September 2026. Sell-side. Closed. Co-advised on the majority recapitalization of a Midwest-based underground infrastructure contractor serving telecommunications, data center, and municipal/government customers. Services include installation of conduit and fiber and of water/wastewater mains and service lines, along with related services such as engineering, fiber pulling/splicing/testing, valve and hydrant setting, and pressure testing. A team of 70+ personnel and a robust fleet of specialized equipment support strong self-performance capability (approximately two-thirds of work).