Leonard Green & Partners LP has agreed to acquire United States Infrastructure Corp. (USIC), a provider of underground cable, pipe and other utility protection services.

The Indianapolis-based target was put up for sale by Canadian pension plan company Ontario Municipal Employees Retirement System (OMERS). Financial terms are undisclosed, but the price tag reportedly falls between $700 million and $800 million.

USIC was formed in 2008 with the merger of SM&P Utility Resources Inc. and Central Locating Service Ltd., two companies active in the underground locating and marking service sector that were acquired by financial sponsor Kohlberg & Co. LLC.

According to the OMERS release, USIC's revenue has grown more than 65 percent since it was acquired in 2010 for an undisclosed price. Toronto-based OMERS grew the portfolio company with a series of add-on deals, including the August 2011 purchase of Omaha, Neb.-based Consolidated Utility Services Inc.

USIC tapped investment banks Harris Williams & Co. and Barclays Capital Inc. to run the sale process and law firm Weil Gotshal & Manges LLP to handle legal matters.

Deutsche Bank Securities Inc. and RBC Capital Markets advised Los Angeles-based Leonard Green on the transaction while Latham & Watkins LLP acted as legal counsel. Deutsche Bank Securities Inc., GE Capital Corp. and RBC Capital Markets arranged debt financing for the transaction and were advised by White & Case LLP.

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