Enceladus Partners Announces Investment in Smith Excavating

WINSTON-SALEM, N.C., Dec. 9, 2025 /PRNewswire/ -- Enceladus Partners, a family office focused on partnering with businesses in the lower middle-market, announced it has completed an investment in Smith Excavating, LLC ("SMEX" or "the Company") in partnership with Matthew Smith, second-generation family member and CEO. Headquartered in Winston-Salem, NC, SMEX has established itself as a tech-enabled, critical maintenance service provider for customers in the infrastructure, utility, and government end-markets across the Mid-Atlantic region.  With more than 20 years of experience, SMEX specializes in annual right-of-way vegetation management, infrastructure asset repair & maintenance, and industrial site services leading with commitments to sustainability, safety, and the community.

The partnership with Enceladus originated through the firm's experience investing and growing family-owned businesses within the utility services industry.  Enceladus and Matthew have an aligned vision aimed at accelerating SMEX's regional expansion and bolstering its use of proprietary Geographic Information System technology to further cement its reputation for safety and craftsmanship within the essential infrastructure services market.

The leadership from both firms expressed enthusiasm for the new partnership. Matthew Smith, CEO of Smith Excavating, commented, "This partnership with Enceladus Partners is the logical next step in our evolution. Their commitment to our core values, combined with their operational expertise and flexible capital, will enable SMEX to serve our existing customers better and expand our footprint into new territories. I am confident that together, we are poised for significant, sustainable growth." Josh Bucher, Principal at Enceladus Partners added, "SMEX represents a compelling opportunity to back a critical infrastructure services platform with a strong history of quality and safety. We look forward to working closely with Matthew and the entire team to invest in the fleet, technology, and personnel needed to scale the business strategically across the Mid-Atlantic and beyond."

About Smith Excavating

Established in 2003, Smith Excavating ("SMEX") is a leading infrastructure services firm dedicated to maintaining the reliable operation of essential utility and municipal networks throughout the Mid-Atlantic. Built on a foundation of safety, quality, and technical expertise, the Company provides specialized solutions including right-of-way management, critical asset repair & maintenance, and industrial site services for a diverse base of essential customers. Learn more at smexllc.com.

About Enceladus Partners

Enceladus Partners is a family office focused on partnering with founders, families, and management teams of small to mid-sized businesses. Investing the firm's capital along with a network of limited partners, their flexible investment approach allows their partners to find the right solution for their needs. The firm is guided by its core values of honesty, integrity, transparency, and open communication. Learn more at EnceladusPartners.com.

Press Contact:
Josh Bucher, Principal
[email protected] 

SOURCE Enceladus Partners