USIC, LLC (“USIC” or “the Company”), North America’s leading provider of underground utility locating services, announced today an expansion of its shareholder base. Partners Group, a leading global private markets firm, which owns USIC on behalf of its clients, has sold a 50% stake in the Company to Kohlberg & Company (“Kohlberg”). Partners Group will retain a 50% co-lead interest in USIC. Kohlberg was joined in this investment by a group of new partners which includes funds managed by Neuberger Berman.
Since Partners Group’s acquisition in 2017, USIC, founded in 2008, has achieved a 77% increase in EBITDA, driven by the execution of business initiatives focused on value creation, including:
- Significant investment in training and compensation for the Company’s more than 11,000 locate technicians and in new, state-of-the-art technologies and equipment to improve operational performance and productivity
- Development of commercial services and customer partnerships, resulting in the establishment of market-based pricing and contract terms which stabilizes the field workforce and drives superior value creation for customers
- Establishment of a zero-tolerance safety program, which has driven dramatic improvements in safety performance
- Advancement of the Company as a leader in responsible environmental stewardship
- A commitment to achieving a diverse workforce and providing all employees the opportunity to build a long-term career while maintaining a healthy work/life balance
Under Partners Group and Kohlberg, USIC will continue to expand these strategic initiatives and provide its customers with ever increasing value, unmatched within the utility locating industry. The Company is uniquely positioned to meet the forecasted increase in demand for utility locating services resulting from the passage of the $1.2 trillion infrastructure bill, new 5G densification initiatives, and the shift by utilities to outsourcing locating services.
Mike Ryan, Chief Executive Officer of USIC, commented, “Our focus on creating a positive work environment and supporting our employees enables us to deliver the highest level of value for our customers, which they expect from the leader in damage prevention. The quality and reliability of the services provided by our technicians allow our customers to effectively manage their operations, serve their customers, and meet their critical work schedules. USIC’s high-quality and on-time performance will continue to meet the growing and evolving needs of the marketplace. Our differentiated approach, which took root under Partners Group’s ownership, will continue to advance as we reach for and achieve even higher goals in value creation and customer satisfaction under the leadership of Partners Group and Kohlberg.”
About USIC
USIC is North America’s largest provider of utility damage prevention services with operations in 48 states and Canada and corporate headquarters located in Indianapolis, IN. The Company, which currently serves over 1,300 customers across the cable, telecommunications, electric, gas, water, and sewer utility markets, performs over 80 million locates each year. Additionally, the Company provides a range of advanced utility solutions and services offered by its affiliates, Blood Hound, LLC; Reconn Utility Services; and On Target Utility Services.
About Partners Group
Partners Group is a leading global private markets firm. Since 1996, the firm has invested USD 185 billion in private equity, private real estate, private debt, and private infrastructure on behalf of its clients globally. Partners Group seeks to generate strong returns through capitalizing on thematic growth trends and transforming attractive businesses and assets into market leaders. The firm is a committed, responsible investor and aims to create sustainable returns with lasting, positive impact for all its stakeholders. With USD 131 billion in assets under management as of 30 June 2022, Partners Group provides an innovative range of bespoke client solutions to institutional investors, sovereign wealth funds, family offices and private individuals globally. The firm employs more than 1,600 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver, USA; and Singapore. It has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN). For more information, please visit www.partnersgroup.com or follow us on LinkedIn or Twitter.
About Kohlberg & Company
Kohlberg is a leading private equity firm based in Mount Kisco, New York. Since its inception in 1987, the company has organized nine private equity funds, through which it has raised $12 billion of committed equity capital. Over its 35-year history, Kohlberg has completed 91 platform investments and nearly 250 add-on acquisitions, with an aggregate transaction value of approximately $40 billion. For more information, please visit www.kohlberg.com.
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