RF Investment Partners Acquires Utility Specialist RJ Underground

The acquisition provides RJ Underground with the capital and strategic resources necessary to scale its operations across the Midwest. By integrating into the RF Investment Partners portfolio, the company intends to broaden its geographic reach and strengthen service delivery for its core customer base, which includes municipalities, utilities, and general contractors.

RJ Underground maintains a focus on essential infrastructure, particularly sewer, water, and electrical systems. For TKO Miller, the deal underscores a continued specialization in advising family- and founder-owned firms within the industrial and infrastructure sectors. RF Investment Partners, known for backing lower middle market businesses, plans to support the company’s long-term growth while preserving its established operational legacy.