Broadtree Partners Portfolio Company, Triage Partners, Acquires Universal Network Development Corporation

Tampa, FL - September 25, 2026, Triage Partners ("Triage") is a rapidly growing technology-enabled services provider for the telecommunications sector, primarily focused on fiber installation and repair ("I&R"), outside plant construction ("OSP"), and fiber-to-the-home ("FTTH") services. Universal Network Development Corporation ("UNDC") is a specialized telecommunications design and engineering firm providing OSP network design, digital field data collection, permitting, and pathway development services to major U.S. telecommunications carriers.

Founded in 2003, Triage has a long-standing reputation across the industry for unmatched service, highly qualified technicians, and exceptional customer support. Founded in 1980 and headquartered in Sacramento, CA, UNDC has spent more than four decades supporting leading carriers through the entire network development process across 12 states and counting. UNDC is the third company to join Triage in its mission to build a national leader in telecom services that is trusted by broadband providers to ensure every community has access to the future through reliable fiber-optic connectivity. With the addition of UNDC's design and engineering capabilities, Triage now offers complete end-to-end, turnkey telecom services from the front-end network design to network builds, splicing, drops, installations, repairs, and maintenance services to its customers, offering a true one-stop-shop value proposition to its customers in urban and rural markets across the country.

James Han, CEO of Triage, who possesses deep experience leading enterprise, startup, and military teams, will lead the combined business as CEO from the company's headquarters in Tampa, FL. Industry veterans Cindy Kazee and Steve Reinhardt, as well as the rest of the UNDC management team, will continue to remain involved in the business, supporting the day-to-day operations of UNDC to assist in accelerating the combined company's growth strategy.

"By welcoming UNDC into our Triage family of companies, we're adding a key capability set that completes our end-to-end service offering. UNDC has spent more than four decades earning the trust of the industry's leading carriers, and we're committed to supporting its growth while honoring what has made the company so successful to date. Together, we can now support our customers across the country from the first site walkout to the day the fiber is switched on. We can support the entire fiber network lifecycle, while helping connect families across the country," said James Han, Triage CEO.

"Joining Triage marks an exciting new chapter for UNDC. For nearly 40 years, our team has built its reputation on engineering excellence, quality, and an unwavering commitment to our employees and the customers we serve. Partnering with Triage gives us the resources and reach to grow our team, expand into new markets, and help deliver the fiber infrastructure we need for the future," said Cindy Kazee, President, and Steve Reinhardt, Senior Vice President, of UNDC.

Johannes Zwick, Managing Partner at Broadtree Partners, added, "The UNDC acquisition is a highly strategic transaction for both organizations, and further supports our investment thesis to provide robust, high-quality solutions to customers in support of connecting urban and rural, underserved markets across the U.S. With UNDC's design and engineering capabilities, the combined business is now able to offer full end-to-end solutions to its customers, while strengthening our competitive positioning in the marketplace to compete at scale on large full-service contracts. With the addition of UNDC, Triage is well positioned to accelerate continued growth as a leading provider of end-to-end fiber infrastructure services."

Broadtree Partners, headquartered in Charlotte, NC, is a lower middle market private equity firm focused primarily on business services, government services, healthcare services, and technology. Broadtree has made 17 platform investments and 38 total acquisitions since inception. Central to Broadtree's strategy is a commitment to identify and partner with talented executives to drive value, while preserving legacy and core values through flexible acquisition arrangements ranging from operational partnerships to seamless, coordinated exit and transfer of leadership solutions.

Holland & Knight served as legal counsel to Broadtree Partners and Triage Partners for the transaction.

Aegis Acquisitions served as the financial advisor and Boutin Jones served as legal counsel to Universal Network Development Corporation.