Rapidly Growing Platform Expands Underground Utility Locating and Damage Prevention Capabilities
PEACHTREE CORNERS, Ga., November 29, 2022--(BUSINESS WIRE)--Sparus Holdings ("Sparus"), a leading provider of a complementary suite of outsourced field and professional services for utility and industrial customers, today announced the acquisition of United Locating Services ("ULS"), a premier underground utility locating and damage prevention service provider with operations across the midwestern and southwestern United States. The ULS leadership team will remain with the company and continue to manage the business within the Sparus platform. Sparus, a portfolio company of Ridgemont Equity Partners, continues to grow its service offering and is actively seeking to acquire other leading utility and infrastructure services providers.
"The acquisition of ULS is a particularly important and exciting development for Sparus," said Rich Summers, CEO of Sparus. "Utility locating and damage prevention is a service area we prioritized for expansion, and ULS’s market presence and expertise is highly complementary to our operations and organic growth initiatives. Moreover, Sparus and ULS have similar cultures and shared values, including a mutual commitment to excellence in service quality, safety, and client satisfaction. We’re excited to welcome Scott Smith, founder of ULS, and his leadership team to Sparus, and we look forward to working together with ULS to continue to provide best-in-class solutions to our collective customer base."
Ryan Jack, Partner at Ridgemont Equity Partners, added: "The combination of Sparus and ULS is a highly strategic transaction for both organizations. The combined company has expanded capabilities, technical talent, and resources to help its customers protect, maintain, and upgrade their mission-critical infrastructure. With the addition of ULS, Sparus is well positioned to drive continued growth as a leading provider of end-to-end utility and infrastructure services."
Terms of the transaction were not disclosed.
About Sparus Holdings
Sparus is a leading provider of a complementary suite of field and professional services for utility and industrial customers. Through a growing family of brands, including Southern Cross, The Spear Group, OneVision Utility Services, Tru-Check, and United Locating Services, Sparus provides gas line inspection and leak detection, utility metering services, utility locate and damage prevention services, field-based project oversight, project management and controls, and other related services. For over 75 years, the Company has been committed to the highest standards of safety and industry expertise to meet the evolving needs of its customers. www.sparusholdings.com
About Ridgemont Equity Partners
Ridgemont Equity Partners is a Charlotte-based middle market private equity firm that has provided buyout and growth capital to industry-leading companies in the business and tech-enabled services, industrial growth, and healthcare sectors for nearly three decades. The principals of Ridgemont have refined a proven, industry-focused model designed to build distinctive middle market companies. For more information, please visit www.ridgemontep.com.
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