Underground utilities contractor

Reviewing a Midwest underground utilities contractor with nearly 50 years of operating history. The company provides water main replacement, lead service line replacement, sanitary sewer repair/replacement, and related infrastructure services across Illinois and Indiana. 2025 Revenue: ~$34.4M 2025 Adj. EBITDA: ~$3.4M Key points: Strong municipal and government agency relationships Repeat business and long-term contract opportunities Benefiting from lead service line replacement tailwinds Capacity for large, complex infrastructure projects Owned real estate expected to be included Owner-operator seeking to de-risk but remain involved post-close Open to various deal structures Could be an interesting platform for a searcher/operator or infrastructure-focused buyer looking at essential municipal services.