Crest Rock Gets Its Hands Dirty

Crest Rock Partners has made a growth investment in Andrew Site Work, a Florida-based contractor that builds and maintains the underground water, sewer, and drainage systems beneath Southwest Florida’s cities.

Andrew Site Work (ASW) installs, upgrades, and repairs the buried infrastructure that carries drinking water and wastewater for local governments and private clients. Its crews replace aging water mains and sewer lines, rehabilitate water and sewer treatment facilities, and handle drainage and other underground utility work for municipalities, counties, utility districts, and private organizations across the region. The company performs both routine maintenance and emergency repairs when a line fails.

The company also offers design-build and construction-manager-at-risk delivery, in which it takes responsibility for both designing and constructing a project under a single contract, along with engineering services. That combination lets a city hand off a complex replacement from drawing board to finished system without stitching together separate designers and builders.

Founded in 2008 by Ralph Andrew, the Fort Myers, Florida-headquartered company has grown alongside Southwest Florida’s rapid population growth and the steady replacement of its older infrastructure.

“We are thrilled to be partnering with Crest Rock as we continue to grow our business after nearly two decades of operation,” said Mr. Andrew. “As a native of the Fort Myers region, I was first and foremost focused on finding a partner that shared my commitment to this community and the employees who built this business. After a number of discussions with Crest Rock, I found the team to be the perfect fit. Crest Rock’s experience in the infrastructure space, knowledge in scaling businesses, and operational capabilities will be instrumental for Andrew Site Work’s next stage of growth.”

Crest Rock will back ASW’s geographic expansion as well as the development of new utility service lines while also focusing on the company’s relationships with existing government partners and pursuing new business.

Crest Rock invested in ASW due to its operating record and technical service range. “ASW has built a reputation for reliability and excellence across Southwest Florida. The company’s technical capabilities and its commitment to delivering the highest quality work have allowed the business to thrive and earn the trust of its government partners,” said Andrew Carlin, a principal at Crest Rock. “We always look for businesses with strong operations, and the Andrew Site Work team has a great track record of seamlessly executing on projects ranging from emergency fixes to complex replacements. We’re excited to be partnering with them and to help guide the team on the next step of their growth journey.”

The market ASW serves is large and steady. Water and sewer line construction in the United States represents roughly $68.0 billion in revenue in 2026, according to IBISWorld. Demand is driven by the replacement of aging pipe networks, many laid generations ago, and by population growth across the Sun Belt that forces cities to extend and enlarge their systems.

The water and sewer line construction sector is highly local and fragmented, with municipal budgets and regulatory mandates setting the pace, which leaves room for well-run regional contractors to consolidate share and expand into neighboring counties.

Crest Rock is a Denver-based private equity firm founded in 2019 that targets control investments in the lower middle market. The firm invests across industrial services, manufacturing, IT services, tech-enabled business services, software, and technology, pursuing companies with enterprise values between $25 million and $200 million.

Tampa-headquartered Hyde Park Capital was the financial advisor to ASW. The firm’s transaction team included Managing Directors Luke Horanski and Matthew Gladdish.