RF Investment Partners has announced a new platform investment in RJ Underground, Inc. (RJU), a Kenosha, Wisconsin-based provider of horizontal directional drilling, hydro excavation, and specialty utility installation services. The investment will support RJU’s continued expansion, organic growth, and potential M&A opportunities across the Midwest. Founded in 1996, RJ Underground provides trenchless installation and maintenance services for critical water, sewer, gas, and electrical infrastructure across Wisconsin, Illinois, and Indiana. Its customer base includes municipalities, utilities, commercial businesses, and residential customers. The company’s trenchless approach enables infrastructure projects to be completed with less disruption to surrounding communities.
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“RJ Underground is exactly the kind of business we look for, a strong founder-led company with deep technical expertise and a mission-critical, essential service,” said RF Managing Director Patrick Riggio. “Rich and his team have built a trusted, industry-leading reputation across the utility infrastructure space, and we’re excited to partner alongside management to expand into new markets, and support RJ Underground’s continued organic and M&A growth.”Founder and CEO Rich Johnston will continue to lead RJ Underground. He said the partnership will provide not only capital but also industry expertise and connections to help the company invest in its people, expand its customer base, enter new markets, and build on its established position in utility infrastructure.
