Key Takeaways
- • RF Investment Partners, a New York-based private capital firm focused on lower middle market businesses, acquired RJ Underground, Inc., a Kenosha, Wisconsin-based underground utility services provider, on July 27, 2026.
- • RJ Underground specializes in hydro-excavation, horizontal directional drilling (HDD), and specialty underground utility services serving general contractors, utilities, municipalities, and commercial/industrial clients across Wisconsin, Illinois, and Indiana.
- • The acquisition provides institutional backing and capital resources to accelerate RJ Underground's expansion of service capabilities, geographic reach, and customer relationships while maintaining operational quality and company culture.
- • TKO Miller, a Milwaukee-based middle market investment bank with industrial and infrastructure transaction expertise, served as exclusive financial advisor to RJ Underground on the transaction.
- • RJ Underground's service portfolio spans critical underground infrastructure applications including sewer, water, wastewater, gas, and electrical utility installation and maintenance.
Summary
RF Investment Partners, a private capital firm headquartered in New York with operations in Chicago, has acquired RJ Underground, Inc., marking a strategic entrance into the Midwest underground utility services market. The transaction closed on July 27, 2026. RJ Underground, established in 1997 and based in Kenosha, Wisconsin, operates as a full-service provider of hydro-excavation, horizontal directional drilling, and specialty underground utility services across the upper Midwest region.
The company serves a diversified client base including general contractors, utilities, municipalities, and commercial/industrial enterprises throughout Wisconsin, Illinois, and Indiana. RJ Underground's operational scope encompasses the complete spectrum of underground infrastructure work, with particular strength in sewer, water, wastewater, gas, and electrical utility applications delivered through a combination of hydro-excavation, HDD, and related specialty capabilities. This broad service mix positions the company as an essential infrastructure contractor serving both public and private sector clients.
RF Investment Partners structured this acquisition as part of its broader strategy of investing in lower middle market businesses across North America. The firm has designated the investment with capital earmarked specifically for expanding RJ Underground's service offerings, geographic footprint, and customer relationships. A key element of the acquisition thesis includes preserving the operational quality and organizational culture that RJ Underground has developed over nearly three decades of operations.
TKO Miller, a Milwaukee-based middle market investment bank specializing in industrial and infrastructure sector transactions, served as the exclusive financial advisor to RJ Underground throughout the sales process. The advisory role underscores the specialized nature of underground utility services transactions within the broader infrastructure investment landscape. The combination of institutional capital from RF Investment Partners and TKO Miller's sector expertise positions RJ Underground for accelerated growth within the fragmented underground services market.
The company serves a diversified client base including general contractors, utilities, municipalities, and commercial/industrial enterprises throughout Wisconsin, Illinois, and Indiana. RJ Underground's operational scope encompasses the complete spectrum of underground infrastructure work, with particular strength in sewer, water, wastewater, gas, and electrical utility applications delivered through a combination of hydro-excavation, HDD, and related specialty capabilities. This broad service mix positions the company as an essential infrastructure contractor serving both public and private sector clients.
RF Investment Partners structured this acquisition as part of its broader strategy of investing in lower middle market businesses across North America. The firm has designated the investment with capital earmarked specifically for expanding RJ Underground's service offerings, geographic footprint, and customer relationships. A key element of the acquisition thesis includes preserving the operational quality and organizational culture that RJ Underground has developed over nearly three decades of operations.
TKO Miller, a Milwaukee-based middle market investment bank specializing in industrial and infrastructure sector transactions, served as the exclusive financial advisor to RJ Underground throughout the sales process. The advisory role underscores the specialized nature of underground utility services transactions within the broader infrastructure investment landscape. The combination of institutional capital from RF Investment Partners and TKO Miller's sector expertise positions RJ Underground for accelerated growth within the fragmented underground services market.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.