Infrastructure Acquisitions in 2025

Lindsay Goldberg has completed the sale of its interest in Pike Corporation following a 25-year partnership. The transaction transfers a majority stake to TPG and Caisse de dépôt et placement du Québec (La Caisse), alongside Pike management, positioning Pike for accelerated growth in U.S. electric-grid, renewables and telecom infrastructure services.

Argo Infrastructure Partners acquired the equity interests held by the majority of TierPoint's minority shareholders, further increasing Argo's ownership in the data center platform; financial terms were not disclosed and the transaction has closed. The move brings total capital formation under Argo's ownership to $3.0 billion and is intended to deepen support for TierPoint's national expansion of its 40 data centers across 20 markets and continued financing strategy.

Enceladus Partners, a family office, completed an investment in Smith Excavating, LLC, a second‑generation infrastructure services company headquartered in Winston‑Salem, North Carolina. Generational Group advised the transaction; Enceladus said the capital will support regional expansion, fleet and technology investments (including GIS capabilities), and partnership with CEO Matthew Smith to scale the business across the Mid‑Atlantic.

RadiusDC has acquired the carrier-hotel facility at 55 Marietta Street NW in downtown Atlanta and will invest to add 8MW of utility capacity, increasing the site's total to 18MW. The 403,000 sq ft, 21-story facility—home to 22 on-net carriers—was purchased from a European family office; RadiusDC said the deal expands its national footprint and supplies critical, connectivity-dense capacity for hyperscalers, content providers and enterprises.

TRP Infrastructure Services, a portfolio company of Arlington Capital Partners, has acquired Highway Barricades & Services, LLC. The Corpus Christi-based pavement marking and traffic control firm will operate as TRP's South Texas division, expanding TRP's regional footprint and capabilities to better serve government customers such as the Texas Department of Transportation.

Vantage Data Centers completed a $1.6 billion equity investment into its Asia‑Pacific platform led by an affiliate of GIC and a wholly owned subsidiary of ADIA, and used part of that capital to close the acquisition of Yondr Group’s 300MW+ hyperscale campus (JHB1) in Sedenak Tech Park, Johor, Malaysia. The deal expands Vantage’s APAC platform to roughly 1GW of operational and planned capacity and brings more than 30 Yondr APAC team members into the Vantage organization.

American Gridwork Partners (AGP), a Legacy Holdings vehicle, has acquired PMT Site, a Nashville-based underground utility and site infrastructure contractor. PMT Site will remain led by founder Phil Terhaar and operate with local autonomy while gaining access to AGP's national platform, shared resources, and growth capital as AGP builds a networked delivery platform for grid modernization.

Macquarie Asset Management (through Macquarie European Infrastructure Fund 7), with co-investor LGPS Central Limited (on behalf of West Midlands and Cheshire Pension Funds), has reached financial close to acquire a 55% stake in Bristol Airport and a 26.5% stake in Birmingham Airport. The stakes were purchased from Ontario Teachers' Pension Plan as part of Macquarie's broader UK airports portfolio expansion.

Apollo-managed funds have completed the acquisition of a majority interest in Stream Data Centers (SDC). Principal Asset Management acquired a minority stake while SDC’s management retains a minority ownership; the capital will be used to scale SDC’s multi‑gigawatt hyperscale and AI-focused development pipeline from its Dallas headquarters.

Sullivan Brothers Family of Companies (SBFC) has acquired Cotton Holdings, a Houston-based infrastructure support and disaster recovery services platform, from Sun Capital Partners. The deal transfers ownership to the family-founded operator, which says it will invest in expanding Cotton's service capabilities, geographic reach and long-term growth across the U.S. and internationally.

Aberdeen Investcorp Infrastructure Partners (AIIP), Investcorp's infrastructure platform jointly owned with Aberdeen Investments, has closed the acquisition of a significant minority equity interest in Al Fadhili Field House for Real Estate Development Company and joined the partnership led by MAWREF Logistics Solutions. The investment secures a stake in the Fadhili housing complex in Saudi Arabia's Eastern Province — a 760,000m2 workforce microcity that houses roughly 2,750 Saudi Aramco employees — and marks AIIP's first investment in the Kingdom as part of its GCC/MENA infrastructure strategy.

GreenArrow, through its California subsidiary Bear Electrical Solutions, has acquired Earthbound Electric, a traffic-signal and streetlight contractor founded in Arroyo Grande, California. The deal expands GreenArrow's transportation electrical services footprint across California and adds local expertise in traffic signals, intelligent transportation systems and airport lighting to its platform.

Vortex Companies has acquired PrimeLine Products, Inc., a national provider of trenchless technologies, equipment, materials, and training for plumbing and utility contractors. The business will be integrated with Vortex's MaxLiner division to strengthen small-diameter pipeline rehabilitation capabilities; PrimeLine founder Andy Rothenberg will remain involved as an advisor while Mason Rothenberg becomes General Manager.

Parsons Corporation has acquired Applied Sciences Consulting, Inc., a Tampa-based civil and environmental engineering firm specializing in water and stormwater solutions. The all-cash acquisition expands Parsons' water capabilities and strengthens its presence in Florida, with Applied Sciences integrated into Parsons' North America Infrastructure business unit.

Thoma Bravo has made a strategic minority investment in SDC Capital Partners, a global digital infrastructure investment firm focused on data centers, fiber, wireless and cloud-services infrastructure. The investment, funded from Thoma Bravo's balance sheet, is intended to support SDC's platform expansion as demand for AI, cloud computing and advanced technologies drives increased need for digital infrastructure.

Shenandoah, a GenNx360 Capital Partners portfolio company, has acquired Nu-Pipe LLC, a Southeast-based trenchless pipe rehabilitation contractor. Nu-Pipe founder and CEO Ashby Johnson will join Shenandoah as President of Solution Technologies, and the deal expands Shenandoah's CIPP, SAPL and grouting capabilities across the U.S.

Coltala Holdings launched Coltala Water Holdings with the acquisition of Alsay, Inc., a Houston-based water well drilling and water infrastructure services provider founded in 1960. The transaction was financed with a senior loan from Bank United and mezzanine/equity co-investment from Gladstone Capital, while Lone Star Investment Advisors remains an investor; Coltala plans to scale Alsay’s water infrastructure capabilities across Texas.

Zero Two has made a strategic investment in Evolution Data Centres, assuming a co-controlling position alongside Warburg Pincus to provide long-term growth capital for the expansion of hyperscale-ready data centres across Southeast Asia. The partnership will accelerate Evolution's deployment in markets including Thailand, the Philippines, and Vietnam and advance its sustainability goals through renewable energy PPAs.

Helix Traffic Solutions, majority-owned by Nonantum Capital Partners, has acquired Highway Safety Services of Lafayette, Indiana. The add-on expands Helix's footprint in Indiana's traffic safety market (traffic control, pavement marking, flagging and equipment sales/rentals); transaction terms were not disclosed.

Tallvine Partners, a Miami-based investment advisor focused on middle-market infrastructure, has acquired TRG Datacenters, a Houston-area data center owner-operator. Tallvine plans to scale TRG as its digital infrastructure platform, supporting an expansion of TRG’s Houston campus (including up to 24 MW of new capacity) and entry into additional Texas and U.S. metro markets to serve enterprise, hosting, cloud and AI customers.

USIC, a national leader in underground utility locating services, has acquired the 811 Locate Services Division of Heath Consultants. Heath, a Houston-based family-owned methane emissions management company, divested the division to sharpen its focus on methane detection and related technologies; Westlake Securities served as exclusive financial advisor to Heath.

CST Utilities, a portfolio company of MFG Partners, has acquired Noblesville, Indiana-based Daystar Directional Drilling effective July 15, 2025. The deal expands CST's Midwest footprint and service offerings in underground utility drilling; Daystar's founder Jerry Watson III will remain leading the Indiana operation and retain an ownership stake.

TPG Inc. has completed its acquisition of Peppertree Capital Management, adding a $7.8 billion communications infrastructure investing strategy that will operate as TPG Peppertree. The business will be led by Peppertree's Co-Managing Partners Howard Mandel and Ryan Lepene and expands TPG's footprint in digital infrastructure, bringing pro forma AUM to $258 billion.

DigitalBridge and La Caisse (Caisse de dépôt et placement du Québec) have completed the acquisition of Yondr Group from Cathexis Holdings. The ownership change positions Yondr to accelerate development and operation of hyperscale, AI-ready data center capacity under new leadership.

Triton Smaller Mid Cap Fund II (advised by Triton) has created Lohkare Infra by acquiring and merging three regional Finnish infrastructure services companies — VM Suomalainen Oy, Lännen Alituspalvelu Oy, and Oteran Oy — into a decentralised national platform. The new group operates across Finland, employs ~200 people, generates nearly EUR 200 million in annual turnover with ~EUR 25 million EBIT, and will pursue buy-and-build consolidation of the fragmented Finnish infrastructure services market.

CVC DIF, the infrastructure strategy of private markets manager CVC, and Tabreed have agreed to acquire PAL Cooling Holding from Abu Dhabi’s Multiply Group in a transaction with an equity value of approximately AED 3.8 billion. The deal covers eight long-term district cooling concessions in Abu Dhabi (served by five operating plants with additional plants under construction/planning) and is intended to expand capacity and network presence in the Abu Dhabi district cooling market, subject to regulatory approvals.

MPE Partners, alongside its portfolio company Delphi Infrastructure Group (DIG), has acquired JMF Underground, a Mechanicsburg, Pennsylvania-based provider of underground utility services specializing in horizontal directional drilling, trenching, boring and excavation. The deal is an add-on to the DIG platform to expand underground infrastructure capabilities and geographic coverage across the Mid-Atlantic and Eastern United States; financing was provided by Churchill Asset Management and BMO Sponsor Finance.

US data center operator EdgeMode has acquired Swedish Synthesis Analytics Production Ltd. (SAPL) for $1.75 million, taking ownership of a 95MW power purchase agreement, a long-term lease on an in-development 20MW HPC data center and ~20,000 sqm of adjacent land in Marviken, Sweden. The site — rebranded EdgeMode Europe — will use immersion and seawater cooling, target HPC/AI workloads and is planned to scale beyond the initial 20MW to as much as 300MW over time.

Clarion Capital Partners has invested in International Cybernetics (ICC), partnering with ICC management and shareholders to establish a Testing, Inspection, Certification and Compliance (TICC) platform focused on infrastructure testing and inspection across the U.S. and Canada. Stellus Capital Management provided unitranche senior debt financing and an equity co-investment to support the transaction; ICC will continue to be led by CEO Michael Nieminen while Mustafa Temiz will help oversee the combined platform.

Corporación América Airports S.A. acquired the remaining 25% interest in Corporación América Italia S.p.A. from the Investment Corporation of Dubai via a share-swap, increasing its interest in CAI to 100%. CAI holds a 62.28% interest in Toscana Aeroporti S.p.A., the operator of Pisa and Florence airports, and the deal increases CAAP's indirect economic interest in Toscana Aeroporti and strengthens its position in the Italian airport sector.

Apax Funds (acting through Nordahl BidCo AB) completed a recommended cash offer to take Norva24 Group AB (publ) private with acceptance from roughly 98% of shareholders. The transaction follows exits by existing investors including Valedo Partners and Nordstjernan after a period of strong organic growth and more than 50 add-on acquisitions that grew Norva24 to roughly NOK 4bn in revenue.

GenNx360 Capital Partners’ portfolio company Shenandoah has acquired Pro-Pipe Services, LLC from National Underground Group. The add-on expands Shenandoah’s geographic footprint into the U.S. Southwest (branches in Phoenix, Tucson, Albuquerque, Dallas and Denver) and adds cross-bore inspection capabilities to its sanitary and stormwater pipe cleaning, inspection and rehabilitation services.

Funds managed by Blackstone Infrastructure have completed the $5.65 billion acquisition of Safe Harbor Marinas, the largest marina and superyacht servicing business in the United States, from Sun Communities. Blackstone said it will work with Safe Harbor's management to develop existing marinas and strategically scale the platform.

Hypertec Cloud has acquired 5C Data Centers and spun Hypertec Cloud out of Hypertec Group to create 5C Group, a combined AI digital infrastructure provider. The deal integrates Hypertec Cloud's high-performance AI compute capabilities with 5C Data Centers' U.S. campus footprint to accelerate AI deployments, improve speed-to-deployment, and optimize performance and cost for large AI and enterprise customers.

Frontline Road Safety, the largest U.S. pavement marking platform, has acquired InfraStripe, a Charlotte-based roadway safety contractor, from Soundcore Capital Partners. The add-on expands Frontline's traffic control, safety signage and work zone capabilities and deepens its regional footprint across more than 10 states.

Northstar Technologies Group has acquired majority ownership of Compass Quantum (Compass EdgePoint Systems) from Compass Datacenters. The deal makes Compass Datacenters a strategic partner while positioning Northstar to scale Quantum’s modular edge data center manufacturing and expand into defense, federal and AI/edge markets; financial terms were not disclosed.

Dresser Utility Solutions, a portfolio company of First Reserve, has acquired Kobus, a provider of gas and water pipe-pulling technology and a portfolio company of Agile Growth Equity. Kobus will continue operating from its Houston (U.S.) and Tamworth (U.K.) locations and the deal expands Dresser's capabilities for safer, faster, and more cost-effective underground gas and water pipe replacement to address aging utility infrastructure.

EDGNEX Data Centers by DAMAC, the digital infrastructure platform of DAMAC Group, has acquired Finland‑founded data center developer Hyperco. The founders and team will remain in place as EDGNEX provides growth capital to accelerate Hyperco's expansion across Finland and Sweden and to deliver scalable, sustainable capacity tailored to hyperscalers and AI workloads.

Stonepeak has provided an equity commitment to Longview Infrastructure, a newly formed electric transmission development and investment platform, to support the origination, development, construction, and operation of transmission projects across the United States. The partnership aims to scale transmission capacity to meet rising electricity demand and renewable integration; Sidley Austin advised Stonepeak and Vinson & Elkins advised Longview.

Salute (formerly Salute Mission Critical), a New Mountain Capital–backed data center lifecycle services provider, has acquired AI-focused training and consulting firm Advanced Data Center Consulting Group (ADCC) and European data center solutions provider Keysource Group. The deals expand Salute’s AI training and technical capabilities while deepening its regional capacity across EMEA; financial terms were not disclosed.

Ramudden Global, a portfolio company of Triton Fund IV, has acquired Curtin Co., LLC and Carolina Traffic Devices, LLC, strengthening its road and urban safety infrastructure capabilities in the southeastern United States. The deal expands Ramudden Global's temporary traffic management and heavy-highway installation footprint across key US markets.

Keppel Infrastructure Fund (KIF) has acquired Global Marine Group (GMG), a UK-based provider of subsea cable installation, maintenance and repair services, from investment affiliates of J.F. Lehman & Company. Terms were not disclosed; the deal positions Keppel to expand its connectivity and subsea infrastructure capabilities while marking an exit for J.F. Lehman.

Green Heron Partners formed Bison Infrastructure Services, a new platform focused on support services for water, utility, and civil infrastructure, and completed acquisitions of QP Services and Iron Woman Logistics Services from Iron Woman Partners. Shaun Egan and Steve Burns (founders of Iron Woman) will serve as Co-Executive Chairmen of Bison and retain a significant ownership stake as Green Heron supports platform growth and regional expansion.

Chicago-based private equity firm Frontenac has acquired The CROM Corporation (CROM), a Gainesville, Florida-based water infrastructure solutions provider, from Sciens Water Opportunities Management LLC. The transaction closed on January 31, 2025; Frontenac intends to support CROM's organic and inorganic growth and expand its water and wastewater services across the Sun Belt.

Helix Traffic Solutions, a portfolio company majority-owned by Nonantum Capital Partners, has acquired Mels Electric of Wilmer, Texas. The add-on expands Helix's traffic safety infrastructure capabilities and strengthens its footprint in the Dallas–Fort Worth market; transaction terms were not disclosed.

Think Power Solutions, a Plano-based tech-enabled utility infrastructure solutions provider, has acquired Lamar Technical Services Inc. (LTSI), a Texas-based firm specializing in GIS data collection, construction staking, and easement research. The acquisition expands Think Power Solutions’ capabilities and geographic reach in the utility infrastructure market as part of its M&A-driven growth strategy.

Funds managed by Macquarie Asset Management agreed to provide a $5.0 billion perpetual preferred equity financing facility to Applied Digital's HPC business (APLDH), with an initial commitment of up to $900 million to support the 400 MW Ellendale HPC campus and a right to invest up to an additional $4.1 billion across Applied Digital's future HPC pipeline. The financing includes preferred and common equity units (MAM receiving 15% of APLDH common at issuance), proceeds to fund buildout, repay bridge debt, and support platform G&A, positioning Applied Digital to accelerate its HPC data center expansion.

Vortex Companies, LLC acquired Sancon Technologies, Inc., a Huntington Beach, California-based provider of trenchless sewer and water structure rehabilitation. The acquisition expands Vortex’s West Coast presence and adds specialized equipment, technologies, and long-standing municipal customer relationships; financial terms were not disclosed.

London-based real estate investor Castleforge and full-service operator Galaxy Data Centers have acquired the Redhill Data Centre campus near London in a transaction with a development value of over £100 million. The 11,800 sqm campus (26MVA)—home to 26 tenants including Fortune 500 firms—was financed by ICG Real Estate; buyers plan significant capacity expansion (exploring a 10–15MW build-to-suit) to serve hyperscale, edge and enterprise demand.

AWP Safety, a Kohlberg & Company-backed traffic safety platform, has acquired three regional traffic control firms — Site Barricades (Fort Worth, Texas), Integrity Traffic (Sherwood, Oregon) and WS Barricade (Frederick, Colorado). The add-on acquisitions expand AWP Safety’s geographic footprint across the Pacific Northwest, Mountain West, Texas and Nebraska and broaden its traffic control, signage, equipment rental and pavement marking capabilities.