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Yahoo
18-06-2025
- Business
- Yahoo
MPE Partners and Delphi Infrastructure Group Announce the Acquisition of JMF Underground
CLEVELAND and BOSTON, June 18, 2025 /PRNewswire/ -- MPE Partners ("MPE" or "Morgenthaler Private Equity"), along with its portfolio company Delphi Infrastructure Group ("DIG"), announced today the acquisition of JMF Underground ("JMF"). JMF is a provider of underground utility services for a blue-chip customer base in South-Central Pennsylvania and surrounding states. JMF specializes in horizontal directional drilling, boring, trenching, and excavation services related to the repair and maintenance of underground electrical and natural gas infrastructure. MPE and DIG partnered in the transaction with JMF's Founder and CEO, Joe Fisher, as well as its management team. Mark Crowson, CEO of DIG, said, "JMF Underground has become a leading provider of specialized underground solutions across the Mid-Atlantic and Eastern United States. The company's consistent growth reflects its deep commitment to safety, reliability, and customer service under Joe's leadership. We are proud to partner with the JMF team and support their continued expansion as part of the DIG portfolio of companies." Joe Fisher, Founder and CEO of JMF, stated, "I am exceptionally proud of what the JMF team has built since being founded in 2008. We are excited to join a like-minded, established, and reputable team at DIG that will enable us to better serve customers and accelerate our next phase of growth." Lukas Sontich, Vice President at MPE, added, "The addition of JMF Underground alongside Precision Pipeline, SabCon Underground, and Allegheny Contracting further establishes DIG as a scaled, leading provider of underground infrastructure services to a diverse set of utility customers. We are thrilled to welcome Joe and the JMF team to the organization." Churchill Asset Management and BMO Sponsor Finance provided financing to support the transaction. Jones Day served as legal advisor to MPE. About JMF UndergroundHeadquartered in Mechanicsburg, PA, JMF Underground provides critical repair, maintenance, and installation services for underground electrical and natural gas infrastructure. JMF offers a comprehensive suite of services including horizontal directional drilling, boring engineering and design, soft excavation and core boring, trenching, excavation, and high-density polyethylene fusion services, with a specialty focus in large, hard rock drilling offerings that are offered throughout the Eastern United States. For more information, please visit About Delphi Infrastructure GroupHeadquartered in Columbus, OH, Delphi Infrastructure Group (DIG) is a portfolio of companies providing repair, replacement, and maintenance services for utility customers across the gas, electrical, telecommunications, and water end markets. DIG currently encompasses the Precision Pipeline, SabCon Underground, and Allegheny Contracting operating brands. DIG offers horizontal directional drilling, excavation, hot tapping, stoppling, coating, hydrovac operations, utility locating and verification, GPS mapping, and other underground solutions throughout the Eastern United States. For more information, please visit About MPE PartnersMPE Partners ("MPE" or "Morgenthaler Private Equity") seeks to be the preferred partner for entrepreneur- and family-owned companies. Based in Cleveland, OH, and Boston, MA, MPE invests in profitable, lower middle market companies with EBITDA between $8 million and $40 million. MPE has two primary target investment areas: high-value manufacturing and commercial & industrial services. For more information, please visit View original content to download multimedia: SOURCE MPE Partners
Yahoo
18-06-2025
- Business
- Yahoo
MPE Partners and Delphi Infrastructure Group Announce the Acquisition of JMF Underground
CLEVELAND and BOSTON, June 18, 2025 /PRNewswire/ -- MPE Partners ("MPE" or "Morgenthaler Private Equity"), along with its portfolio company Delphi Infrastructure Group ("DIG"), announced today the acquisition of JMF Underground ("JMF"). JMF is a provider of underground utility services for a blue-chip customer base in South-Central Pennsylvania and surrounding states. JMF specializes in horizontal directional drilling, boring, trenching, and excavation services related to the repair and maintenance of underground electrical and natural gas infrastructure. MPE and DIG partnered in the transaction with JMF's Founder and CEO, Joe Fisher, as well as its management team. Mark Crowson, CEO of DIG, said, "JMF Underground has become a leading provider of specialized underground solutions across the Mid-Atlantic and Eastern United States. The company's consistent growth reflects its deep commitment to safety, reliability, and customer service under Joe's leadership. We are proud to partner with the JMF team and support their continued expansion as part of the DIG portfolio of companies." Joe Fisher, Founder and CEO of JMF, stated, "I am exceptionally proud of what the JMF team has built since being founded in 2008. We are excited to join a like-minded, established, and reputable team at DIG that will enable us to better serve customers and accelerate our next phase of growth." Lukas Sontich, Vice President at MPE, added, "The addition of JMF Underground alongside Precision Pipeline, SabCon Underground, and Allegheny Contracting further establishes DIG as a scaled, leading provider of underground infrastructure services to a diverse set of utility customers. We are thrilled to welcome Joe and the JMF team to the organization." Churchill Asset Management and BMO Sponsor Finance provided financing to support the transaction. Jones Day served as legal advisor to MPE. About JMF UndergroundHeadquartered in Mechanicsburg, PA, JMF Underground provides critical repair, maintenance, and installation services for underground electrical and natural gas infrastructure. JMF offers a comprehensive suite of services including horizontal directional drilling, boring engineering and design, soft excavation and core boring, trenching, excavation, and high-density polyethylene fusion services, with a specialty focus in large, hard rock drilling offerings that are offered throughout the Eastern United States. For more information, please visit About Delphi Infrastructure GroupHeadquartered in Columbus, OH, Delphi Infrastructure Group (DIG) is a portfolio of companies providing repair, replacement, and maintenance services for utility customers across the gas, electrical, telecommunications, and water end markets. DIG currently encompasses the Precision Pipeline, SabCon Underground, and Allegheny Contracting operating brands. DIG offers horizontal directional drilling, excavation, hot tapping, stoppling, coating, hydrovac operations, utility locating and verification, GPS mapping, and other underground solutions throughout the Eastern United States. For more information, please visit About MPE PartnersMPE Partners ("MPE" or "Morgenthaler Private Equity") seeks to be the preferred partner for entrepreneur- and family-owned companies. Based in Cleveland, OH, and Boston, MA, MPE invests in profitable, lower middle market companies with EBITDA between $8 million and $40 million. MPE has two primary target investment areas: high-value manufacturing and commercial & industrial services. For more information, please visit View original content to download multimedia: SOURCE MPE Partners Sign in to access your portfolio
Yahoo
03-05-2025
- Business
- Yahoo
Three Steps Properties buys troubled Oakland apartments for $78M
This story was originally published on Multifamily Dive. To receive daily news and insights, subscribe to our free daily Multifamily Dive newsletter. An affiliate of Union Labor Life Insurance Co. sold the 206-unit Zo apartment tower in Oakland, California, to Three Steps Properties for $78 million last month, according to Union Labor Life Insurance Co. took control of the 24-story tower in August 2024 when the unpaid debt on the property was $89.3 million, according to citing Alameda County property documents. Gerding Edlen developed the tower, but lost ownership through a deed-in-lieu of foreclosure proceeding, according to When the Portland, Oregon-based developer completed the property in 2019, it had been the first tower to break ground in downtown Oakland since 2008. Oakland-based Three Steps Properties recently acquired another property near Zo. It paid $99 million for a 254-unit, 34-story apartment tower two blocks from Zo, according to Zo isn't the first building to face issues in the Oakland market. In January 2024, UDR assumed the ownership interest of a 173-unit lease-up property in the city built by developer Mill Creek Residential after the Atlanta-based developer told the REIT it would not fund its share of a capital call, according to the Highlands Ranch, Colorado-based REIT's fourth-quarter 2023 earnings release. 'We did take the keys back on that asset as the developer didn't want to continue to support the cash flow shortfalls,' UDR President and Chief Financial Officer Joe Fisher said on the REIT's Q4 earnings call in February 2024. The situation in Oakland and the rest of the Bay Area has been challenging for apartment owners over the past five years. Renters moved away during the COVID-19 pandemic, and some haven't returned. For the 12 months ending January 2023, Oakland experienced a 270-basis-point year-over-year occupancy decline — the third-worst in the state. In addition, supply has been increasing in the market. In 2024, Oakland added 2,751 new apartment units, which grew inventory by 0.9%, according to data from RealPage Market Analytics. Overall, the city's total apartment inventory has grown by 12.6% in the last decade. However, the outlook may finally be improving, according to one REIT. Despite Oakland being a drag on Essex Property Trust's portfolio with 1.2% in new rate growth in the first quarter, the city has begun to 'demonstrate incremental improvement as supply abates and concessions moderate,' CEO Angela Kleiman said on the Palo Alto, California-based firm's first-quarter 2025 earnings call last week. '[In] Oakland, what we're showing is that 75% of the supply is delivering in the first half,' Kleiman said. 'So by midyear, we expect Oakland to start to revert back to a more normalized market dynamic. I don't think it's going to happen overnight, but it's finally going to turn. And we waited for a long time for this, so we're pretty darn happy about it.' Click here to sign up to receive multifamily and apartment news like this article in your inbox every weekday. Recommended Reading Problem loans: Tracking the biggest multifamily delinquencies Sign in to access your portfolio
