TD&I Cable Maintenance and Tower Arch Capital Complete the Acquisition of Midwest Utility Services

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Jan 24, 2024, 08:45 ET

LAKELAND, Minn., Jan. 24, 2024 /PRNewswire/ -- TD&I Cable Maintenance, LLC ("TD&I") and Tower Arch Capital are pleased to announce the acquisition of Midwest Utility Services, LLC ("Midwest Utility Services" or "Midwest") and go-forward partnership with its founder and owner, Steve Kvistad, and minority owner, Bill Eckles.

Founded in 1995 and headquartered outside the Twin Cities in Savage, MN with locations in Mankato, MN and Crosslake, MN; Midwest Utility Services provides directional drilling, cable plowing, and other related services for the installation and maintenance of fiber optic networks and other critical infrastructure. Midwest's customers consist of critical regional and local telecom providers in addition to utility cooperatives and municipalities.

Regarding the transaction, Steve Kvistad, Founder of Midwest, said, "Midwest has a deep-rooted legacy of providing exceptional infrastructure services for regional telecom providers. We are excited to partner with TD&I and Tower Arch Capital as we seek to further grow our presence across Minnesota and the surrounding states."

Bill Eckles, minority owner of Midwest, added, "This transaction brings together two top-tier operators and further establishes TD&I as one of the preeminent fiber infrastructure service providers in the upper Midwest."

Donavin Berg, CEO of TD&I, shared, "TD&I has always been committed to providing the highest-quality service and solutions no matter the size or complexity of the job. The acquisition of Midwest will allow us to provide an even greater level of service to our customers across a wider geographic footprint as we continue to expand across the tri-state area."

Terms of the transaction were undisclosed. Financing for the transaction was provided by Zions Bank. Advisors for Tower Arch Capital included Gibson, Dunn & Crutcher LLP and BDO USA, LLP. Advisors for Midwest included Fabyanske, Westra, Hart & Thomson, PA and Copeland Buhl & Company, PLLP.

About TD&I Cable Maintenance

TD&I Cable Maintenance ("TD&I") is a Lakeland, MN based specialty infrastructure services provider primarily focused on the installation and maintenance of underground and ariel telecom and cable networks. TD&I services many of the largest telecom, cable, and fiber providers in the upper Midwest and has been a trusted partner in the region for over 30 years. For more information, please visit www.tdicable.com.

About Midwest Utility Services

Midwest Utility Services is a Savage, MN based specialty infrastructure services provider primarily focused on the installation and maintenance of underground telecom and cable networks. TD&I services long-standing regional telecom and fiber providers in the upper Midwest and has been a trusted partner in the region for over 28 years. For more information, please visit www.digmidwest.com.

About Tower Arch Capital

Headquartered in Salt Lake City, Utah, Tower Arch Capital is a lower-middle market private equity firm. Tower Arch seeks to partner with and grow high-quality family and entrepreneur-owned companies to deliver long-term value for their management teams and investors. Tower Arch brings operational, consulting, and financial expertise to companies to help them improve their operations, scale, and grow. Target investments include control positions in entrepreneur and family-owned businesses with EBITDA between $5 million and $30 million. For more information, please visit www.towerarch.com.

SOURCE TD&I Cable Maintenance