Austin, TX (August 24, 2021) – Evolution Strategy Partners (“Evolution”) announced the recapitalization of Allied Underground, LLC (“Allied” or the “Company”). Leonard Meredith, the veteran entrepreneur behind Allied’s success, will continue at the helm of his dedicated and talented team.
Allied, formally founded in 2012 but with roots dating back to the 1990s, is a leading Bertram-based infrastructure company providing underground water, wastewater, and storm sewer construction services. Allied’s team of managers and field personnel primarily support commercial, educational, and multi-family contractors across the central Texas area.
“I am excited to bring in a partner to support Allied’s continued growth trajectory. We’ve enjoyed serving our community for many years and will now better handle the growing needs and demands of our robust market with additional equipment, personnel, and other resources” stated Mr. Meredith. “We remain committed to maintaining the Company’s reputation for quality service and customer responsiveness while we meet our customers’ expansion requests across the greater Austin metropolitan market.”
Stenning Schueppert, Managing Partner of Evolution, noted “we enjoy working with critically important and essential businesses that are the economy’s true backbone. With JL Filtration in the industrial fluids filtration market, Westco in commercial landscaping, and now Allied, Evolution continues to focus on lower middle-market industrial and business service companies. We’re blessed to partner with leaders like Leonard.”
Generational Capital Markets advised Allied on the transaction. Transaction terms were not disclosed.
Evolution Strategy Partners is a differentiated private equity firm with a unique approach to conducting business: We consider our portfolio companies as true partners, not purely investments. Evolution values and respects the people with whom we work and believes its value-added involvement is only beginning at the time a transaction closes. We stay engaged and empower company leaders to accelerate the true potential of their businesses. Evolution’s primary focus is on entrepreneur-owned businesses but we remain flexible to explore other opportunities where our knowledge and interests are aligned. We target industrial and commercial service businesses with under $75 million in revenue and select only a handful of new platform opportunities to pursue each year.
Allied Underground tackles complex infrastructure projects for clients across Central Texas. Its team of managers, superintendents, and skilled laborers focuses on underground water, wastewater, and storm sewer construction. Customers are balanced across commercial, educational, and multi-family contractors with greenfield, addition, and rehab projects. The Company is well known for its expertise in meeting the needs of complex, fast-track projects, with long-term repeat and referral-based customers.
*Updated to reflect proper branding from, originally, Altos Partners.