About Us
Family capital for family businesses
Hillcrest Holdings is a family-owned investment company based in Cedar Rapids, IA. We are a 3rd generation family enterprise, founded in 1955.
Our purpose is to buy and hold direct equity investments in high quality, privately held, middle market businesses across the United States.
The businesses in which we are invested operate independently in the transportation, insurance, IT services, and real estate industries, with consolidated annual revenues in excess of $1.6 billion.
The origin of our financial strength is our core legacy business, CRST International, one of the nation’s largest privately owned transportation companies.
Our mission is to support the continued growth and success of family businesses, while diversifying into new industries through direct equity investments.
In it for the long haul
Our investment decisions are based on our long-term perspective and guided by our family business values of stewardship, hard work, empowering our people, and giving back to the community.
In over 60 years we have never divested a business, and have no intention of changing. We continue to look for quality investments to nurture and hold over a multi-generational time horizon.
We care about the long-term legacy and success of the businesses, brands, management, employees, and the communities in which we are invested.
We are investors, not operators, and our approach is supportive rather than intrusive. We seek to establish strong and lasting governance structures that empower and support management teams to succeed.
Flexible Approach
We are equity investors who invest our own capital. Our decisions are not subject to external influences or arbitrary time constraints, and we are flexible in how we can structure deals.
We recognize that one size does not fit all, and we maintain the autonomy and flexibility to structure bespoke deals for different situations, including: outright sales, phased transfers, generational transfers, retirements, liquidity events, and management buy-outs.
Our preference is that the seller retains a stake in the company or that the management team co-invests alongside us.
Investment Criteria
We are currently looking for opportunities to invest in privately held businesses in the United States which meet the following criteria:
Enterprise value between $25m and $150m.
Core business outside of the transportation and logistics industry.
Strong management team in place and a history of consistent profits.
Potential for growth over a multi-generational time frame.
We have a general preference for family-owned businesses with values and a culture compatible with our own.
Our Portfolio
CRST The Transportation Solution
One of the top 25 largest transportation companies in the United States. Providing integrated solutions including Expedited, Dedicated, Flatbed, Brokerage, Specialized Transportation, and Final Mile Home Solutions.
Cedar Real Estate Group
Our commercial real estate group. Holdings include the CRST Center, a multi-tenant class A office tower in downtown Cedar Rapids.
Converged Security Solutions
Offers managed security solutions spanning cyber and physical security to address the growing complexities in protecting critical infrastructure for federal, state and local, and commercial clients.
SouthGate Companies
An Iowa City-based real estate investment and development company, SouthGate manages both residential and commercial real estate properties. SouthGate was established in 1962 and has been family-owned since inception.
Navigate Homes
Navigate Homes is an award-winning builder with homes and lots in the most desirable neighborhoods in Iowa City, Coralville and Cedar Rapids.
People
John Smith
John is the Executive Chairman of Hillcrest Holdings. He began his career in the family business in 1971. Over the years, John held various roles in the organization, including his appointment as President and Chief Executive Officer of CRST International in 1987 and most recently, Chairman of the Board in 2010.
John has been actively involved in the transportation industry, including appointments with the American Trucking Association, Inc., Truckload Carriers Association, and the Iowa Motor Truck Association. An active member of his community, he has also served on numerous non-profit boards.
Ian Smith, CFA
Ian is Managing Director and has worked at Hillcrest Holdings since 2017. He has also served on the board of directors of Hillcrest since 2012. Prior to this Ian was responsible for M&A activities at CRST International.
Ian is Chairman of the Board at SouthGate Companies. He is a board member of CRST International and Converged Security Solutions. He also serves on the board of yWhales, a Web3 start-up.
Jonathan Howgate
Jonathan is Managing Director and has been with Hillcrest Holdings since 2017. He is responsible for leading new business development efforts to diversify and grow our company portfolio.
Prior to joining Jonathan spent 13 years working in business development for several global professional services firms based in London, Paris and New York. Most recently he was a business development director for Accenture in the UK.
AMY LYNCH, CPA
Amy is Hillcrest’s Chief of Staff and has been serving the company, the shareholders, and their family office since 2015. Amy acts as a liaison between the shareholders and Hillcrest’s operating businesses.
Prior to her appointment at Hillcrest, Amy spent 15 years in client service at Deloitte Tax LLP, most recently in the role of senior tax manager.
She graduated from Marquette University with a bachelor’s degree in accounting and is a licensed CPA. She currently serves on the Board of Directors of Cedar Rapids Bank & Trust and is a past board chair of the Greater Cedar Rapids Community Foundation.
Megan Moran, CPA
Megan is Tax Director at Hillcrest Holdings and has been with the company since 2019. Prior to this, Megan was senior tax manager at Deloitte Tax LLP, where she served many small and large corporations, including Hillcrest Holdings.
Megan received her Master’s of Accountancy from the University of Iowa. She earned her Bachelor of Science in Accounting and Finance from Boston College Carroll School of Management where she graduated cum laude. She is a certified public accountant.
Megan currently serves on the Board of Trustees of the Cedar Rapids Museum of Art, and she has held past roles on the boards of the Junior League of Cedar Rapids and the Linn-Mar Foundation.
Chris Ditscheit, CPA
Chris is Finance Director at Hillcrest Holdings and the Controller of the Smith family office. He has been working at Hillcrest since 2017.
Prior to this, Chris was a Manager at Deloitte Tax LLP with a focus on middle-market clients and public company tax provisions.
Chris graduated from the University of Northern Iowa with Bachelor of Science degrees in Accounting and Political Science, and he is a licensed CPA. Chris is active in his community; he serves as a member of the Rio Area Community Club, as a member of the Rio School District Scholarship Committee, and in various volunteer activities at his church.
Steph Hurrle, CA
Steph is Finance Manager at Hillcrest Holdings and has been with the company since 2022. Prior to this, Steph was a Senior Consultant at Deloitte Tax LLP with a focus on Private Wealth clients.
Steph graduated from the University of Otago (in New Zealand) with a Bachelor of Laws degree and a Bachelor of Commerce degree, majoring in Accounting. Steph is a chartered accountant.
CHRISTINE SMITH
Christine has served on the board of directors of Hillcrest Holdings since 2012. She began her career completing a year of service with AmeriCorps, then transitioned to the largest voluntary membership organization of state legislators in the country as Director of the Tax and Fiscal Policy Task Force. Christine now works for Republic Services, a Fortune 300 environmental services company, in their General Manager Accelerated Training program.
Christine received a Bachelor of Arts in history and business from Northwestern University, and a Master of Business Administration from the Michigan Ross School of Business.
DYAN SMITH
Dyan has served on the board of directors of Hillcrest Holdings since 2012. She began her career as a teacher conducting educational research. Dyan is currently active on several nonprofit boards, including Mount Mercy University and the Czech and Slovak Museum, and she was a founding member of Opera Cedar Rapids.
Dyan graduated from the University of Iowa with a Bachelor of Arts in Education and a Master of Arts in Educational Psychology and Statistics.
CORTNEY HOWGATE
Cortney has served on the board of directors of Hillcrest Holdings since 2012. Prior to this Cortney held several positions organizing events for charitable organizations and businesses around the world.
Cortney received her Bachelor of Arts in French from Iowa State University, and later received the Grand Diplome from the Cordon Bleu in London.
Cortney has served on the board of directors of Four Oaks and the associates board of Tanager Place, both located in Cedar Rapids, Iowa
Our History
The history of our family enterprise begins in 1955, when Herald & Miriam Smith started Cedar Rapids Steel Transport out of a $125 refurbished chicken coop.
Now in its third generation of family ownership, CRST has evolved from a trucking firm to one of the nation’s leading providers of transportation solutions.
Hillcrest Holdings was formed in 2012 to diversify and grow the enterprise in new directions, through equity investments outside of the transportation industry.
