I Squared Capital Acquires Spire Natural Gas Storage Businesses for $650 Million

I Squared Capital To Acquire Milestone Environmental From SK Capital Partners

July 9, 2026

Environmental Services

I Squared Capital entered into a definitive agreement to acquire Milestone Environmental, an independent energy and industrial waste management platform, from SK Capital Partners. The deal is expected to close in 4Q 2026, subject to customary closing conditions and regulatory approvals; financial terms were not disclosed.

Delta Utilities Acquires Spire Mississippi for $75 Million

April 22, 2026

Utilities

Spire Inc. agreed to sell its Mississippi local natural gas distribution company, Spire Mississippi, to Delta Utilities for $75 million in cash. The deal will refine Spire’s geographic footprint, while Delta—backed by Bernhard Capital Partners—expands its Mississippi presence with expected operating efficiencies and enhanced emergency response capabilities.

Boardwalk Pipelines Acquires Spire Marketing for $215 Million

March 30, 2026

Energy

Boardwalk Pipelines, LP agreed to acquire Spire Marketing Inc., Spire Inc.'s gas marketing business, for $215 million in cash. The transaction was completed on April 30, 2026, with Spire Marketing rebranded to Boardwalk Continuum Marketing, LLC.

Spire Inc. Acquires Piedmont Natural Gas Tennessee Business From Duke Energy for $2.48 Billion

July 29, 2025

Utilities

Spire Inc. has agreed to acquire Piedmont Natural Gas’ Tennessee local distribution company business from Duke Energy for $2.48 billion. The transaction expands Spire’s regulated utility footprint in the Nashville area and is expected to close in the first quarter of 2026, subject to regulatory approvals. The deal has since closed effective March 31, 2026, with the Tennessee operations operating as Spire Tennessee.

I Squared Capital Acquires Priority Power Management

July 30, 2024

Energy

I Squared Capital entered into an agreement to acquire Priority Power Management, LLC from Ara Partners, Oaktree Capital Management and other shareholders. Priority Power provides turnkey energy management services and private transmission and distribution infrastructure for commercial and industrial customers across more than 40 U.S. states.

I Squared Capital Acquires Majority Interest in Whistler Pipeline

February 16, 2023

Oil & Gas

I Squared Capital, via its ISQ Global Infrastructure Fund III, has acquired a controlling majority interest in the Whistler Pipeline from a group including First Infrastructure Capital, Ridgemont Equity Partners, affiliates of West Texas Gas, affiliates of Stonepeak Partners and the WhiteWater management team. The Whistler Pipeline is a major natural gas transmission system linking the Permian Basin to Gulf Coast LNG facilities, Mexico and other Gulf Coast demand, with most capacity contracted under long-term, fixed-fee commitments.