Infrastructure Acquisitions in Texas

Construction Partners, Inc. (CPI) has acquired GMJ Paving Company, LLC, adding a hot-mix asphalt plant in Baytown (east of Houston) and bringing CPI's Houston-area plant count to 12. GMJ will join CPI's Durwood Greene Construction Co. platform, expanding CPI's production footprint and local operating talent to support public infrastructure work across the Houston metro area.

New Era Energy & Digital, Inc. (Nasdaq: NUAI) completed the purchase of Sharon AI's (OTC: SHAZ) remaining 50% ownership interest in Texas Critical Data Centers LLC (TCDC), giving New Era 100% ownership. Sharon AI will retain no continuing ownership or governance rights; the deal is intended to consolidate control of the TCDC project as New Era moves the development from planning into execution.

TRP Infrastructure Services, a Fort Worth-based pavement marking and traffic control platform backed by Arlington Capital Partners, has acquired Striping Technology, L.P., a Tyler, Texas pavement marking contractor. Striping Technology will operate as TRP's East Texas division to deepen the company's presence in Texas and accelerate TRP's expansion across the Southeast; financial terms were not disclosed.

TRP Infrastructure Services, a portfolio company of Arlington Capital Partners, has acquired Highway Barricades & Services, LLC. The Corpus Christi-based pavement marking and traffic control firm will operate as TRP's South Texas division, expanding TRP's regional footprint and capabilities to better serve government customers such as the Texas Department of Transportation.

Apollo-managed funds have completed the acquisition of a majority interest in Stream Data Centers (SDC). Principal Asset Management acquired a minority stake while SDC’s management retains a minority ownership; the capital will be used to scale SDC’s multi‑gigawatt hyperscale and AI-focused development pipeline from its Dallas headquarters.

Sullivan Brothers Family of Companies (SBFC) has acquired Cotton Holdings, a Houston-based infrastructure support and disaster recovery services platform, from Sun Capital Partners. The deal transfers ownership to the family-founded operator, which says it will invest in expanding Cotton's service capabilities, geographic reach and long-term growth across the U.S. and internationally.

Coltala Holdings launched Coltala Water Holdings with the acquisition of Alsay, Inc., a Houston-based water well drilling and water infrastructure services provider founded in 1960. The transaction was financed with a senior loan from Bank United and mezzanine/equity co-investment from Gladstone Capital, while Lone Star Investment Advisors remains an investor; Coltala plans to scale Alsay’s water infrastructure capabilities across Texas.

Tallvine Partners, a Miami-based investment advisor focused on middle-market infrastructure, has acquired TRG Datacenters, a Houston-area data center owner-operator. Tallvine plans to scale TRG as its digital infrastructure platform, supporting an expansion of TRG’s Houston campus (including up to 24 MW of new capacity) and entry into additional Texas and U.S. metro markets to serve enterprise, hosting, cloud and AI customers.

USIC, a national leader in underground utility locating services, has acquired the 811 Locate Services Division of Heath Consultants. Heath, a Houston-based family-owned methane emissions management company, divested the division to sharpen its focus on methane detection and related technologies; Westlake Securities served as exclusive financial advisor to Heath.

Dresser Utility Solutions, a portfolio company of First Reserve, has acquired Kobus, a provider of gas and water pipe-pulling technology and a portfolio company of Agile Growth Equity. Kobus will continue operating from its Houston (U.S.) and Tamworth (U.K.) locations and the deal expands Dresser's capabilities for safer, faster, and more cost-effective underground gas and water pipe replacement to address aging utility infrastructure.

Helix Traffic Solutions, a portfolio company majority-owned by Nonantum Capital Partners, has acquired Mels Electric of Wilmer, Texas. The add-on expands Helix's traffic safety infrastructure capabilities and strengthens its footprint in the Dallas–Fort Worth market; transaction terms were not disclosed.

Think Power Solutions, a Plano-based tech-enabled utility infrastructure solutions provider, has acquired Lamar Technical Services Inc. (LTSI), a Texas-based firm specializing in GIS data collection, construction staking, and easement research. The acquisition expands Think Power Solutions’ capabilities and geographic reach in the utility infrastructure market as part of its M&A-driven growth strategy.

Funds managed by Macquarie Asset Management agreed to provide a $5.0 billion perpetual preferred equity financing facility to Applied Digital's HPC business (APLDH), with an initial commitment of up to $900 million to support the 400 MW Ellendale HPC campus and a right to invest up to an additional $4.1 billion across Applied Digital's future HPC pipeline. The financing includes preferred and common equity units (MAM receiving 15% of APLDH common at issuance), proceeds to fund buildout, repay bridge debt, and support platform G&A, positioning Applied Digital to accelerate its HPC data center expansion.

Cerberus Capital Management has acquired Landmark Structures, a North American designer, manufacturer and installer of elevated water and industrial storage tanks, from Graycliff Partners. Landmark, headquartered in Texas, will continue to be led by CEO Chris Lamon (who and the management team retain a minority stake) and will receive Cerberus' support to expand capabilities, services and geographic reach.

A consortium of financial investors led by Mason Capital Management has completed the all-cash acquisition of CB&I, the storage facilities, tanks and terminals business formerly owned by McDermott. McDermott will receive $475 million of proceeds before taxes and transaction expenses; CB&I will operate as a standalone company with no funded debt and a mandate to pursue growth in energy and industrial storage markets.

Allied Industrial Partners has exited its investment in Dovetail Infrastructure Services, a Houston-based developer and operator of water infrastructure, selling the business to an undisclosed strategic buyer. Allied created Dovetail in November 2020 via a carveout and implemented operational and growth initiatives over a four-year hold that positioned the company for a full realization.

Snowhawk LP, a private equity firm focused on digital infrastructure, has made a strategic investment in CleanArc Data Centers to accelerate the developer's growth, expand its team, and fund development of its inaugural hyperscale data center campus in Virginia. The capital will support land development for up to 600 MW of capacity (300 MW targeted for service by 2027), deepen hyperscaler partnerships, and advance CleanArc's renewable-focused power-structuring approach.

AEA Investors' Small Business Private Equity (AEA SBPE) team completed the sale of CLS Management Services, Inc. ("CLS"), a Sugar Land, Texas-based provider of land management and infrastructure services, to an undisclosed financial sponsor. During AEA SBPE's ownership CLS expanded via strategic add-ons, invested in digital marketing and training, and upgraded its proprietary CLSLiNK technology to support growth.

Ara Partners has acquired a majority interest in USD Clean Fuels (USDCF), a Houston-based developer, owner and operator of midstream logistics infrastructure for the renewable fuels value chain. As part of the transaction USDCF also acquired the West Colton Rail Terminal in California, and Ara committed additional capital to expand USDCF's infrastructure footprint across North America.

RoadSafe Traffic Systems, a PE-backed provider of infrastructure safety services, has acquired Dobie Supply, an Austin-based supplier and manufacturer of traffic control devices and roadway and commercial signage. The deal expands RoadSafe's traffic control distribution presence in the greater Texas market and represents the company's 11th acquisition since partnering with Investcorp and Trilantic North America in 2021.

Agile Growth Equity has completed the acquisition of Kobus (Kobus Services Limited and Kobus, Inc.), a trenchless technology provider headquartered in Houston, Texas with operations in Tamworth, England. The private equity firm will partner with Kobus management to expand market awareness and accelerate delivery of the company's trenchless pipe-replacement tools and services to municipalities, water and gas utilities worldwide.

Quad‑C Management has acquired The Vortex Companies, a global provider of trenchless water and sewer rehabilitation products and services, from Platform Partners. The investment will support Vortex’s continued growth and international expansion while co‑founder and CEO Mike Vellano remains in place; financial terms were not disclosed.

Brookfield Infrastructure Partners and Ontario Teachers' Pension Plan have entered into a definitive agreement to acquire Compass Datacenters from RedBird Capital Partners and the Azrieli Group. Compass, headquartered in Dallas and known for building hyperscale data center campuses, will continue to be led by founder and CEO Chris Crosby as the new owners support the company's global expansion and sustainable campus development.

Integrated Water Services, in partnership with Sciens Water Opportunities Management (an affiliate of Sciens Capital), acquired 100% of Hyperion International Technologies, a control-systems and engineering services provider for water and wastewater markets. The deal expands IWS’s product and digital services capabilities in modular MBR and wastewater reuse technologies; Hyperion’s General Manager Scott Johnson will lead the business as Al Ouchie transitions to retirement.

J.F. Lehman & Company has combined Inland Pipe Rehabilitation, Inliner Solutions, and Murphy Pipeline Contractors into a single portfolio company rebranded as PURIS, a provider of trenchless water infrastructure rehabilitation. The deal creates a North American platform offering CIPP, pipe bursting, CompressionFit HDPE lining and in-house inspection and liner manufacturing to serve municipal sanitary, storm and potable water markets.

Cotton Creek Capital has formed Bobcat Power Holdings, LLC and acquired regional substation contractor Bobcat Heavy Civil, LLC to create a platform for substation infrastructure services. Bobcat, headquartered in Waco, Texas, will continue providing turnkey substation site work and above-ground electrical construction across Texas, Oklahoma and Louisiana as Cotton Creek scales the business.

US colocation operator VPLS acquired Carrier-1’s 106,000 sq ft (now DA4) data center facility in Dallas, Texas, adding up to 10MW of capacity and expanding its Dallas footprint. Financial terms were not disclosed; Bank Street Group LLC served as exclusive financial advisor to Carrier-1.

Inframark has acquired BL Technology, Inc. (BLTI), a Tomball, Texas-based provider of SCADA, control panel fabrication, and security/fire system integration. The acquisition, which closed March 31, 2022, expands Inframark’s SCADA capabilities and national footprint in water and wastewater infrastructure operations.

Funds managed by KKR and Global Infrastructure Partners (GIP) completed the all-cash acquisition of CyrusOne for approximately $15 billion including debt. CyrusOne will be taken private, its Nasdaq listing suspended and delisted as the new owners plan to support the company's global expansion and capitalize on strong secular demand for data center capacity.

Inland Pipe Rehabilitation (IPR), a portfolio company of J.F. Lehman & Company, has completed the acquisition of Granite Inliner and affiliated companies from Granite Construction Incorporated. The add-on expands IPR's trenchless pipe rehabilitation capabilities (CIPP, UV-cured liners, geopolymer solutions and manhole renewal), adds manufacturing and R&D capabilities, and broadens the combined company's geographic presence across North America.

DataBank closed its $670 million acquisition of four Houston-area data centers from CyrusOne, adding more than 300,000 square feet of raised-floor capacity and 42.5 megawatts of power. The deal expands DataBank’s U.S. footprint into Houston as its 28th metro, bringing the company’s portfolio to more than 65 facilities and roughly 2.0 million square feet of capacity; TD Securities and CIT (a division of First Citizens Bank) provided underwritten debt financing.

ClockSpring|NRI, a portfolio company of Wind Point Partners, has acquired the Fyfe North America and Fyfe Europe business from Aegion Corporation. The deal adds Fyfe's patented fiber-reinforced polymer (FRP) systems and Tyfo solutions to ClockSpring|NRI's critical infrastructure portfolio to expand capabilities in civil/structural strengthening and water transmission pipeline rehabilitation.

Washington, D.C.-based private equity firm Arlington Capital Partners has completed the acquisition of TRP Infrastructure Services, a Fort Worth, Texas-based provider of roadway marking and traffic control services. The transaction — an exit for prior sponsor MSouth Equity Partners — positions TRP as a platform for Arlington to pursue organic growth and add-on acquisitions across state and local government roadway maintenance and traffic control markets.

Macquarie Capital has formed a strategic partnership and made an equity investment in Prime Data Centers, a developer and operator of wholesale data centers, targeting capital investments in excess of $5 billion over the next 10 years and a project pipeline of roughly 400 MW. Macquarie will contribute its infrastructure investing, development capabilities and green energy platform to help accelerate Prime's development and expansion across the Americas and Europe.

Riot Blockchain completed its acquisition of Whinstone US from Northern Data, paying 11.8 million shares of Riot common stock and $80 million in cash. The deal brings North America’s largest Bitcoin mining and hosting facility in Rockdale, Texas under Riot’s control and positions Riot to expand the site to 750 MW to capture operational and energy-cost synergies.

BBH Capital Partners has acquired DynaGrid Holdings LLC from Dallas-based private equity firm CIC Partners. DynaGrid, a Dallas-area provider of subgrade and sitework services for electric utility transmission infrastructure, will keep co-founders Charlie Ferrara and Kendrew Witt in their current roles with continued significant ownership.

Ubiquity Management, LP has completed the acquisition of Millennium Telcom, LLC d/b/a OneSource Communications from Tri-County Electric Cooperative. Ubiquity plans substantial investment in OneSource’s 300+ mile fiber network in the Dallas–Fort Worth area to grow residential and business broadband penetration and expand services across the market.

NMS Capital has completed a recapitalization of Exo Group, LLC, partnering with Exo's founders and management who will remain significant shareholders. The investment will provide capital to support Exo's growth in data-driven asset inspection, remediation, engineering and training services for steel infrastructure across North America.

AEA Investors' Small Business Fund (AEA SBF) has closed the acquisition of CLS Management Services, Inc., a national provider of land management and right-of-way services for utilities, public infrastructure and energy customers. The deal gives AEA a platform with a national footprint, proprietary project management technology and comprehensive land management capabilities to support infrastructure project lifecycle needs.

Colony Capital made a $185 million equity investment in DataBank and acquired Edgewater Growth Capital’s ownership stake in the Dallas-based data-center operator. The capital infusion positions DataBank to accelerate its data-center platform expansion and pursue additional organic and M&A growth opportunities.