RF Announces Utility Infrastructure Platform Investment

Firm partners with RJ Underground Founder Rich Johnston to fuel continued growth and geographic expansion across the Midwest and beyond

NEW YORK--(BUSINESS WIRE)-- RF Investment Partners, a leading growth capital investor, is pleased to announce 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.

Founded in 1996, RJU provides specialized trenchless installation and maintenance services for critical water, sewer, and utility infrastructure across Wisconsin, Illinois, and Indiana. The company serves municipal, utility, commercial, and residential customers, with capabilities spanning storm sewers, water mains, sanitary sewers, water services, gas services, and electrical infrastructure.

“RJ Underground is exactly the kind of business we look for, a strong founder-led company with deep technical expertise in 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.”

RJU’s trenchless approach allows municipalities and utilities to install, replace, and maintain critical underground infrastructure with minimal disruption to surrounding communities. The highly technical nature of the work, coupled with growing investment in aging water and utility infrastructure, has helped RJU build a loyal, referral-driven customer base and strong growth momentum across its core markets.

“I started RJ Underground 30 years ago with a single horizontal directional drill, and I’m incredibly proud of the business and team we’ve built since then,” said Rich Johnston, Founder and Chief Executive Officer of RJ Underground, Inc. “RF understands what makes this company special and shares our vision for where we can take it next. It’s not just capital, it’s the network that comes with it. We’ve already added new board members with deep utility-sector experience who are opening doors and creating connections we wouldn’t have been able to access on our own. With their partnership, we have an opportunity to invest in our people, serve more customers, expand into new markets, and build on everything that has made RJU successful.”

Founder Rich Johnston will continue to lead the company.

RF remains committed to partnering with founder- and family-owned businesses across the essential infrastructure and utility services space. Business owners interested in learning more may contact Patrick Riggio at [email protected].

TKO Miller served as the exclusive financial advisor to RJ Underground.

About RF Investment Partners

RF Investment Partners, a relationship-first, lower-middle-market private capital firm, provides innovative and flexible capital primarily for family- and founder-owned businesses. We structure each investment to align our shared goals and interests with each company's management team. Named on Inc.'s Founder-Friendly Investors list for three consecutive years, RF brings operational and deep sector-based expertise to support our portfolio companies across the healthcare services and business services sectors. RF manages approximately $700 million and has the capabilities to provide equity and debt capital to support strategic initiatives such as acquisition financing, growth capital investments, recapitalizations, refinancings, and management buyouts. To learn more, please visit www.rf-partners.com.

About RJ Underground, Inc.

RJ Underground is a full-service provider of horizontal directional drilling, hydro-excavating, and other specialty underground services primarily for sewer, water, wastewater, gas, electrical, and other underground utility infrastructure. Serving general contractors, utilities, commercial/industrial customers, and municipalities throughout the Midwest, the Company provides essential underground infrastructure services supported by longstanding customer relationships.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260813934086/en/

MiddleM Creative (on behalf of RF Investment Partners)
Jan Morris
[email protected]

Source: RF Investment Partners

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