INDIANAPOLIS--(BUSINESS WIRE)--Sep 28, 2023--
USIC, the leading North American provider of utility location services, announced today that Mike Ryan has retired as USIC’s President and CEO. Ron Childress, who currently serves on the Company’s Board of Directors and has nearly four decades of industry experience, will be leading the company as interim CEO. The Company has retained an executive search firm to find a new President and CEO.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230928366617/en/
USIC Interim CEO Ron Childress (Photo: Business Wire)
Michael D. Penner, Chair of the Board of Directors, said, “Under the leadership of Mike Ryan, the foundation has been established for the Company’s continued growth and success. We owe Mike Ryan an enormous debt of gratitude, and on behalf of the entire USIC team, I wish to thank him for his invaluable contributions.”
“Since I took the helm of USIC four years ago, we have moved the needle on multiple fronts,” stated Mr. Ryan. “This is due in large measure to our team’s commitment to customer service and their willingness to innovate and take advantage of new technologies. I am grateful for the support I received from our staff in every region of the United States and Canada.”
As a result of the strong industry secular trends, including the passing of the Infrastructure Investment and Jobs Act (the Bipartisan Infrastructure Bill), USIC is enjoying a period of rapid growth. Looking ahead, the Company will continue to focus on the execution of business initiatives driving value for all stakeholders, including:
- Continuing significant investments in the training of USIC’s more than 12,000 locate technicians and in new, state-of-the-art technologies and equipment
- Developing commercial services and customer partnerships, with a goal of establishing market-based pricing and contract terms
- Pursuing a zero-tolerance safety program, which has already driven dramatic improvements in safety performance
- Demonstrating responsible environmental stewardship
- Building a dynamic, sustainable workforce and providing all employees with the opportunity to build a long-term career while maintaining a healthy work/life balance
In announcing Ron Childress’ appointment, Mr. Penner stated, “Ron has a proven track record of executive leadership in the industry, with prior CEO roles at Osmose Utilities Services and AWP Safety. He is currently the Operating Partner for Infrastructure Services at Kohlberg & Company. He has demonstrated that he has the leadership skills and experience required to ensure USIC continues to provide public and private utilities with the efficient, safe and innovative solutions they require to protect their infrastructure and assets.”
“The keys to our success,” added Mr. Childress, “are supporting our talented technicians and staff and delivering unmatched customer service. I will be crisscrossing the country over the coming weeks and months, meeting with our team and learning about our opportunities and challenges. Together we will work on maintaining and enhancing our comprehensive service offering in order to help ensure that our clients - public and private utilities - safely and effectively meet their regulatory-driven requirements.”
USIC is jointly owned by Partners Group and Kohlberg & Company (“Kohlberg”). Partners Group originally invested in USIC in 2017, and partnered in November 2022 with a Kohlberg-led consortium, including funds managed by Mubadala and Neuberger Berman.
About USIC
Founded in 2008 and headquartered in Indianapolis, USIC is a leading provider of outsourced “utility locate” services, which involve locating, identifying, and marking sub-surface utility infrastructure such as pipes, cables, and fiber. These services are provided on behalf of public utilities that are required by law to ensure underground infrastructure is marked correctly before ground is broken on any new project. USIC currently serves over 1,300 customers in the US and Canada across six utility markets: cable, telecom, electric, gas, water, and sewer. It has a workforce of 12,000 technicians that perform 80 million locates each year.
About Partners Group
Partners Group is a leading global private markets firm. Since 1996, the firm has invested USD 200 billion in private equity, private real estate, private debt and private infrastructure on behalf of its clients globally. Partners Group seeks to generate superior returns through capitalizing on thematic growth trends and transforming attractive businesses and assets into market leaders. The firm is a committed, responsible investor and aims to create sustainable returns with lasting, positive impact for all its stakeholders. With USD 142 billion in assets under management as of 30 June 2023, Partners Group provides an innovative range of bespoke client solutions to institutional investors, sovereign wealth funds, family offices and private individuals globally. The firm employs more than 1,800 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver, USA; and Singapore. It has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN).
For more information, please visit www.partnersgroup.com or follow us on LinkedIn or Twitter.
About Kohlberg & Company
Kohlberg is a leading private equity firm based in Mount Kisco, New York. Over the firm’s 36-year history, the firm has organized 11 private equity vehicles totaling in aggregate over $14 billion. Since inception, the firm’s private equity investments have generated over $10 billion in realized returns with no realized losses since 2007. The firm invests in leading middle market businesses that are identified through its rigorous thematic research and the firm’s White Paper Program in its six core practice areas. For more information, please visit www.kohlberg.com.
About Mubadala
Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for the Government of Abu Dhabi.
Mubadala's $276 billion (AED 1015 billion) portfolio spans six continents with interests in multiple sectors and asset classes. It leverages its deep sectoral expertise and long-standing partnerships to drive sustainable growth and profit, while supporting the continued diversification and global integration of the economy of the United Arab Emirates.
For more information about Mubadala Investment Company, please visit: www.mubadala.com
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. Neuberger Berman's investment philosophy is founded on active management, engaged ownership and fundamental research, including industry-leading research into material environmental, social and governance factors. Neuberger Berman is a PRI Leader, a designation awarded to fewer than 1% of investment firms. With offices in 26 countries, the firm's diverse team has over 2,750 professionals. For nine consecutive years, Neuberger Berman has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). The firm manages $443 billion in client assets as of June 30, 2023. For more information, please visit our website at www.nb.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20230928366617/en/
CONTACT: David Parker, USIC Vice President Corporate Affairs
davidparker3@usicllc.com
502.541.0686
KEYWORD: UNITED STATES NORTH AMERICA INDIANA
INDUSTRY KEYWORD: UTILITIES OTHER CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE ENERGY CONSTRUCTION & PROPERTY URBAN PLANNING
SOURCE: USIC, LLC
Copyright Business Wire 2023.
PUB: 09/28/2023 12:30 PM/DISC: 09/28/2023 12:33 PM
http://www.businesswire.com/news/home/20230928366617/en
