Transaction overview
Delphi Infrastructure Group (US) acquired JMF Underground (US) on June 18, 2025, to strengthen its portfolio of companies and provide better services to utility customers in the Eastern United States. The deal's value was undisclosed, with details about stake acquisition also remaining unspecified. JMF Underground is a provider of underground utility services for blue-chip clients across South-Central Pennsylvania and neighboring states, specializing in horizontal directional drilling, boring, trenching, and excavation services.
Deal structure and financing
The financial terms of the transaction were not disclosed, but it was reported that Churchill Asset Management and BMO Sponsor Finance provided financing to support the acquisition. MPE Partners, Delphi Infrastructure Group's equity partner, did not specify if any debt or seller financing was involved in the deal. As for lock-up terms, retention plans, or IPO optionality, no information has been released by either party.
Strategic context
Delphi Infrastructure Group’s rationale for acquiring JMF Underground is to bolster its portfolio of companies and enhance service offerings to utility customers across a broader geographic area. This acquisition allows DIG to expand its reach into South-Central Pennsylvania and beyond while leveraging the strengths of JMF's specialized drilling capabilities. For Joe Fisher, founder and CEO of JMF Underground, partnering with Delphi Infrastructure Group provides an opportunity for accelerated growth and improved market presence.
Historically, both companies have been committed to safety, reliability, and customer service excellence. The merger aligns well with DIG’s strategic focus on becoming a leading provider of underground infrastructure services in the Eastern United States by consolidating multiple operating brands under one portfolio. JMF Underground's expertise complements existing operations at Precision Pipeline, SabCon Underground, and Allegheny Contracting within the DIG network.
Regulatory path
No specific regulatory hurdles were mentioned regarding this transaction. However, given the deal size and the nature of services provided in utility infrastructure sectors, it is likely that filings under the Hart-Scott-Rodino Antitrust Improvements Act (HSR) may have been necessary for transactions involving companies active within U.S. jurisdictions. The exact timeline for regulatory reviews remains undisclosed.
In conclusion, while financial details are not fully disclosed, Delphi Infrastructure Group's acquisition of JMF Underground marks a strategic move to enhance service capabilities and geographic reach in the Eastern United States utility infrastructure market.