of the leading GCs that support some of the fastest growing portions of our economy.  The business has fired on all cylinders in 2020 and its outlook remains favorable. It has been fun to witness and was a pleasure to support such a well-run, family-oriented organization.”

Craft Work backed by Aterian Investment Partners is a private equity firm with a mission to make strategic invests exclusively in mechanical and electrical contractors.  Partner Dave Orinski notes, “we are excited to begin working with Dustin and his whole team to continue to build upon Rogers’s already impressive track record of success.” 

Michael Fieldstone, Co-Founder & Partner at Aterian, commented, “We are excited to partner with Dustin and the Rogers team. Rogers has built an unmatched reputation for excellence in serving the distribution center market.  We look forward to supporting the Company as they look to build on their strong relationships with industry-leading e-commerce and logistics customers.  We are also enthusiastic to make our first investment through our JV partner Craft Work, which has significant specialty contractor experience.”

About Craft Work Capital Partners, LLC

Craft Work Capital Partners, LLC is a joint venture between Craft Work Capital, LLC and Aterian Investment Partners, established to make strategic investments in mechanical and electrical contractors.

About Aterian Investment Partners

Aterian Investment Partners is an operationally-focused middle market private investment firm with over $700 million in capital under management, providing resources to further enhance operations, growth and investment initiatives. The firm invests in businesses generating $25 million to $500 million of annual revenue with strong, proven franchises. Aterian, in partnership with management, seeks to focus on the critical growth, operational and liquidity initiatives of a business in an effort to drive value creation for all stakeholders.

Industry Experience

Industrials
HVACR

Lead Professionals

Theodore Polk

Managing Director

Lisa Tolliver

Senior Director
“Capstone was diligent and unmatched every step of the way. As a third-generation family business, certain things were not negotiable in bringing on an investor.  First and foremost, they had to respect the culture we have worked hard to cultivate over many years. Through Capstone’s hard work and diligent leadership, they were able to find the perfect fit for us and help us consummate a deal during trying Covid-19 times."
Dustin Rogers
CEO
Rogers Mechanical Contractors