Detroit, MI (June 24, 2022) – Evolution Strategy Partners (“Evolution”) announced the recapitalization of DiPonio Contracting (“DiPonio” or the “Company”). Evolution originally partnered with Frank DiPonio, Founder and CEO, and his team last year. Terms of the transaction were not disclosed.

DiPonio, founded in 1995, is a leading underground utility infrastructure prime contractor headquartered in Shelby Township, Michigan. DiPonio focuses on repairing and replacing aging municipal, county, and state water infrastructure throughout the state of Michigan. DiPonio has a solid track record spanning over twenty-five years: the team has completed over 1,200 projects since inception and has earned status as a Michigan Department of Transportation prequalified provider of contracting services for decades.

“We are thrilled to join forces with Evolution and benefit from their strategic guidance and support to take DiPonio to the next level. This partnership will enable DiPonio to further capitalize on aging infrastructure needs in Michigan while preserving and maintaining the culture that my team and I have built over the last few decades” stated Frank DiPonio, Founder and CEO. “I am happy to have found Evolution as a partner and appreciate the support that the Evolution team has brought so far.” Mr. DiPonio will remain with the Company as the CEO with a leadership transition plan in place.

Noted Stenning Schueppert, Managing Partner of Evolution, “We are delighted to partner with Frank and his team at DiPonio to support the growth of the company as the need for replacing critical water infrastructure that affect many citizens in Michigan becomes greater over time. Our partnership builds on Evolution’s continued investment strategy of finding and partnering with entrepreneurial-owned, essential businesses that serve customers with critical quality services.”

DiPonio Contracting is a leading Detroit-based infrastructure maintenance and construction firm. DiPonio provides both new but predominantly replacement and/or upgrades to aging and existing water, wastewater, and storm sewer systems. The veteran team supports municipal, county, and state customers as the primary Contractors across Michigan.

Evolution Strategy Partners, headquartered in Austin, Texas, is a differentiated private equity firm with a unique approach to conducting business: It considers its portfolio companies as true partners, not purely investments. Evolution values and respects the people with whom they work believes its value-added involvement is only beginning at the time a transaction closes. They stay engaged and empower company leaders to accelerate the true potential of their businesses. Evolution’s primary focus is on entrepreneur-owned businesses but it remains flexible to explore other opportunities where their knowledge and interests are aligned. Evolution targets industrial and commercial service businesses with under $75 million in revenue and select only a handful of new platform opportunities to pursue each year.