Acquisition History / David Kirubi (NCA SF067, Novastone Capital Advisors) / Horizon Underground
David Kirubi (NCA SF067, Novastone Capital Advisors) Acquires Horizon Underground
Announced February 3, 2026 — acquired ... for approximately 4x EBITDA ... approximately $25M in revenue and around $6M in EBITDA
What happened
A Novastone-backed operator acquired Horizon Underground of Norco, California, a full-service dry utilities construction contractor providing trenching, horizontal drilling, hydro-vacuum excavation and utility locating to telecom, solar, electric, gas and rail customers across the Western US.
- Target
- Horizon Underground
- Announced
- February 3, 2026
- Price
- acquired ... for approximately 4x EBITDA ... approximately $25M in revenue and around $6M in EBITDA
- Industry
- Underground utility construction
- Buyer type
- Search fund
- Fund vehicle
- NCA SF067
- Backing investors
- Novastone Capital Advisors
- Status
- Closed
By the numbers
Frequently Asked Questions About This Acquisition
When did David Kirubi (NCA SF067, Novastone Capital Advisors) acquire Horizon Underground?
David Kirubi (NCA SF067, Novastone Capital Advisors) acquired Horizon Underground on February 3, 2026. This was David Kirubi (NCA SF067, Novastone Capital Advisors)'s 1st publicly tracked acquisition out of 1 we have on record.
How much did David Kirubi (NCA SF067, Novastone Capital Advisors) pay for Horizon Underground?
David Kirubi (NCA SF067, Novastone Capital Advisors) paid acquired ... for approximately 4x EBITDA ... approximately $25M in revenue and around $6M in EBITDA for Horizon Underground.
What does Horizon Underground do?
A Novastone-backed operator acquired Horizon Underground of Norco, California, a full-service dry utilities construction contractor providing trenching, horizontal drilling, hydro-vacuum excavation and utility locating to telecom, solar, electric, gas and rail customers across the Western US.
What other Underground utility construction companies has David Kirubi (NCA SF067, Novastone Capital Advisors) acquired?
Horizon Underground is David Kirubi (NCA SF067, Novastone Capital Advisors)'s only publicly tracked acquisition in Underground utility construction so far.