Tracked deals
15
15 tracked deals across 2019-2026.
Infrastructure Buyers & Acquisitions in Ohio
Buyer mix
Mixed buyer set
12 strategic · 7 pe
Top trend
Volume peaked in 2024
5 tracked deals announced in 2024.
Primary Insight
What Stands Out
- MARA Holdings, Inc. agreed to acquire Long Ridge Energy Power LLC, anchored by a 505 MW combined-cycle gas power plant in Hannibal, Ohio.
- OnSite Partners, LLC expanded its behind-the-meter distributed generation portfolio by acquiring Ohio-based One Power Company.
- Infrastructure service platforms and add-ons are common: Vortex Companies (Premier Pipe USA) and CST Utilities (Precise Boring of Ohio) both broaden trenchless/utility capabilities.
- Telecom and digital infrastructure investing shows up in TPG’s Peppertree acquisition and Congruex’s broadband-focused construction footprint expansion.
- Transportation P3 and energy-adjacent assets both appear, including Ardian’s acquisition of CampusParc for Ohio State University parking operations.
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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 |
|---|---|---|---|
| The Sterling Group | 2 | Middle-market private equity firm focused on manufacturin... | PE |
| Affiliates of The Goldman Sachs Group, Inc. | 1 | Global investment bank and asset manager participating as... | PE |
| Ardian | 1 | Independent private investment house with global infrastr... | PE |
| CST Utilities | 1 | Ohio-based infrastructure service company providing excav... | Strategic |
| CleanSpark, Inc. | 1 | Public Bitcoin mining and data-center operator that devel... | Strategic |
| Congruex | 1 | National end-to-end provider of design, engineering, cons... | Strategic (PE-backed) |
| Crestview Partners | 1 | Value-oriented private equity firm focused on middle-mark... | PE |
| David M. Cote | 1 | Former Honeywell CEO serving as SPAC co-sponsor, Executiv... | Investor |
| Frontline Road Safety | 1 | Platform of pavement marking and road-safety operating co... | Strategic (PE-backed) |
| Frontline Road Safety, LLC | 1 | Platform operator providing pavement marking and ancillar... | Strategic (PE-backed) |
Acquisition Volume in Infrastructure in Ohio by Year
Last 7 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
August 17, 2026
- Buyer
- NVIDIA, SoftBank Group, OpenAI
- Target
- SB Energy
- Industry
- Infrastructure
- Location
- Ohio, United States
- Type
- Growth capital
NVIDIA secured land, power, and shell capacity through a partnership with SB Energy at the PORTS-Pike Technology Campus in Pike County, Ohio, to exclusively host NVIDIA AI compute. SB Energy will build, own, and operate the data center under a 20-year lease to OpenAI, while NVIDIA also invests $1.5 billion in SB Energy to support its AI infrastructure growth.
-
- Buyer
- MARA Holdings, Inc.
- Target
- Long Ridge Energy Power LLC, Long Ridge Energy Power LLC
- Seller
- FTAI Infrastructure Inc.
- Industry
- Infrastructure
- Location
- Ohio, United States
- Type
- Buyout
MARA Holdings, Inc. entered into a definitive agreement to acquire Long Ridge Energy Power LLC from FTAI Infrastructure Inc. for an approximately $1.5 billion transaction value (including assumed debt). The deal includes the Long Ridge 505 MW combined-cycle gas power plant in Hannibal, Ohio, plus land and related digital infrastructure campus assets, expected to support MARA’s AI and critical IT expansion plans.
-
February 16, 2026
- Buyer
- OnSite Partners, LLC
- Target
- One Power Company
- Industry
- Infrastructure
- Location
- Ohio, United States
- Type
- Buyout
OnSite Partners, LLC announced it has acquired the business interests of Ohio-based industrial power company One Power. The deal expands OnSite Partners’ behind-the-meter distributed generation portfolio and strengthens its energy infrastructure operations, maintenance, and construction capabilities.
-
July 2, 2025
- Buyer
- TPG Inc. (TPG)
- Target
- Peppertree Capital Management, Inc. (Peppertree)
- Industry
- Infrastructure
- Location
- Ohio, United States
- Type
- Buyout
TPG (NASDAQ: TPG) completed its previously announced acquisition of Peppertree Capital Management in a cash and equity transaction with earnouts. Peppertree’s wireless communications tower and related digital infrastructure investment strategy will operate within TPG as “TPG Peppertree.”
-
February 28, 2025
- Buyer
- MPLX LP
- Target
- BANGL, LLC
- Seller
- Affiliates of WhiteWater, Affiliates of Diamondback Energy, WhiteWater BANGL Holdings, LLC
- Industry
- Infrastructure
- Location
- Ohio, United States
- Type
- Buyout
MPLX LP has signed a definitive agreement to acquire the remaining 55% interest in BANGL, LLC from affiliates of WhiteWater and Diamondback Energy for $715 million, with earnout payments up to a cap tied to financial performance metrics. The deal is expected to close in July 2025 and will make the BANGL Pipeline a wholly owned, consolidated asset of MPLX.
-
October 30, 2024
- Buyer
- CleanSpark, Inc.
- Target
- GRIID Infrastructure Inc.
- Seller
- Stockholders of GRIID Infrastructure Inc.
- Industry
- Infrastructure
- Location
- Ohio, United States
- Type
- Buyout
CleanSpark, Inc. (Nasdaq: CLSK) completed its acquisition of GRIID Infrastructure Inc. (Nasdaq: GRDI) on October 30, 2024, in an all-stock merger following approval by GRIID stockholders. The deal expands CleanSpark's Bitcoin mining footprint and power diversity, enabling planned growth to over 400 MW of mining capacity in Tennessee and adding GRIID's team and existing sites to CleanSpark's operations.
-
August 23, 2024
- Buyer
- Vortex Companies
- Target
- Premier Pipe USA
- Industry
- Infrastructure
- Location
- Ohio, United States
- Type
- Buyout
Vortex Companies has acquired Premier Pipe USA, a Troy, Ohio provider of cured‑in‑place pipe (CIPP) products and licensee support. The acquisition expands Vortex's trenchless infrastructure product portfolio and enhances support and product offerings for Premier Pipe's network of licensed installers.
-
June 28, 2024
- Buyer
- One Energy Enterprises Inc., TortoiseEcofin Acquisition Corp. III
- Target
- One Energy Enterprises Inc.
- Seller
- TortoiseEcofin Acquisition Corp. III stockholders (TRTL)
- Industry
- Infrastructure
- Location
- Ohio, United States
- Type
- Buyout
One Energy Enterprises Inc. entered into a definitive business combination agreement with TortoiseEcofin Acquisition Corp. III (NYSE: TRTL) for a proposed combination that will close subject to TRTL stockholder approval and other closing conditions. Following the combination, the combined company will be listed on the NYSE under the symbol “ONE” as “One Power.”
-
June 24, 2024
- Buyer
- CST Utilities
- Target
- Precise Boring of Ohio
- Industry
- Infrastructure
- Location
- Ohio, United States
- Type
- Buyout
CST Utilities acquired Precise Boring of Ohio, a Lancaster-based provider of underground utility and boring services, expanding CST’s footprint and service capabilities across Ohio and the Midwest. The acquisition is intended to combine resources and expertise to deliver enhanced utility infrastructure services to local utilities, telecoms, and contractors.
-
- Buyer
- Ardian (via Ardian Americas Infrastructure Fund V)
- Target
- CampusParc
- Seller
- Funds managed by QIC
- Industry
- Infrastructure
- Location
- Ohio, United States
- Type
- Buyout
Ardian has acquired a 100% stake in CampusParc, the concessionaire that manages parking facilities for The Ohio State University in Columbus, Ohio, from funds managed by QIC. The deal, executed through Ardian Americas Infrastructure Fund V, marks Ardian's first transportation / P3 investment in the United States and will see Ardian support CampusParc's operations, digital optimization and sustainability initiatives.
-
December 18, 2023
- Buyer
- Frontline Road Safety, LLC, The Sterling Group
- Target
- The Aero-Mark Company, LLC
- Seller
- Mike Krenn, Curt Huffman
- Industry
- Infrastructure
- Location
- Ohio, United States
- Type
- Addon
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.
-
November 5, 2021
- Buyer
- MiddleGround Capital
- Target
- Lindsay Precast
- Seller
- Lindsay family
- Industry
- Infrastructure
- Location
- Ohio, United States
- Type
- Buyout
MiddleGround Capital, an operationally focused private equity firm, has acquired Lindsay Precast, a designer and manufacturer of engineered precast concrete structures serving water/wastewater, utility, solar, transportation and government end markets. The deal represents MiddleGround's first platform investment in Fund II as it establishes a platform in the infrastructure supply chain and seeks growth opportunities across aged infrastructure, renewable energy, and distributed generation.
-
December 22, 2020
- Buyer
- Congruex, Crestview Partners
- Target
- Gudenkauf Corporation
- Seller
- Jeff Gudenkauf
- Industry
- Infrastructure
- Location
- Ohio, United States
- Type
- Addon
Congruex, a PE-backed national provider of telecom engineering and construction services, has acquired Gudenkauf Corporation, a Columbus-based provider of self-perform outside plant construction, splicing and emergency restoration services. The add-on expands Congruex's geographic footprint into Ohio and West Virginia and strengthens its capabilities serving broadband operators across the Mid-Atlantic region.
-
- Buyer
- Frontline Road Safety, The Sterling Group
- Target
- Griffin Pavement Striping
- Industry
- Infrastructure
- Location
- Ohio, United States
- Type
- Addon
Frontline Road Safety, a platform backed by The Sterling Group, has completed the acquisition of Griffin Pavement Striping, a Columbus, Ohio-based provider of road, highway and airport line striping. The deal is an add-on to Frontline’s national road-safety and pavement marking platform intended to expand the platform’s local execution capabilities and geographic footprint in Ohio.
-
December 10, 2019
- Buyer
- GS Acquisition Holdings Corp, Affiliates of The Goldman Sachs Group, Inc., David M. Cote
- Target
- Vertiv Holdings LLC
- Seller
- Platinum Equity, Vertiv stockholders
- Industry
- Infrastructure
- Location
- Ohio, United States
- Type
- Buyout
Vertiv, a Platinum Equity portfolio company and global provider of critical digital infrastructure, will become a publicly traded company through a business combination with GS Acquisition Holdings Corp (a SPAC). The transaction is sponsored by affiliates of The Goldman Sachs Group and David M. Cote, values Vertiv at an anticipated pro forma enterprise value of about $5.3 billion, and leaves Platinum Equity as a significant post-close shareholder.
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Frequently Asked Questions
What types of infrastructure acquisitions are showing up in Ohio?
Recent deals include power generation and distributed generation, telecom and wireless communications infrastructure, underground utility and boring services, and transportation-related parking concessions tied to Ohio State University in Columbus.
Which buyers appear repeatedly in Ohio infrastructure activity?
The page lists recurring names such as The Sterling Group, Vortex Companies, CST Utilities, TPG, MiddleGround Capital, Congruex, and Ardian (as well as Affiliates of The Goldman Sachs Group, Inc. and related entities).
Are these acquisitions mostly purchases of operating companies or assets?
Both appear: for example, OnSite Partners acquired business interests in One Power Company, while MARA’s transaction centers on a power plant and related land/digital infrastructure campus assets.
Do any deals involve expansion beyond Ohio?
Yes. Examples include Congruex’s expansion into Ohio and West Virginia, and CleanSpark’s planned growth tied to additional mining capacity outside Ohio (via its broader operations).
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