Company Overview

Badger Infrastructure Solutions is the largest provider of non-destructive excavating and related services in North America. For over 30 years, we have been innovating cutting-edge technology – like the Badger Hydrovac™ – and serving a diverse customer base across a broad range of infrastructure industry segments including energy, industrial, construction, telecommunications, transportation and more.

1,625+

Operators

1,525+

Fleet

140+

Locations

20,000+

Customers

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Investment Highlights

Badger has a demonstrated track record of growth supported by a strong 10-year revenue CAGR. Revenue growth is a critical success factor for Badger that will be achieved primarily by focusing on targeted organic growth opportunities in markets with the highest potential for non-destructive excavation adoption. Growth will be focused on strategic and core markets and supported by regional and national sales infrastructure.

The aim of our strategic plan is to enhance our EBITDA margins by leveraging an efficient platform for growth. Recent restructuring efforts have reduced our fixed costs, and we still see opportunities to drive further operating leverage as we execute the commercial strategy. Combined with higher asset utilization, Badger can achieve profitability above historic levels and reach our target levels of 28%-29% by 2025.

As the only vertically integrated, non-destructive excavation service provider with a national fleet in the market, Badger has made key investments to support our growth. We have implemented cutting edge enterprise and resource planning tools, expanded our manufacturing footprint in Red Deer, AB and have built centralized sales and support functions to allow us to take the business to the next level while increasing efficiency, minimizing risk and building for the future.

Badger maintains a robust balance sheet and has taken actions to reduce our cost of capital while enhancing our financial flexibility. The key pillars to our financial strategy include maximizing liquidity, driving working capital efficiency and following best-in-class risk management processes. These activities are critical to managing our leverage targets and long-term truck build requirements.

Successful execution of our strategic plan is expected to create meaningful shareholder value and lead to superior earnings durability as a result of greater operational visibility, flexibility and efficiency. To achieve our goals, we will maintain a disciplined approach to capital deployment and continue to align the interests of leadership and shareholders. We believe these attributes come together to form a compelling investment opportunity today.