Thursday, 14 May 2026 09:15 AM
Mergers and Acquisitions
CHESTER, MD, NEW YORK, NY, AND MIAMI, FL / ACCESS Newswire / May 14, 2026 / Narrow River Capital ("Narrow River" or "NRC") today announced the acquisition of Drill-Tech, LLC ("Drill Tech" or the "Company"), a specialty utility contractor headquartered in Chester, Maryland. Drill Tech serves the fiber, electrical, water, sewer, and natural gas end markets, with deep expertise in horizontal directional drilling and a 30-year track record of executing technically complex projects across the Mid-Atlantic.
Drill Tech represents the inaugural platform acquisition for Narrow River, an independent sponsor focused on partnering with founders and management teams to acquire and build lower middle-market industrial services businesses. Narrow River intends to scale the Company through both organic growth and a targeted buy-and-build strategy across utility services.
"Drill Tech is exactly the kind of business we set out to back when we founded Narrow River," said Louis Solmonson, founder and Managing Partner of Narrow River Capital. "The Company has built a reputation for executing the most technically demanding work in its market, supported by long-standing relationships with blue-chip utilities and general contractors. We are excited to partner with Mike Kalvaitis and the team to invest in the platform, expand its capabilities, and pursue accretive add-on opportunities in the years ahead."
"After three decades building Drill Tech, finding the right partner to take the business forward was paramount," said Mike Kalvaitis, founder of Drill Tech, who will continue with the Company as Vice President of Business Development. "Narrow River brought a clear vision, a real appreciation for what makes this business special, and a commitment to investing in our people. I am confident the Company is well positioned for its next chapter."
Narrow River was supported in the transaction by RDP Advisory, LLC ("RDP"), which served as exclusive financial advisor, raising and structuring the full debt and equity capital for the Drill Tech acquisition in a heavily oversubscribed offering.
"The RDP team went above and beyond the role of a typical placement agent and served instead as true advisors," said Solmonson. "With their deal acumen, instincts, and creativity at critical junctures in the process, RDP served as an extension of the Narrow River team. We are grateful for their work in getting us not only the right set of capital partners, but also to a successful close."
"We are thrilled at the outcome for our client, Narrow River Capital, on its inaugural platform acquisition," said Ryan Ochs, founder and Managing Partner of RDP. "We were able to create a competitive process that culminated in a successful outcome for both Narrow River and the Company."
"Approaching the process with an investor mindset, we paired RDP's capital markets expertise with Narrow River's disciplined, partnership-driven investment approach," said Dean Hoxholli, founder and Managing Partner of RDP. "That combination drove strong investor conviction and an oversubscribed raise."
Narrow River was represented by Robert Connolly of Levenfeld Pearlstein. Drill Tech was represented by Sorrel Advisors and Foster Graham & Calisher.
About Narrow River Capital
Narrow River Capital is a U.S.-based independent sponsor focused on acquiring and building high-quality lower middle-market businesses in the industrial and industrial services sectors. The firm partners with owner-operators, management teams, and families to support succession, recapitalization, and sustainable growth, combining operational expertise with flexible capital. Narrow River was founded by Louis Solmonson, who brings over a decade of private equity experience from CVC Capital Partners, Apollo Global Management, and SVP Global.
About Drill-Tech, LLC
Drill Tech is a specialty utility contractor based in Chester, Maryland, providing horizontal directional drilling and underground utility installation services across the fiber, electrical, water, sewer, and natural gas end markets. The Company is recognized for executing technically complex projects, including river crossings, wetlands work, and rock bores, and serves a blue-chip customer base including the City of Baltimore, BGE, Exelon, Verizon, and tier-one general contractors.
About RDP Advisory, LLC
Founded in November 2024, RDP is a full-service capital markets and M&A advisory firm focused on the middle market, with offices in Miami, Florida, and Montville, New Jersey. RDP principals have worked on over $5 billion of capital raising and M&A mandates and leverages their experience as principal investors to advise financial sponsors, independent sponsors, family offices and middle market companies. Registered Representative of and Securities Products offered through BA Securities, LLC. Member FINRA SIPC. RDP Advisory, LLC and BA Securities, LLC are separate, unaffiliated entities.
Media Contact
Louis Solmonson
Narrow River Capital
[email protected]
SOURCE: Narrow River Capital