Firm partners with RJ Underground Founder Rich Johnston to fuel continued growth and geographic expansion across the Midwest and beyond
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 priggio@rf-partners.com.
TKO Miller served as the exclusive financial advisor to RJ Underground.
