MILWAUKEE — RJ Underground, Inc., a Midwest-based full-service provider of hydro-excavation, horizontal directional drilling (HDD), and specialty underground utility services, has been acquired by RF Investment Partners, a private capital firm focused on lower middle market businesses across North America.
The acquisition brings institutional backing to an established underground services contractor with longstanding customer relationships across general contractors, utilities, municipalities, and commercial and industrial clients throughout the Midwest. RJ Underground's work spans the full spectrum of underground infrastructure — sewer, water, wastewater, gas, and electrical — delivered through a service mix that includes hydro-excavation and HDD alongside other specialty underground capabilities.
RF Investment Partners' investment is designed to accelerate RJ Underground's next phase of growth, with additional resources earmarked for expanding service capabilities, geographic reach, and customer relationships, while preserving the quality and culture the company has built.
TKO Miller, a Milwaukee-based middle market investment bank with deep expertise in industrial and infrastructure transactions, served as the exclusive financial advisor to RJ Underground on the deal.
About RJ Underground, Inc.
RJ Underground is a full-service provider of horizontal directional drilling, hydro-excavating, and specialty underground utility services, serving general contractors, utilities, municipalities, and commercial and industrial customers throughout the Midwest. The company delivers essential underground infrastructure services across sewer, water, wastewater, gas, and electrical applications.
About RF Investment Partners
RF Investment Partners is a private capital firm that partners with family- and founder-owned lower middle market businesses across North America, providing flexible capital and strategic resources to support long-term growth while preserving the culture and legacy of its portfolio companies.
Original release distributed via PR Newswire.
