DENVER (April 26, 2022) – Forbes Securities Group and The Forbes M+A Group (together “Forbes”), an award-winning middle market investment bank with expertise in mergers and acquisitions, recently served as an advisor to Utility Resource Group (URG), LLC, a provider of underground utility locating, gas leak detection, meter and other services, in its sale to USIC, LLC, an Indianapolis-based provider of utility damage prevention services. Riverside Growth Partners, LLC, a private equity firm in Bloomfield Hills, Mich., held a minority stake in URG at the time of the sale. Terms of the transaction, which closed in December 2021, were not disclosed.
James Morgan and Garit Lawson, both managing directors at Forbes, along with Senior Associate Cassie Dobos, advised URG on the deal.
“It was a pleasure to work with URG and Riverstone Growth Partners on this impressive transaction,” Lawson said. “URG has a world-class and industry-leading management team.”
URG, based in Troy, Mich., operates in Michigan, Georgia, Illinois, Indiana, Kentucky, Minnesota, Ohio and Virginia, and is a natural complement to USIC, which operates in most U.S. states and in Alberta, Canada. URG will help expand USIC’s service offerings in both the Midwest and Southeast United States.
“The Forbes team is excited for URG’s continued growth, given the company’s operational and geographical footprint and industry reputation in the delivery of essential services for its large customer base,” Morgan said.
About Utility Resource Group, LLC
URG is a 24-hour full-service utility contractor that provides meter and energy services, natural gas leak-detection surveying, underground utility locating, cross bore and sewer lateral inspections and utility construction and maintenance to large utility customers such as DTE Energy, Comcast Cable Communications, LLC, and the City of Detroit. The company’s management team has over a century of experience in its respective industries, and URG prides itself on safety, quality, integrity, diversity and service to its long-standing customers.
About The Forbes M+A Group
The Forbes M+A Group, founded in 2004, with offices in Denver, CO, Salt Lake City, UT, and Nashville, TN, is an award-winning investment bank with expertise in mergers and acquisitions, raising capital, and financial restructuring within the middle market. Senior advisors at The Forbes M+A Group have 250+ years and $85+ billion of combined transaction experience across a wide variety of industries and around the globe. The Forbes M+A Group has been recognized as the M&A Firm of the Year for the past seven years. For more information regarding this transaction, contact James Morgan at James.Morgan@ForbesMA.com