Tracked deals
6
6 tracked deals across 2021-2026.
Infrastructure Buyers & Acquisitions in Tennessee
Buyer mix
Mixed buyer set
5 strategic · 2 family office
Top trend
Volume peaked in 2026
2 tracked deals announced in 2026.
Primary Insight
What Stands Out
- Water & utility services: Tennessee American Water acquired a Tennessee water system, adding about 480 customer connections and one employee.
- Underground infrastructure contractors: American Gridwork Partners acquired PMT Site (Nashville-based) and intends to keep founder-led operations with local autonomy.
- Infrastructure materials expansion: Armada Materials acquired the assets of the “Wright Companies” (asphalt and aggregates production plus milling and paving) to expand its Middle Tennessee footprint.
- Specialized pipeline & trenchless rehabilitation: Aegion Corporation acquired a trenchless pipe rehabilitation contractor, expanding its capabilities and U.S. Southeast presence.
- Waterways & dredging equipment: Encore Dredging Partners (backed by AV Capital) acquired Inland Dredging Company, bringing three 24-inch cutter suction dredges into its platform.
| Buyer (recurring) | Infrastructure area shown in Tennessee deals | Example target |
|---|---|---|
| Tennessee American Water | Water system services | Tennessee Water Service (water system) |
| American Gridwork Partners | Underground utility + site infrastructure contracting | PMT Site |
| Armada Materials | Asphalt/aggregates + paving materials | Wright Paving Contractors / Custom Stone |
| Aegion Corporation | Trenchless pipe rehabilitation | Portland Utilities Construction Company |
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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 |
|---|---|---|---|
| AV Capital | 1 | Private equity firm that partners with industrial-oriente... | PE |
| Aegion Corporation | 1 | Provider of infrastructure maintenance, rehabilitation an... | Strategic |
| American Gridwork Partners | 1 | Networked delivery platform / SPV focused on modernizing ... | Family Office |
| Armada Materials, LLC | 1 | Platform operator building an infrastructure materials an... | Strategic (PE-backed) |
| Encore Dredging Partners LLC | 1 | Newly formed mid-sized cutter suction and mechanical dred... | Strategic (PE-backed) |
| Kelso & Company, L.P. | 1 | Middle-market private equity firm that is an investor in ... | PE |
| Legacy Holdings | 1 | Holding company that acquires and scales profitable, fami... | Family Office |
| SAM | 1 | Independent provider of mission-critical geospatial and i... | Strategic |
| Tennessee American Water | 1 | Regulated water and wastewater utility operator serving r... | Strategic |
Acquisition Volume in Infrastructure in Tennessee by Year
Last 5 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
- Buyer
- SAM
- Target
- Wilson & Associates, P.C.
- Seller
- Joey C. Wilson II
- Industry
- Infrastructure
- Location
- Tennessee, United States
- Type
- Buyout
SAM, a provider of geospatial and inspection services for critical infrastructure markets, announced it acquired Wilson & Associates, a geomatics and utility engineering firm based in Franklin, Tennessee. The acquisition expands SAM’s surveying, geospatial, and utility engineering capabilities and strengthens its presence across Tennessee and the broader Southeast.
-
- Buyer
- Tennessee American Water
- Target
- Tennessee Water Service (water system)
- Industry
- Infrastructure
- Location
- Tennessee, United States
- Type
- Buyout
Tennessee American Water completed its acquisition of Tennessee Water Service’s water system on June 1, 2026. The deal adds about 480 customer connections and one employee, strengthening Tennessee American Water’s local service capabilities and customer offerings.
-
November 8, 2025
- Buyer
- American Gridwork Partners, Legacy Holdings
- Target
- PMT Site
- Industry
- Infrastructure
- Location
- Tennessee, United States
- Type
- Buyout
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.
-
- Buyer
- Armada Materials, LLC, Kelso & Company, L.P.
- Target
- Wright Paving Contractors, Inc., Custom Stone, LLC
- Seller
- Wright Companies, Tommy Wright
- Industry
- Infrastructure
- Location
- Tennessee, United States
- Type
- Addon
Armada Materials, a Tampa-based infrastructure materials platform backed by Kelso & Company, has acquired the assets of Wright Paving Contractors, Inc. and Custom Stone, LLC (the "Wright Companies") of Fayetteville, Tennessee. The Wright Companies — which operate asphalt and aggregates production, milling and paving across Pottsville, Shelbyville, and Fayetteville with ~50 employees — will be combined with Armada's existing Volunteer Materials operations to expand Armada's footprint in Middle Tennessee.
-
- Buyer
- Aegion Corporation
- Target
- Portland Utilities Construction Company, LLC
- Industry
- Infrastructure
- Location
- Tennessee, United States
- Type
- Buyout
Aegion Corporation acquired Portland Utilities Construction Company, LLC (PUCC), a trenchless pipe rehabilitation and underground utility contractor serving municipal clients across the U.S. Southeast and Texas. PUCC will continue operating under its current name with existing leadership and employees in place, and the acquisition expands Aegion's specialized pipeline rehabilitation capabilities and regional presence.
-
January 8, 2021
- Buyer
- Encore Dredging Partners LLC, AV Capital
- Target
- Inland Dredging Company LLC
- Seller
- Mohead Family
- Industry
- Infrastructure
- Location
- Tennessee, United States
- Type
- Addon
Encore Dredging Partners LLC (EDP), backed by Austin-based private equity firm AV Capital, has acquired Inland Dredging Company LLC. The deal brings Inland's three 24-inch cutter suction dredges and Dyersburg, Tennessee-based team into EDP's platform as it pursues geographic expansion and capability enhancement across U.S. navigable waterways; Inland's existing management will remain in place.
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Frequently Asked Questions
What types of infrastructure deals show up in Tennessee?
Common deal themes include water system acquisitions, underground utility/site infrastructure contracting, infrastructure materials (asphalt and aggregates), and specialized services such as trenchless pipe rehabilitation and dredging.
Which acquirers are recurring in Tennessee infrastructure transactions?
Several buyers appear more than once across the page, including Encore Dredging Partners LLC, AV Capital (as a backer in one transaction), Tennessee American Water, American Gridwork Partners, Legacy Holdings, Aegion Corporation, Armada Materials, LLC, Kelso & Company, L.P., and Aegion-adjacent platform building.
Do these acquisitions keep local leadership in place?
In multiple transactions, the acquired business is described as continuing under its current name or leadership setup. For example, PMT Site remains led by founder Phil Terhaar, PUCC continues under its current name with existing leadership and employees, and Inland Dredging Company management remains in place.
What did the recent Tennessee American Water acquisition add?
The June 1, 2026 acquisition adds about 480 customer connections and one employee, strengthening local service capabilities and customer offerings.
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Acquisitions in Tennessee
Private Equity-Backed Acquisitions in Tennessee
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