Infrastructure Acquisitions in 2023

Frontline Road Safety, a portfolio company of The Sterling Group, has completed the acquisition of The Aero-Mark Company, a Streetsboro, Ohio-based pavement marking contractor with an additional location in Cincinnati. The deal is an add-on to Frontline’s platform (its twelfth acquisition since July 2020) and is intended to expand the platform’s Midwest footprint and service capabilities in road safety and infrastructure maintenance.

TD&I Cable Maintenance and private equity sponsor Tower Arch Capital have acquired Midwest Utility Services, a Minnesota-based provider of directional drilling, cable plowing and underground telecom installation and maintenance. The founder, Steve Kvistad, and minority owner, Bill Eckles, will remain as go-forward partners; financing was provided by Zions Bank and terms were not disclosed.

Bain Capital Private Equity has agreed to acquire a controlling stake in Eleda, the Stockholm-headquartered Nordic infrastructure projects and services group, from Altor, which will retain a minority stake. Eleda's founders and management will reinvest, and Bain will partner with the team to accelerate growth—particularly in segments tied to the green transition such as water, power distribution, district heating, roads, data centres and EV charging.

Investcorp has completed the acquisition of a 50% stake in Corsair Capital’s infrastructure business, forming a joint entity named Investcorp Corsair Infrastructure Partners to manage the business’s existing funds, investments, and team. The partnership positions Investcorp to expand into the global infrastructure asset class with a focus on transportation, logistics, and related subsectors while Corsair retains the remaining ownership and operating platform.

Thayer Infrastructure Services, LLC completed the acquisition of Dynetek Solutions, LLC, a Charlotte-based provider of horizontal directional drilling and underground utility installation services. Dynetek's founder Shenar Wood will continue to oversee the business as it is integrated into the TIS platform, which is owned by private equity firm Calera Capital; the deal expands TIS's capabilities in the utility, telecommunications, and renewable energy markets in the Southeastern U.S.

Tower Arch Capital has formed S&N Infrastructure Services, LLC in partnership with Allen Powell and S&N's leadership to complete a recapitalization of N&S Construction, Inc. d/b/a S&N Communications. The investment will support the company's planned geographic expansion and capability growth across its communications and electric utilities infrastructure services in the Mid-Atlantic and Southeast.

Fengate Asset Management has closed the acquisition of a portfolio of wireless communications towers in the United States from TowerCom, LLC. The deal expands Fengate's communications-tower holdings to more than 200 towers across 15 states and was executed on behalf of the Fengate Infrastructure Yield Fund with participation from an investment fund owned by LiUNA's Pension Fund of Central and Eastern Canada.

RoadSafe Traffic Systems, a PE-backed provider of infrastructure safety services, has acquired Dobie Supply, an Austin-based supplier and manufacturer of traffic control devices and roadway and commercial signage. The deal expands RoadSafe's traffic control distribution presence in the greater Texas market and represents the company's 11th acquisition since partnering with Investcorp and Trilantic North America in 2021.

Morgan Stanley Infrastructure Partners (MSIP) has entered into an exclusivity agreement to acquire a majority interest in UltraEdge, a portfolio of 257 distributed data centers being carved out from SFR (a subsidiary of Altice France). The deal, subject to regulatory approvals, will create the first nationwide independent edge colocation provider in France and MSIP will partner with Altice France to upgrade infrastructure and increase density to capture rising demand for ultra-low latency connectivity.

Agile Growth Equity has completed the acquisition of Kobus (Kobus Services Limited and Kobus, Inc.), a trenchless technology provider headquartered in Houston, Texas with operations in Tamworth, England. The private equity firm will partner with Kobus management to expand market awareness and accelerate delivery of the company's trenchless pipe-replacement tools and services to municipalities, water and gas utilities worldwide.

Ridgemont Equity Partners led a recapitalization of National Power, LLC to support the company's growth and M&A strategy. Financing for the transaction was provided by Churchill Asset Management and Oaktree Capital Management's U.S. Private Debt Group; financial terms were not disclosed.

Aegion Corporation has acquired AP Civil Solutions, LLC, a Central Florida water and wastewater pipe rehabilitation and maintenance services provider founded in 2016. AP Civil will operate as part of Insituform (an Aegion portfolio company) to expand Aegion's utility services capabilities and footprint across Florida.

Northleaf Capital Partners has agreed to acquire a controlling stake in EVPassport, committing $200 million to fund the company's capital requirements and accelerate build-out of Level 2 and Level 3 EV charging infrastructure across North America. EVPassport, headquartered in Los Angeles, provides an IaaS model for charging infrastructure combined with an open-API technology platform focused on multi-family, hospitality and retail site hosts.

EQT Active Core Infrastructure and the Public Sector Pension Investment Board (PSP) completed the approximately $3.0 billion acquisition of Radius Global Infrastructure, taking the company private at $15.00 per share. The buyers intend to support Radius' geographic expansion and portfolio growth of its real-property-backed digital infrastructure assets across multiple countries.

Quad‑C Management has acquired The Vortex Companies, a global provider of trenchless water and sewer rehabilitation products and services, from Platform Partners. The investment will support Vortex’s continued growth and international expansion while co‑founder and CEO Mike Vellano remains in place; financial terms were not disclosed.

Sherwood Companies has acquired Traffic & Lighting Systems, Inc. (TLS) to expand its footprint and capabilities in the transportation infrastructure sector. Infinity Capital Partners served as Sherwood's buy-side advisor on the transaction, supporting structuring and due diligence.

Manulife Investment Management, on behalf of Manulife Infrastructure Fund II, completed the acquisition of a controlling interest in Serverfarm on September 1, 2023, with ongoing financial support from NantCapital (NANT). The investment will fund Serverfarm's global expansion of its data center portfolio and accelerate adoption and market reach of its InCommand DMaaS platform; Avner Papouchado will remain CEO and retain a significant ownership stake alongside NANT.

Tower Arch Capital has completed a recapitalization of TD&I Cable Maintenance, partnering with founders Tim and Debbie Stanke and the company's management team. The investment will support TD&I's geographic expansion across the upper Midwest and investments to enhance service offerings; financing was provided by Zions Bank and Hillcrest Bank and terms were undisclosed.

Martinus North America, Inc. has entered into a purchase agreement to acquire Bottom Line Company LLC, a Lee's Summit, Missouri-based railroad contractor. The business will operate as Martinus Bottom Line and immediately service Class 1, shortline and industrial markets as part of Martinus' North American expansion; roughly 200 Bottom Line employees will join the Martinus group.

Bain Capital signed a definitive agreement to acquire all outstanding shares of Chindata Group Holdings Ltd, taking the Asia‑Pacific hyperscale data‑center operator private at US$4.30 per ordinary share (US$8.60 per ADS). The transaction, supported by existing and new investors, values the company at roughly $3.16 billion and is intended to provide long‑term control and capital to support Chindata's continued expansion and operations across the region.

Landways, a London-based provider of in‑building digital and DC power infrastructure, has closed a growth equity investment led by Newlight Partners with participation from existing investor Columbia Capital. The capital will fund Landways' expansion into the logistics market, scale its Infrastructure-as-a-Service platform, and grow its senior leadership team to support deployments across sports, entertainment, and industrial sites.

Causeway Technologies, backed by Five Arrows, has agreed to acquire one.network, a leading digital road management SaaS platform, from Bridgepoint. The acquisition is an add-on to Causeway's infrastructure software suite and is intended to expand its roadwork planning, coordination and public engagement capabilities across the UK and US.

Aegion Corporation acquired Portland Utilities Construction Company, LLC (PUCC), a trenchless pipe rehabilitation and underground utility contractor serving municipal clients across the U.S. Southeast and Texas. PUCC will continue operating under its current name with existing leadership and employees in place, and the acquisition expands Aegion's specialized pipeline rehabilitation capabilities and regional presence.

Oldcastle Infrastructure, a CRH company based in Atlanta, has acquired Hydro International, a Clevedon, UK-based provider of stormwater and wastewater products, services, and data solutions, from funds advised by Agilitas Private Equity LLP. The acquisition expands Oldcastle Infrastructure’s water market capabilities and geographic reach across North America and Europe by adding Hydro’s product breadth, services capability and R&D expertise.

TD&I Cable Maintenance, together with sponsor Tower Arch Capital, acquired Underground Systems Utility, LLC and Underground Systems Utility Contractors, LLC from founder Kent Walbeck. The add-on expands TD&I’s underground telecom and utility installation and maintenance capabilities and strengthens its presence in Wisconsin and the Upper Peninsula of Michigan.

PAI Partners has agreed to acquire a majority stake in Infra Group, a Belgium-headquartered multi-disciplinary network infrastructure services provider. The investment will make PAI the largest shareholder alongside existing investors ICG, Andera Partners and the management team, and will support Infra Group's growth strategy to accelerate expansion organically and via complementary acquisitions.

Intelishift has acquired Data Canopy and the combined business will operate under the Data Canopy brand to expand cloud, hybrid-cloud and colocation offerings. The acquisition was facilitated by a $50 million growth capital investment from Metropolitan Partners Group to support the transaction and fund further acquisitions and organic growth.

Compass Group Equity Partners has invested in Anderson UnderBridge, a York, South Carolina-based manufacturer and rental operator of mobile bridge inspection trailers and trucks. The partnership establishes Anderson as a platform in Compass Group's Fund II and will fund expanded manufacturing, a larger rental fleet, certification services, geographic expansion, and potential bolt-on acquisitions.

Brookfield Infrastructure Partners and Ontario Teachers' Pension Plan have entered into a definitive agreement to acquire Compass Datacenters from RedBird Capital Partners and the Azrieli Group. Compass, headquartered in Dallas and known for building hyperscale data center campuses, will continue to be led by founder and CEO Chris Crosby as the new owners support the company's global expansion and sustainable campus development.

DartPoints has acquired Venyu, adding three carrier‑neutral data centers in Baton Rouge and Shreveport and expanding its portfolio to 11 data centers across 10 U.S. markets. Lafayette Square provided financing to support the transaction; Venyu was previously owned by REV (its former parent company).

Grain Management, in partnership with StratCap, has acquired a majority stake in 55 Hereford Street (55H), a 127,000 sq. ft., Tier III data center in Brampton, Ontario. The joint-venture plans to expand site power capacity and pursue lease-up opportunities with hyperscalers, wholesale tenants and enterprises as part of a value-add growth strategy.

Bobcat Power Holdings, a Cotton Creek Capital-backed provider of substation development and maintenance services, has acquired Chancellor Construction, a Hattiesburg, Mississippi-based substation repair and maintenance contractor. The acquisition expands Bobcat's coverage, complementary service capabilities and capacity across the U.S. Southeast; Chancellor will remain led by its existing management team.

Aegion Corporation has acquired Infraspec Services, Inc., a Laval, Quebec-based trenchless water rehabilitation contractor that self-performs CIPP, sewer cleaning & inspection, grouting and lead pipeline replacement. Infraspec will continue to operate under its current name and management in Quebec as Aegion expands its capabilities and resources to better serve the Canadian municipal market.

Macquarie Asset Management, via Macquarie European Infrastructure Fund 7, has agreed to acquire a significant minority stake in Best in Parking AG, a Vienna-based developer, owner and operator of parking and mobility infrastructure across Central and Southeast Europe. The investment will support Best in Parking’s rollout of EV charging (targeting ~1,000 chargers by 2025), digital solutions and further site expansion; the Breiteneder family (through Breiteneder Immobilien Parking AG) will retain the majority stake. The transaction was expected to close by Q3 2023 and terms were not disclosed.

Osmose Utilities Services, Inc. acquired the Geospatial & Asset Management business of Effigis Geo‑Solutions (a division of Cansel), bolstering Osmose’s data-driven inspection and asset‑management capabilities in Canada. The deal extends Osmose’s Canadian footprint (adding operations in Quebec, British Columbia and Ontario) and combines Effigis’s geospatial expertise with Osmose’s inspection, analysis and restoration services to serve major utilities and telecom customers.

PURIS, a J.F. Lehman & Company portfolio company, has acquired the assets of D&D Water & Sewer, Inc., a Canton, Michigan-based underground infrastructure installation and repair contractor. The acquisition expands PURIS's self-perform capabilities in potable water rehabilitation and complements its existing Murphy Pipeline Contractors business to better serve municipal clients across North America.

IK Partners’ Small Cap III Fund has signed an agreement to acquire Ipsum Group Limited from Aliter Capital, with the existing management team investing alongside IK. Ipsum, headquartered in Chorley, UK, is a specialist provider of maintenance, upgrade and repair services for power and water infrastructure with ~570 employees; IK plans to support organic and acquisitive growth and invest in people, assets and technology.

Integrated Water Services, in partnership with Sciens Water Opportunities Management (an affiliate of Sciens Capital), acquired 100% of Hyperion International Technologies, a control-systems and engineering services provider for water and wastewater markets. The deal expands IWS’s product and digital services capabilities in modular MBR and wastewater reuse technologies; Hyperion’s General Manager Scott Johnson will lead the business as Al Ouchie transitions to retirement.

EQT Value-Add Infrastructure (EQT Infrastructure VI) has agreed to acquire a 68% stake in SK Shieldus from SK Square and Macquarie Asset Management's infrastructure business, with SK Square retaining a 32% minority holding. The investment marks EQT's first infrastructure investment in South Korea and aims to accelerate SK Shieldus's digitalization, expand its physical and cyber security offerings, and support fleet decarbonization and operational improvements.

Boyne Capital (through an affiliate) has partnered with McKee Utility Contractors' management and founding family in a platform investment to acquire McKee Utility Contractors, a water and sewer pipeline and utility infrastructure services provider. The investment will support McKee's growth across municipal water, wastewater, and stormwater projects in Texas, Oklahoma and Arkansas and help the company capitalize on increased public water/sewer infrastructure spending.

Wafra Inc. and Post Road Group announced a joint investment in Intermountain Infrastructure Group (IIG) to support accelerated deployment of IIG's long-haul, regional and metro fiber networks. The capital will enable network expansion — including a new long‑haul route in the Intermountain Region — and support IIG's dark fiber, lit services and colocation offerings for hyperscale, cloud, carrier and content customers.

Lumin8 Transportation Technologies, a portfolio company of Crest Rock Partners, has acquired Lightspeed Integrated Communications, a Castle Rock, Colorado-based fiber optic infrastructure services provider. The deal expands Lumin8's fiber optic installation, splicing, testing, and maintenance capabilities to support ITS and broadband projects and broadens its service footprint across the U.S.

United Utility Services, a Bernhard Capital Partners-backed utility services platform, has acquired BHI Power Delivery from Westinghouse Electric Company. The acquisition adds BHI’s transmission, substation and distribution capabilities and more than 1,200 employees and 170+ crews, expanding United Utility’s geographic footprint and creating one of the largest independent U.S. transmission & distribution services providers.

J.F. Lehman & Company has combined Inland Pipe Rehabilitation, Inliner Solutions, and Murphy Pipeline Contractors into a single portfolio company rebranded as PURIS, a provider of trenchless water infrastructure rehabilitation. The deal creates a North American platform offering CIPP, pipe bursting, CompressionFit HDPE lining and in-house inspection and liner manufacturing to serve municipal sanitary, storm and potable water markets.

Ramudden AS has signed an agreement to acquire Veidrift AS from Roadworks (majority owned by Norvestor), combining capabilities to create the leading road work zone safety solutions provider in Norway. The transaction is intended to strengthen competence and capacity across both businesses and consolidate market position in the Norwegian road-safety services market.

Funds advised by Equistone Partners Europe have acquired a majority stake in BUKO Infrasupport and BUKO Waakt, two Netherlands-based providers of temporary traffic management and remote security solutions. The seller is Scheybeeck Participaties (the Burger family office); the existing management team, led by CEO Robert Emmerich, will reinvest and continue to run the business as Equistone supports domestic growth and targeted expansion into neighbouring countries.