LAKELAND, Minn., July 10,
2024 /PRNewswire/ -- TD&I Cable Maintenance, LLC
("TD&I") and Tower Arch Capital are pleased to announce the
acquisition of Underground Systems Utility, LLC and Underground
Systems Utility Contractors, LLC (collectively "Underground
Systems" or "Underground") and the go-forward partnership with
their founder and owner, Kent Walbeck.
Founded in 1994 and headquartered in Eau Claire, WI, Underground Systems provides
directional drilling, cable plowing, and other related services for
the installation and maintenance of fiber optic networks and other
critical infrastructure. Underground's customers consist of
national and local telecom providers in addition to utility
cooperatives and municipalities.
Donavin Berg, CEO of TD&I,
remarked, "The acquisition of Underground further solidifies
TD&I's position as the preeminent provider of underground
infrastructure services for the telecom and utility markets across
the upper Midwest. This partnership brings together two top-tier
operators and expands TD&I's presence in the state of
Wisconsin and the Upper
Peninsula."
Regarding the transaction, Kent
Walbeck, Founder of Underground, said, "Underground has been
a long-time, trusted provider of underground infrastructure
services for our customers. The partnership with TD&I and Tower
Arch Capital will enable us to continue to provide the high-quality
services expected by our local communities while expanding our
presence throughout Wisconsin and
beyond."
David Topham, a Partner at Tower
Arch Capital, remarked, "We couldn't be more excited about the
addition of Kent and the entire Underground team. Underground's
standard of excellence makes it a natural fit with TD&I. It has
been exciting to see the growth and progress made by TD&I and
we look forward to supporting its next phase of growth."
Terms of the transaction were undisclosed. Financing for the
transaction was provided by Zions Bank, Johnson Bank, First Citizens Bank & Trust,
and First Financial Bank. Advisors for Tower Arch Capital included
Gibson, Dunn & Crutcher LLP and BDO USA, LLP. Underground was advised by
Fabyanske, Westra, Hart & Thomson, PA.
About TD&I Cable Maintenance
TD&I Cable Maintenance is a Lakeland, MN based specialty infrastructure
services provider primarily focused on the installation and
maintenance of underground and ariel telecom and cable networks and
electrical infrastructure. TD&I services many of the largest
telecom, cable, and fiber providers in the upper Midwest and has
been a trusted partner in the region for over 30 years. For more
information, please visit www.tdicable.com.
About Underground Systems
Underground Services is an Eau Claire,
WI based specialty infrastructure services provider
primarily focused on the installation and maintenance of
underground telecom and cable networks. Underground services
national and local telecom and fiber providers in Wisconsin and the Upper Peninsula of
Michigan and has been a trusted
partner in the region for over 30 years. For more information,
please visit www.undergroundsystems.net.
About Tower Arch Capital
Headquartered in Salt Lake City,
UT, Tower Arch Capital is a lower-middle-market private
equity firm. Tower Arch seeks to partner with and grow high-quality
family- and entrepreneur-owned companies to deliver long-term value
for their management teams and investors. Tower Arch brings
operational, consulting, and financial expertise to companies to
help them improve their operations, scale, and grow. Target
investments include control positions in businesses with EBITDA
between $5 million and $30 million. For more information, please visit
www.towerarch.com.
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SOURCE TD&I Cable Maintenance