Tracked deals
19
19 tracked deals across 2020-2026.
Infrastructure Buyers & Acquisitions in California
Buyer mix
Mixed buyer set
15 pe · 10 strategic
Top trend
Volume peaked in 2026
6 tracked deals announced in 2026.
Primary Insight
What Stands Out
- Platform building shows up repeatedly: sponsors back expansion plans in fiber, grid equipment, and infrastructure services.
- Connectivity and digital infrastructure are prominent, including fiber-to-the-home growth and a data center operator expanding liquid-cooled capacity for AI/HPC.
- Electrical contracting and related transport/utility work are key subsectors, with acquisitions aimed at expanding footprint and service offerings across California.
- Several transactions are bolt-on style: adding locations, capabilities, and customer relationships (e.g., pipe inspection, fiber footprint, municipal relationships).
- Deal geography clusters around California, including San Diego County and Bay Area cities such as San Jose and Cupertino.
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Top Buyers
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| Falcon Gases | 2 | Packaged gas distribution platform pursuing organic growt... | Strategic |
| Abu Dhabi Investment Authority (ADIA) | 1 | Sovereign wealth fund of the Government of Abu Dhabi, inv... | PE |
| Arenova Capital | 1 | Growth equity principal investment firm focused on founde... | PE |
| Bear Electrical Solutions | 1 | California electrical contractor specializing in construc... | Strategic |
| Digital Colony Management, LLC | 1 | Global digital infrastructure investment firm focused on ... | PE |
| DigitalBridge Group, Inc. | 1 | Global alternative asset manager focused on investing in ... | PE |
| First Reserve | 1 | Private equity firm focused on Infrastructure Solutions, ... | PE |
| GenNx360 Capital Partners | 1 | Middle-market private equity firm focused on industrial a... | PE |
| GreenArrow | 1 | A family of infrastructure services companies focused on ... | Strategic |
| Intrepid Fiber Networks | 1 | Brookfield-backed open-access fiber-to-the-premises platf... | PE |
Acquisition Volume in Infrastructure in California by Year
Last 6 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
September 22, 2026
- Buyer
- Odyssey Investment Partners, Falcon Gases
- Target
- Falcon Gases
- Industry
- Infrastructure
- Location
- California, United States
- Type
- Growth capital
Falcon Gases announced it secured a strategic majority investment from Odyssey Investment Partners. The investment is intended to accelerate Falcon’s strategy to build a high-growth, large-scale independent packaged gas distribution platform through growth and M&A.
-
September 22, 2026
- Buyer
- Falcon Gases
- Target
- Encore Gas & Supply
- Industry
- Infrastructure
- Location
- California, United States
- Type
- Addon
Falcon Gases acquired Encore Gas & Supply as its initial investment. Encore operates multiple southern California locations supplying packaged gases, microbulk, welding supplies, and technical services.
-
- Buyer
- Intrepid Fiber Networks
- Target
- Ubiquity's Southern California Fiber Network
- Seller
- Ubiquity
- Industry
- Infrastructure
- Location
- California, United States
- Type
- Buyout
Intrepid Fiber Networks entered into a definitive agreement to acquire Ubiquity’s Southern California fiber network in San Diego County. The in-service fiber-to-the-premises network covering Solana Beach, Encinitas, Carlsbad, and Oceanside will remain a wholesale open-access model under Intrepid, with Ubiquity’s Southern California operations and employees transitioning to Intrepid management.
-
June 25, 2026
- Buyer
- Osprey Landscape Group
- Target
- LandGraphics
- Industry
- Infrastructure
- Location
- California, United States
- Type
- Addon
Osprey Landscape Group, a commercial landscaping services platform backed by Southfield Capital, acquired LandGraphics, a Southern California provider of landscape maintenance, enhancements, water management, and arbor care. The transaction closed in June 2026 and represents Osprey’s first acquisition in California.
-
- Buyer
- First Reserve
- Target
- Lindsey Systems
- Seller
- Lindsey family (including Dr. Keith Lindsey)
- Industry
- Infrastructure
- Location
- California, United States
- Type
- Growth capital
First Reserve completed a majority equity investment in Lindsey Systems, a family-owned provider of proprietary products and engineered solutions for electric grid transmission and distribution. The capital is intended to support Lindsey’s next phase of growth and accelerate its strategic plan to expand capabilities, innovation, and scale amid grid modernization demand.
-
- Buyer
- Arenova Capital
- Target
- Aspire Fiber (Aspire Broadband Holdings, Inc. dba Aspire Fiber)
- Industry
- Infrastructure
- Location
- California, United States
- Type
- Growth capital
Aspire Fiber (Aspire Broadband Holdings, Inc. dba Aspire Fiber) announced a majority investment from Arenova Capital to support its 10 Gbps fiber-to-the-home expansion in California. Arenova committed $50 million of equity capital, while Aspire’s CEO Stephen Weatherford and management remain meaningful shareholders.
-
- Buyer
- GreenArrow, Bear Electrical Solutions
- Target
- Earthbound Electric
- Industry
- Infrastructure
- Location
- California, United States
- Type
- Addon
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.
-
- Buyer
- Shenandoah, GenNx360 Capital Partners
- Target
- Pro-Pipe Services, LLC
- Seller
- National Underground Group
- Industry
- Infrastructure
- Location
- California, United States
- Type
- Addon
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.
-
January 10, 2025
- Buyer
- Vortex Companies, LLC
- Target
- Sancon Technologies, Inc.
- Industry
- Infrastructure
- Location
- California, United States
- Type
- Buyout
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.
-
July 22, 2024
- Buyer
- Quanta Services, Inc.
- Target
- Cupertino Electric, Inc.
- Industry
- Infrastructure
- Location
- California, United States
- Type
- Buyout
Quanta Services, Inc. has completed its approximately $1.5 billion acquisition of Cupertino Electric, Inc., a San Jose–based electrical infrastructure solutions provider. The deal brings CEI’s low-voltage electrical platform, modular electrical manufacturing capabilities and renewable-energy construction experience into Quanta’s portfolio to expand service offerings and end-market exposure in data centers, technology and utility-scale renewables.
-
May 22, 2024
- Buyer
- King Street Capital Management
- Target
- Colovore
- Industry
- Infrastructure
- Location
- California, United States
- Type
- Buyout
Private equity firm King Street Capital Management has acquired Santa Clara–based data center operator Colovore for an undisclosed sum. King Street plans to leverage its data center real estate platform to support Colovore's expansion of liquid-cooled, high-density colocation capacity for AI and HPC customers across additional Tier 1 U.S. markets.
-
- Buyer
- Abu Dhabi Investment Authority (ADIA), DigitalBridge Group, Inc. (and DigitalBridge-sponsored vehicles)
- Target
- Landmark Dividend LLC
- Industry
- Infrastructure
- Location
- California, United States
- Type
- Growth capital
A wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) has completed the acquisition of a 40% stake in DigitalBridge portfolio company Landmark Dividend LLC alongside DigitalBridge-sponsored vehicles. The minority investment is a strategic partnership to support Landmark's continued expansion of its real estate and digital infrastructure platform across strategic locations in the United States.
-
October 12, 2023
- Buyer
- Northleaf Capital Partners
- Target
- EVPassport, Inc.
- Industry
- Infrastructure
- Location
- California, United States
- Type
- Buyout
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.
-
- Buyer
- Manulife Investment Management (Manulife Infrastructure Fund II), NantCapital, LLC (NANT)
- Target
- Serverfarm
- Industry
- Infrastructure
- Location
- California, United States
- Type
- Buyout
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.
-
February 22, 2023
- Buyer
- Wafra Inc., Post Road Group
- Target
- Intermountain Infrastructure Group LLC
- Industry
- Infrastructure
- Location
- California, United States
- Type
- Growth capital
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.
-
Digital Colony to Acquire Landmark Dividend LLC (with proposal for Landmark Infrastructure Partners)May 17, 2021
- Buyer
- Digital Colony Management, LLC
- Target
- Landmark Dividend LLC, Landmark Infrastructure Partners LP
- Industry
- Infrastructure
- Location
- California, United States
- Type
- Buyout
Digital Colony Management, LLC has entered into a definitive agreement to acquire Landmark Dividend LLC, the sponsor that owns the general partner of Landmark Infrastructure Partners LP. Upon closing of the sponsor acquisition, Digital Colony said it intends to submit a proposal to the LMRK board to acquire substantially all of Landmark Infrastructure Partners LP, proposing $13.00 per common unit (valuing LMRK at ~ $972 million).
-
- Buyer
- Serverfarm, NantWorks
- Target
- LAX1 (El Segundo data center)
- Seller
- T5 Data Centers
- Industry
- Infrastructure
- Location
- California, United States
- Type
- Divestiture
Serverfarm, together with long-term partner NantWorks, acquired the 117,500 sq. ft. LAX1 data center in El Segundo, California (previously operated by T5). The acquisition expands Serverfarm’s owned and managed portfolio in the Los Angeles market and enables modernization and sustainability upgrades using its InCommand DMaaS platform to serve hyperscale, healthcare, government and media tenants.
-
November 12, 2020
- Buyer
- White Deer Energy
- Target
- EV Infrastructure (Renewable Energy Infrastructure Group's EV infrastructure design-build business)
- Seller
- Renewable Energy Infrastructure Group
- Industry
- Infrastructure
- Location
- California, United States
- Type
- Divestiture
White Deer Energy has acquired Renewable Energy Infrastructure Group's electric vehicle infrastructure design-build business, EV Infrastructure. The company, headquartered in Costa Mesa, California, provides turnkey engineering and construction of Level 2 and Level 3 fast-charging stations primarily for commercial fleet, utility and municipal customers; financial terms were not disclosed.
-
January 29, 2020
- Buyer
- RoadSafe Traffic Systems, ORIX Capital Partners
- Target
- A Cone Zone Inc.
- Industry
- Infrastructure
- Location
- California, United States
- Type
- Addon
RoadSafe Traffic Systems, the nation’s largest provider of traffic control and pavement marking services, has acquired A Cone Zone Inc., a Corona, California-based traffic management equipment and services provider focused on utility end markets. The deal expands RoadSafe’s California footprint and strengthens its utility service offering as part of its Western U.S. consolidation strategy; RoadSafe is a platform company owned by ORIX Capital Partners.
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Frequently Asked Questions
What infrastructure subsectors are represented in California deals here?
The listed acquisitions cover areas such as packaged gas distribution, electrical infrastructure services, fiber networks, trenchless sewer/water rehabilitation, pipe cleaning/inspection & rehabilitation, commercial landscaping & water management, and data center/digital infrastructure.
Which buyers appear most often across the California transactions?
Several names recur as buyers or acquirers, including Falcon Gases, Intrepid Fiber Networks, Quanta Services, Inc., King Street Capital Management, and GreenArrow (through Bear Electrical Solutions).
Are these deals mostly majority investments or outright acquisitions?
Both appear. Some transactions are majority investments (e.g., Odyssey Investment Partners investing in Falcon Gases and Arenova Capital investing in Aspire Fiber), while others are outright acquisitions (e.g., Intrepid Fiber Networks acquiring a Southern California fiber network and Quanta Services acquiring Cupertino Electric).
Do the transactions focus on specific regions within California?
Yes. The examples reference specific areas such as San Diego County (for the Southern California fiber network) and Bay Area locations including San Jose and Cupertino, along with other Southern California and local operations.
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