Infrastructure Acquisitions in 2022

Netrality Data Centers acquired Lifeline Data Centers' 733 West Henry colocation facility on the Indy Telcom campus in Indianapolis. The 30,000 sq ft facility will continue to offer colocation while Netrality expands interconnection services to link the site with its 701 West Henry meet-me room and broader Indianapolis campus ecosystem.

Funds affiliated with DigitalBridge and an affiliate of IFM Investors completed a take-private acquisition of Switch, Inc. for $34.25 per share, valuing the transaction at approximately $11 billion including assumed debt. The buyers said the transaction will support scaling Switch's data center and digital infrastructure operations domestically and internationally.

The Universal Group, a CAI Capital Partners portfolio company, has acquired Advanced Traffic Control (ATC), a traffic control services provider based in Auburn, Washington. CAI and co-investors BDC Capital, Roynat Equity Partners and Frind Enterprises backed the transaction as equity co-investors; debt financing was provided by Bank of Montreal, CIBC and Scotiabank. This marks Universal's first U.S. acquisition as part of a contiguous Pacific Northwest expansion, and ATC's founders will remain in leadership and as shareholders.

Invesis, a Netherlands-based investor and developer of sustainable infrastructure, has acquired UK-based Asanti Datacentres Limited and is now the 100% owner. The transaction includes Asanti's simultaneous purchase of five Regional Edge data centres from Daisy Group, giving Invesis an immediate presence in the UK data centre market to support future growth in digital infrastructure.

Iron Mountain Incorporated has acquired XData Properties, a large data center campus in San Fernando (Corredor del Henares), Madrid, from Stoneshield Capital to expand its EMEA data center footprint. The campus has capacity planned to develop up to 79 MW of IT power, with a first 20 MW facility targeted for 2024, enabling Iron Mountain to serve hyperscale, cloud, network and enterprise customers in Spain.

Colorado Barricade Co., a Caymus Equity-backed road safety services platform, acquired Pavement Surface Control, Inc. (PSC), a Kennewick, Washington-based provider of pavement striping, concrete barrier and traffic control services. The deal — an inaugural add-on for Colorado Barricade since Caymus Equity's 2021 investment — expands the platform's geographic footprint into the Pacific Northwest to capture increased state and federal infrastructure spending.

SMC Infrastructure Partners has acquired infrastructure investment platform InfraNext Partners, bringing founders Scott Troeller and Joseph Dunfee into SMC's senior management team. The addition expands SMC's capabilities and M&A/development pipeline with a focus on energy transition, resiliency, environmental impact and digitalization.

One Equity Partners, alongside UK investment firm Buckthorn Partners, agreed to acquire UK infrastructure services and engineering consultancy Amey plc from Ferrovial in a transaction announced in 2022 (completed Dec 2022). Amey is a leading provider of transport infrastructure and public-sector facilities services in the United Kingdom with c.11,000–14,000 employees; the sale completed as part of Ferrovial’s exit from its services business.

EQOS Group, a Triton Fund IV portfolio company, has acquired Colas Rail Belgium to strengthen its Railway Technology business unit and expand into long-distance rail services in Belgium. Colas Rail Belgium (2021 revenue ~€23M, ~150 employees) will continue to operate from Enghien and Maldegem and will trade as EQOS Energie Belgium SA, broadening EQOS's offering across planning, installation, construction and maintenance of catenary lines and tracks.

Cotton Creek Capital has formed Bobcat Power Holdings, LLC and acquired regional substation contractor Bobcat Heavy Civil, LLC to create a platform for substation infrastructure services. Bobcat, headquartered in Waco, Texas, will continue providing turnkey substation site work and above-ground electrical construction across Texas, Oklahoma and Louisiana as Cotton Creek scales the business.

Arcus Infrastructure Partners' AEIF3 has agreed to acquire approximately an 83% interest in Workdry International Limited, the UK’s leading lessor of water pumps and modular wastewater treatment systems. The Bright family and key management will retain the remaining shareholding; the deal is the first investment for Arcus' new European infrastructure fund and will support Workdry's growth and scaling plans across water utility, infrastructure and construction markets.

Aegion Corporation has acquired Next Level Environmental, a Canton, Massachusetts–based provider of underground and vacuum excavation services. The Next Level Environmental team and assets will operate under Aegion's Insituform business to expand trenchless and turnkey infrastructure services across the New England market.

Kohlberg & Company is acquiring a 50% stake in United States Infrastructure Corporation (USIC) while Partners Group will retain a 50% co-lead interest; funds managed by Neuberger Berman also joined the investment. The transaction values USIC at an enterprise value of USD 4.1 billion — USIC is a leading provider of utility locate services headquartered in Indianapolis with ~9,000 technicians performing roughly 80 million locates per year. The investors plan to support further growth through investments in sales and digital capabilities to capture demand driven by infrastructure stimulus and 5G densification.

SAM Companies, a U.S.-based provider of geospatial and inspection solutions, has acquired Calgary-based Linewise Aerial to expand its aerial mapping and inspection capabilities across the Western U.S. and Canada. The acquisition brings Linewise's team and ultra-high definition aerial mapping technology into SAM to bolster service offerings, geographic footprint, and AI/ML model development for utility transmission and distribution inspections.

Macquarie Asset Management, via Macquarie European Infrastructure Fund 7, has acquired a significant minority stake in VIRTUS Data Centres. The investment, made in partnership with ST Telemedia Global Data Centres, will help scale VIRTUS' UK platform, accelerate European expansion and support continued investment in technology and sustainability.

Calvert Street Capital Partners has formed a new platform, Allclear Underground Solutions, and acquired Rowland, Inc., a West Central Florida provider of underground water and wastewater infrastructure services. The investment, made in partnership with Rowland's senior management and led operationally by CEO Brian Johnson, positions Allclear to pursue further add-on acquisitions and expand services for municipal and utility customers across Florida and the Southeast.

An affiliate of Argo Infrastructure Partners, LP completed a merger to acquire Macquarie Infrastructure Holdings, LLC (MIC) for $4.11 per unit, with the transaction closing on July 21, 2022 and resulting in MIC’s delisting from the NYSE. The deal was presented as a take-private transaction to unlock value for equity holders; Lazard and Evercore served as financial advisors and White & Case as legal counsel to MIC.

MedOne, Israel’s leading colocation data center provider, received a significant growth investment from U.S. private equity firm Berkshire Partners and the van Rooyen Group, alongside majority shareholder Taavura. The funding will be used to optimize and expand MedOne’s data center portfolio and accelerate facility development across Israel and the broader region.

OMERS Private Equity has agreed to acquire Network Plus, a leading UK utility and infrastructure repair and maintenance provider, from management shareholders and Livingbridge. Network Plus is headquartered in Worsley, Greater Manchester, employs over 5,000 people across 85 regional offices and depots, and OMERS intends to support the company's growth, bolt-on M&A and role in energy transition and decarbonisation.

Antin Infrastructure Partners acquired a majority stake in RAW Charging, a UK-based operator that installs and owns destination EV charging points, to accelerate RAW’s rollout of more than 10,000 chargers over the next three years. The investment is part of Antin’s NextGen infrastructure strategy to expand its EV charging platform and support transport decarbonisation in the UK; the deal was expected to close in early Q3 2022.

Turning Rock Partners completed a $20 million structured capital investment to refinance United Infrastructure Holdings (UIH) and its marine services platform, Carolina Marine Structures (CMS). The financing supports CMS's growth, regional expansion and enables UIH to pursue an aggressive acquisition program.

Vance Street Capital, a Los Angeles-based private equity firm, has acquired Eberle Design, Inc. (EDI), a provider of intersection safety products and ITS technologies. EDI will join Vance Street's traffic and pedestrian safety ITS platform alongside Polara Enterprises and Carmanah Technologies to expand the platform's intersection safety product portfolio and accelerate product innovation.

An affiliate of H.I.G. Capital, led by the H.I.G. Infrastructure Partners fund, has completed the acquisition of EYSA Group, a Madrid-based provider of smart mobility and parking solutions. H.I.G. said it will support EYSA's evolution from a parking operator to an integrated tech-enabled mobility platform and help expand the company’s international footprint; terms were not disclosed.

Antin Infrastructure Partners’ NextGen platform has signed an agreement to acquire a co-controlling stake in Power Dot, a Portugal-founded owner-operator of destination and en-route EV charging infrastructure across Europe. The investment will support Power Dot’s pan-European expansion of its network of ~5,000 charging points and accelerate deployment through existing commercial partnerships with retailers, shopping centres, motorway service stations and fleet operators.

BitNile Holdings, Inc. announced that its wholly owned subsidiary BitNile, Inc. closed a membership interest purchase agreement with the previous 30% owners of Alliance Cloud Services, LLC, giving BitNile full (100%) ownership of ACS, which owns and operates a 617,000 sq. ft. data center on a 34.5-acre site in southern Michigan. BitNile said full ownership improves flexibility to execute its Bitcoin mining strategy; the company has invested roughly $127 million in its mining operations, including approximately $12.3 million for the facility and infrastructure improvements.

A consortium led by Macquarie Asset Management (via Macquarie Asia-Pacific Infrastructure Fund 3) has acquired a significant minority stake in Bersama Digital Infrastructure Asia Pte. Ltd. for about $610 million. The investment — made alongside Provident Capital and PT Saratoga Investama Sedaya Tbk — will support the platform's pursuit of digital infrastructure opportunities across Southeast Asia, including telecom towers, fibre and data centres; Bersama holds a 62.4% stake in PT Tower Bersama Infrastructure Tbk.

GridTek Utility Services, a First Reserve portfolio company, has acquired American Power, LLC and Valiant Energy Services, LLC to expand its electric transmission and distribution maintenance, repair and upgrade capabilities across the U.S. The simultaneous add-ons nearly double the size of the GridTek platform (pro forma > $350 million in revenue) and increase its geographic footprint and service capacity for investor-owned utilities, cooperatives and municipalities.

US colocation operator VPLS acquired Carrier-1’s 106,000 sq ft (now DA4) data center facility in Dallas, Texas, adding up to 10MW of capacity and expanding its Dallas footprint. Financial terms were not disclosed; Bank Street Group LLC served as exclusive financial advisor to Carrier-1.

DataBank acquired data center facilities in Pittsburgh, Pennsylvania and Cleveland, Ohio from 365 Data Centers in January 2017. The acquisitions provided DataBank with key carrier interconnection assets and accelerated its national expansion by establishing anchor sites in two new markets.

Inframark has acquired BL Technology, Inc. (BLTI), a Tomball, Texas-based provider of SCADA, control panel fabrication, and security/fire system integration. The acquisition, which closed March 31, 2022, expands Inframark’s SCADA capabilities and national footprint in water and wastewater infrastructure operations.

Funds managed by KKR and Global Infrastructure Partners (GIP) completed the all-cash acquisition of CyrusOne for approximately $15 billion including debt. CyrusOne will be taken private, its Nasdaq listing suspended and delisted as the new owners plan to support the company's global expansion and capitalize on strong secular demand for data center capacity.

RoadSafe Traffic Systems, Inc. has acquired Liddell Bros, Inc. and Liddell Leasing, Corp., two Halifax, Massachusetts-based providers of traffic control services, equipment rental and overhead sign installation. The deal expands RoadSafe's New England footprint and strengthens its DOT-facing capabilities as an add-on to its PE-backed platform.

Inland Pipe Rehabilitation (IPR), a portfolio company of J.F. Lehman & Company, has completed the acquisition of Granite Inliner and affiliated companies from Granite Construction Incorporated. The add-on expands IPR's trenchless pipe rehabilitation capabilities (CIPP, UV-cured liners, geopolymer solutions and manhole renewal), adds manufacturing and R&D capabilities, and broadens the combined company's geographic presence across North America.

DataBank closed its $670 million acquisition of four Houston-area data centers from CyrusOne, adding more than 300,000 square feet of raised-floor capacity and 42.5 megawatts of power. The deal expands DataBank’s U.S. footprint into Houston as its 28th metro, bringing the company’s portfolio to more than 65 facilities and roughly 2.0 million square feet of capacity; TD Securities and CIT (a division of First Citizens Bank) provided underwritten debt financing.

Thayer Infrastructure Services, LLC (TIS) completed the acquisition of Heartland Solutions Corp., a wireless communications construction firm headquartered in Indianapolis, Indiana. Heartland will operate under TIS's American Cell Enterprises operating company as an add-on to expand TIS's wireless and tower services; terms were not disclosed.

AECOM has acquired a 30% equity interest in UK-based SLC Rail to deepen a long-standing working relationship and jointly pursue rail programme, route upgrade and station delivery opportunities across the UK. The minority investment is intended to combine SLC's programme initiation and development strengths with AECOM's global engineering, programme management and station design expertise to accelerate delivery of regional rail enhancements.

Canopy Capital Partners, a Tampa-based private equity firm, acquired a majority stake in Cloud 9 Services (Orlando), a specialist underground water and sewer infrastructure contractor. The founders Rick and Lucy Fender remain involved while day-to-day operations will be led by promoted President Curtis Walker as Canopy positions Cloud 9 as a platform for growth; the deal closed January 31, 2022.

Turning Rock Partners completed a $25 million investment to support SMC Infrastructure Partners' recapitalization of General Asphalt Co., a Miami-based paving contractor. The transaction was supported by debt funds managed by IFM Investors and aims to expand General Asphalt's capabilities into airport and broader transport infrastructure under SMC's Infra Build Holdings.

Funds managed by global investment firm Carlyle have acquired Involta, a Cedar Rapids-based hybrid IT, cloud and data center services provider, from private equity firm M/C Partners. The acquisition (which closed in early 2022) gives Carlyle control of Involta's 12 data center facilities and 12,000+ fiber-mile network and is intended to accelerate geographic and capability expansion across hybrid cloud, edge and fiber services.

Revive Infrastructure Group, backed by Sileo Capital and Brightwood Capital, has acquired the assets of Elite Utilities and Trenching, a Buhl, Idaho-based utility contractor specializing in long-line conduit, cable installation and fiber-to-the-home trenching. The assets will be integrated into Revive’s Intermountain West division, Crown Utilities, expanding Revive’s geographic footprint and service capabilities in telecom and utility infrastructure.

Angel Trains has acquired Readypower Group, a specialist rail and infrastructure service provider that supplies on-track plant equipment, civil engineering, haulage and operating services to the UK rail sector. The deal brings together complementary capabilities to support the UK rail network as Angel Trains continues its long‑term investment in rolling stock and rail assets.

Funds managed by Blackstone Infrastructure Partners purchased a 35% stake in Phoenix Tower International (PTI) from Manulife Investment Management. The minority investment will support PTI's continued growth and geographic expansion of its wireless infrastructure platform across the Americas and Europe.

Hamilton Robinson Capital Partners, together with management, has recapitalized Signal Control Products, a Branchburg, New Jersey-based value-added distributor and solutions provider of traffic signal control equipment. Brookside Capital Partners provided subordinated debt and an equity co-investment to facilitate the transaction, which will provide capital and resources to support Signal Control's next phase of growth and capability expansion.

USIC Locating Services LLC, an affiliate of USIC, LLC, has acquired Utility Resource Group, LLC (URG), a Troy, Michigan–based provider of underground utility locating, gas leak detection, meter services, sewer lateral inspections, and cross-bore mitigation. The deal expands USIC's service footprint and field workforce across the Midwest and Southeast, enhancing its ability to serve utilities and municipalities.

Digital Realty has signed a definitive agreement to acquire a majority stake in Teraco Data Environments, Africa's largest carrier‑neutral data center and interconnection provider. Berkshire Partners and Permira are selling the majority of their respective stakes but will retain minority interests alongside existing investor van Rooyen Group; Teraco's management will remain significant investors. The transaction is subject to customary South African regulatory approvals and was expected to close in H1 2022.