Infrastructure Acquisitions in North Carolina

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.

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.

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.

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.

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.

Blue Point Capital Partners has made a platform investment in National OnDemand, a Burlington, North Carolina-based communications and utility infrastructure services provider. The founders retain significant ownership and management roles; the investment will support continued organic growth and accelerated add-on M&A to expand National OnDemand's services and geographic footprint.

Aptus Group USA, a portfolio company of private equity firm 3 Rivers Capital, has acquired King Electric of Fayetteville, a family-owned bridge utility infrastructure services provider with 30 employees. The add-on expands Aptus' footprint into the Mid-Atlantic, strengthens its bridge-attached utility capabilities, and retains owner Richard W. King as Aptus' President of the Mid-Atlantic Region.

Affiliates of Lindsay Goldberg acquired a majority interest in Pike Corporation, a leading U.S. provider of infrastructure, construction and engineering services to utilities. The transaction supplies Pike with new equity and an incremental term loan B to support growth and strategic initiatives while founder J. Eric Pike and other existing investors remain significant shareholders.

Quanta Services, Inc. acquired Lee Electrical Construction, LLC in August 2020. Lee Electrical Construction, headquartered in Aberdeen, North Carolina, provides power line construction, transmission/substation and storm restoration services to investor-owned utilities, electric cooperatives, municipalities, and industrial customers across the Southeastern and Mid-Atlantic United States; Founders Advisors advised Lee on the sale.

3 Rivers Capital, a lower middle-market private equity firm, has acquired Aptus Group USA, a Charlotte-based provider of bridge-attached utility repair and maintenance services. The founder, Scott T. Dill, remains CEO as 3RC partners with Aptus to expand its geographic footprint beyond the eastern U.S. and accelerate strategic growth.