MILWAUKEE, July 27, 2026 /PRNewswire/ -- TKO Miller, a leading middle market investment bank, today announced that RJ Underground, Inc. ("RJ Underground" or the "Company"), a full-service provider of horizontal directional drilling, hydro-excavation, and other specialty underground utility services, has been acquired by RF Investment Partners, a private capital firm focused on investing in lower middle market businesses.

The partnership with RF Investment Partners positions RJ Underground for its next phase of growth by providing additional resources to expand its service capabilities, geographic reach, and customer relationships while continuing to deliver the high-quality service the Company is known for.

TKO Miller acted as the exclusive investment banking advisor to RJ Underground.

About RJ Underground, Inc.

RJ Underground is a full-service provider of horizontal directional drilling, hydro-excavating, and other specialty underground services primary for sewer, water, wastewater, gas, electrical, and other underground utility infrastructure. Serving general contractors, utilities, commercial/industrial customers, and municipalities throughout the Midwest, the Company provides essential underground infrastructure services supported by longstanding customer relationships.

About RF Investment Partners

RF Investment Partners is a private capital firm that partners with family- and founder-owned lower middle market businesses across North America. The firm provides flexible capital and strategic resources to support long-term growth while preserving the culture and legacy of the businesses in which it invests.

About TKO Miller

TKO Miller is an independent, advisory-focused, middle market investment bank providing merger and acquisition and financial advisory services for businesses nationwide, with a special focus on family- and founder-held businesses.

TKO Miller aims to bring value to clients by combining outstanding people with a results-oriented, flexible approach to transactions. Our services include company sales, recapitalizations, asset divestitures, and management buyouts. TKO Miller has a strong industry specialization in industrial/infrastructure, manufacturing, plastics and packaging, business services, and consumer products. Learn more about TKO Miller by visiting our website, http://www.tkomiller.com.

Contact: Katie Yde, (414) 375-2660

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SOURCE TKO Miller, LLC