ITG (ITG ) Registration filing summary

Company overview and business model

• Provides mission-critical, technology-enabled services for digital and utility infrastructure across the U.S., supporting broadband, fiber, wireless, data centers, and utilities.

• Operates two main service lines: Engineering & Maintenance (E&M) and Infrastructure Deployment, covering the full lifecycle from planning to maintenance.

• National footprint with over 10,000 workforce (2,900 employees, 7,400 subcontractors), serving 49 states and 240+ field locations.

• Proprietary FUSE360 platform integrates operational workflows, driving efficiency and real-time visibility.

• Revenue model is highly recurring, with 92% of 2025 revenue from long-term master service agreements (MSAs) and near-100% renewal rates.

Financial performance and metrics

• 2025 revenue: $1.2 billion; net income: $6.2 million; Adjusted EBITDA: $148.3 million (12.8% margin).

• Revenue CAGR (2022–2025): 34%; organic revenue CAGR: 17%.

• 2025 net income margin: 0.5%; free cash flow: $91.1 million; free cash flow conversion: 61.4%.

• Total backlog as of Dec 31, 2025: $2.9 billion, with $1.3 billion expected to be completed in the next fiscal year.

• Top two customers accounted for 60% of 2025 revenue.

Use of proceeds and capital allocation

• Net proceeds of ~$361 million (at $20.50/share) to repay $120 million under the Revolving Credit Facility and $241 million under the Term Loan Facility; any remainder for general corporate purposes.

• If underwriters exercise their option, proceeds will be used to purchase additional LLC Interests and redeem interests from certain equity owners.