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At the end of 2023, after more than 20 years leading global P&Ls, executing transformations, and creating value within world-class organizations such as General Electric and Johnson Controls, David Kirubi launched NCA SF067—an operator-led platform dedicated to building an enduring enterprise in the utility and critical infrastructure services sector. He has now successfully acquired Californian Horizon Underground, a leading full-service dry utilities construction services provider, for approximately 4x EBITDA.
Founded more than 20 years ago in Norco, California, Horizon Underground provides full-service underground infrastructure contracting services, including open-cut trenching, horizontal drilling, hydro-vacuum excavation, utility service locating, and turnkey projects. Through its drilling and excavation projects, the company has installed hundreds of miles of conduit and cable across the Western United States, serving a diverse customer base that includes telecom operators, wireless providers, solar, electric and gas utilities, and railroads. Renowned for its industry-leading services and strong reputation for excellence, the company generates approximately $25M in revenue and around $6M in EBITDA.
David’s objective is to deepen the company’s impact for customers, team members, and the communities it serves by enhancing field-level execution and service capabilities. Co-founders Lance and Bobbi Fair will remain actively involved in the business, focusing on key growth initiatives, including guiding regional expansion and leveraging their deep industry relationships.
“What Bobbi and I have built at Horizon Underground is a testament to our incredible team and the trust our customers place in us every day,” said Lance Fair, Co-Founder of Horizon Underground. “In David and the Novastone team, we found partners who respect our legacy and have the expertise to help us grow, invest in our people, and serve our customers in even bigger ways. This is about building an even stronger and more impactful future for the team, the company, and the customers we love.”
“I am incredibly honored to partner with Lance and Bobbi by joining Horizon Underground, a company that has such a strong foundation and a clear reputation for quality, integrity and always honoring their word,” said David Kirubi. “My mission is to work alongside Lance, Bobbi, Daniel and the exceptional Horizon Underground team to build on the powerful legacy and culture they have built. Together, we will focus on delivering with discipline and excellence as we expand our full-service capabilities to more customers and communities, ensuring Horizon’s next chapter is its most impactful yet.”
