Key Takeaways
- Sector: Energy Infrastructure & Renewables.
- Geography: United States.
Analysis
Tiger Infrastructure Partners has announced a transformative growth investment in ELM Utility Services, a leading U.S. provider of outsourced public utility locating services.
ELM plays a critical role in helping utilities comply with legal requirements to locate and mark underground infrastructure before excavations. By offering dedicated, dispatchable locating services, ELM helps avoid costly and hazardous utility line strikes.
With a fleet of over 1,400 vehicles, ELM serves more than 60 utilities across 13 U.S. states. The investment by Tiger Infrastructure will support ELM’s plan to expand operations nationwide.
Emil Henry, CEO of Tiger Infrastructure, stated, “ELM is a market leader with operational excellence and a vital role in safeguarding infrastructure. Our investment will help accelerate ELM’s rapid growth.”
Lee Graves, founder and long-time owner of ELM, added, “Tiger’s capital and experience will allow us to expand our asset base, enhance our workforce, and strengthen our structure for sustainable growth.” Graves retains a significant equity stake, and ELM’s executive team will remain in place.
This transaction reflects a broader trend in the infrastructure services market. Private equity firms are increasingly targeting companies offering specialized, regulated, and recurring services like utility locating, mapping, and damage prevention.
Earlier in 2025, ELM secured a first-lien credit facility from WhiteHorse Capital to support geographic and technological expansion. The new investment builds on that momentum.
Infrastructure challenges such as aging underground systems and stricter safety standards are global, making this investment relevant beyond the United States. Similar needs are growing across Europe, Asia-Pacific, and Latin America.
With Tiger’s support, ELM is expected to scale nationally, explore acquisitions, and roll out advanced mapping technologies while maintaining its commitment to service quality and public safety.
This partnership reinforces the appeal of middle-market infrastructure services companies and their potential to evolve into national platforms with strategic investment.