Class VI Partners (“Class VI”) is pleased to announce the acquisition of two wholly owned subsidiaries of Iron Woman Partners (“Iron Woman”) by Green Heron Partners (“Green Heron”). Class VI served as the exclusive financial advisor to Iron Woman.
QP Services (“QP”) is a leading provider of inspection, repair, and maintenance services for critical water infrastructure for a mix of public and private customers across the Mountain West.
Iron Woman Logistics Services (“Iron Woman Logistics”) is a leader in aggregates management, transportation services, asphalt patching, and material handling for the civil and water infrastructure end markets. Iron Woman Logistics is also a value-added provider of solid waste and recycling services to a blue-chip customer base.
“We are thrilled with the outcome of this transaction for the Iron Woman team,” said Paul Zetterberg, Senior Associate at Class VI. “Shaun and team have built an amazing business and embody the entrepreneurial spirit. By finding a partner for QP and Iron Woman Logistics in Green Heron, the team has achieved several goals by creating liquidity for employee shareholders and providing new growth opportunities and capital for the team to continue to build on the Iron Woman legacy. Additionally, the transaction will allow reinvestment in Iron Woman’s civil/utilities, environmental, and mining retained by Shaun. We are excited to follow the progress of each division.”
Shaun Egan, Founder and CEO of Iron Woman, commented, “We knew this process would be complicated, but I underestimated the complexity and number of moving parts. The entire Class VI Team was outstanding! Their stamina, demeanor, and sheer perseverance pushed this across the finish line.”
He continued, “Our partnership with Green Heron is an excellent opportunity for us to continue focusing on our core products and services while enhancing the capabilities of QP Services and Iron Woman Logistics. With Green Heron’s experience and expertise, we’re confident we can enter new markets and bring on new service lines through organic initiatives and opportunistic acquisitions. This investment not only strengthens our financial profile but also provides us with the means to reinvest in our people, equipment, and future.”
Zack Gibson, Managing Director at Class VI, had this to say: “We have had the pleasure of working with the Iron Woman team and believe this transaction represents a phenomenal outcome for all stakeholders. There were many moving parts to this transaction, and the team navigated through the challenges of a sell-side transaction with transparency and integrity. The transaction and future opportunity achieved to date is a testament to the character and talent of the team.”
Founded in Denver, Colorado in 1999 by Shaun Egan and his late mother Phyllis, Iron Woman has evolved over the years to provide a variety of services for critical infrastructure in the Rocky Mountain region. A diversified general contractor, Iron Woman serves a variety of markets in the water, municipal, federal, residential, energy, mining, and transportation sectors.
Founded in 2023, Green Heron Partners is a Texas-based private equity firm focused on providing capital and partnership to founder- and family-owned businesses. Green Heron’s principals have completed over 25 investments, deploying more than $900 million in capital throughout their careers.
The transaction closed on February 6, 2025. Davis Graham & Stubbs LLP served as legal counsel to Iron Woman. Walker Eisenbraun served as the legal advisor to Green Heron.
For more information about the transaction, please contact Cameron McCaslin at (303) 243-5610 or cmccaslin@classvipartners.com and Paul Zetterberg at (303) 243-5605 or pzetterberg@classvipartners.com
About Class VI Partners
Class VI provides middle-market investment banking services, including mergers and acquisitions advisory, corporate advisory, business valuation, and private capital raising services through its affiliate, Class VI Securities, LLC and Member FINRA. Class VI is also affiliated with and offers wealth management services through Class VI Family Office, LLC, a Registered Investment Adviser with the Securities & Exchange Commission.
Shaun Egan, Founder and CEO of Iron Woman, is a client of Class VI Partners and is not being compensated for sharing their opinion and experience with the firm. Any compensation creates a conflict of interest. Comments by Shaun Egan may not be representative of any other person’s experience with the firm and are no guarantee of future performance or success.
Additional Disclosures
Investment advisory services offered through Class VI Partners’ affiliate Class VI Family Office, LLC, a Registered Investment Adviser with the U.S Securities and Exchange Commission. Class VI Partners offers investment banking and private securities transactions through its affiliate, Class VI Securities, LLC. Class VI Securities, LLC is a registered broker/dealer and member of the Financial Industry Regulatory Authority (FINRA). Class VI Pathfinder, LLC provides general business consulting to privately held businesses. Collectively these entities are referred to herein as “Class VI”.
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