Tracked deals
8
8 tracked deals across 2022-2025.
Infrastructure Buyers & Acquisitions in Indiana
Buyer mix
Mixed buyer set
6 pe · 6 strategic
Top trend
Volume peaked in 2022
4 tracked deals announced in 2022.
Buyer Snapshot
Top Buyers
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| CST Utilities | 1 | Turnkey infrastructure services company providing excavat... | Strategic (PE-backed) |
| Cascata Capital | 1 | Dallas-based direct private equity / independent sponsor ... | PE |
| Helix Traffic Solutions | 1 | Provider of traffic safety and work zone services includi... | Strategic (PE-backed) |
| Kohlberg & Company | 1 | Middle-market private equity firm focused on leveraged bu... | PE |
| MFG Partners | 1 | Private equity firm focused on control investments in fam... | PE |
| MidOcean Partners | 1 | New York-based alternative asset manager focused on middl... | PE |
| Netrality Data Centers | 1 | Owner-operator of interconnected, carrier-dense colocatio... | Strategic (PE-backed) |
| Neuberger Berman (funds managed) | 1 | Investment management firm providing asset management acr... | Investor |
| Nonantum Capital Partners | 1 | Boston-based middle-market private equity firm focusing o... | PE |
| Partners Group | 1 | Global private markets firm investing across private equi... | PE |
Acquisition Volume in Infrastructure in Indiana by Year
Last 3 years
Supporting Data
Recent Transactions
-
August 4, 2025
- Buyer
- Helix Traffic Solutions, Nonantum Capital Partners
- Target
- Highway Safety Services
- Seller
- Mike Madrid (founder and former owner)
- Industry
- Infrastructure
- Location
- Indiana, United States
- Type
- Addon
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.
-
July 15, 2025
- Buyer
- CST Utilities, MFG Partners
- Target
- Daystar Directional Drilling
- Seller
- Jerry Watson III / Daystar ownership
- Industry
- Infrastructure
- Location
- Indiana, United States
- Type
- Addon
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.
-
- Buyer
- Urbint
- Target
- Competers
- Industry
- Infrastructure
- Location
- Indiana, United States
- Type
- Buyout
Urbint has acquired Competers, the operator of the Utilocate ticket and locate management platform, making Competers a wholly owned subsidiary. The deal expands Urbint’s damage-prevention capabilities and customer base across utilities, telecoms, oil & gas and contract locate companies by adding ticket/locate management and direct service to contract locators.
-
- Buyer
- MidOcean Partners, Cascata Capital
- Target
- GridHawk Holdings
- Industry
- Infrastructure
- Location
- Indiana, United States
- Type
- Growth capital
MidOcean Partners has made a preferred equity, non-control growth capital investment in GridHawk Holdings to support the company’s geographic expansion and service offering growth. The investment, made in partnership with independent sponsor Cascata Capital, includes senior debt financing provided by BMO and was advised by Solomon Partners.
-
December 13, 2022
- Buyer
- Netrality Data Centers
- Target
- Lifeline Data Centers
- Seller
- Lifeline Data Centers
- Industry
- Infrastructure
- Location
- Indiana, United States
- Type
- Buyout
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.
-
- Buyer
- Kohlberg & Company, Partners Group, Neuberger Berman (funds managed)
- Target
- United States Infrastructure Corporation (USIC)
- Industry
- Infrastructure
- Location
- Indiana, United States
- Type
- Recapitalization
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.
-
- Buyer
- Prologis
- Target
- Duke Realty
- Industry
- Infrastructure
- Location
- Indiana, United States
- Type
- Buyout
Prologis (NYSE: PLD) and Duke Realty (NYSE: DRE) entered into a definitive merger agreement in which Prologis will acquire Duke Realty in an all-stock transaction valued at approximately $26 billion (including assumption of debt). The deal was unanimously approved by both boards and was expected to close in Q4 2022, subject to shareholder and customary closing conditions.
-
February 22, 2022
- Buyer
- Thayer Infrastructure Services, LLC
- Target
- Heartland Solutions Corp.
- Industry
- Infrastructure
- Location
- Indiana, United States
- Type
- Addon
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.
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