Private Equity-Backed Energy Acquisitions

Dallas-based private equity firm Trive Capital has made a control investment in Rolfson Oil, a Texas-headquartered fuel, oils and lubricants distributor focused on energy customers. Subsequent to Trive's investment, Rolfson acquired Oklahoma City-based Flint Logistics Group to expand its fuel delivery, onsite storage and lubricant distribution footprint across the Southwest U.S.

Scale, an EQT-backed provider of on-site energy solutions, has acquired Reload, a powered land development platform focused on siting, designing, and permitting gigawatt-scale data center campuses. The deal adds Reload's grid-scale development expertise and multi-gigawatt pipeline to Scale's data center energy offering to accelerate speed-to-power for hyperscalers and other large customers.

TA Associates has joined Volue as a new strategic investor alongside Advent International, Generation Investment Management and Arendals Fossekompani. The Oslo-based energy software and electrification technology company said the investment endorses its focused strategy following an 18-month transformation and will support accelerated R&D, product capability expansion, geographic growth, and M&A.

SI Solutions, through its advanced engineering division Structural Integrity Associates (SIA), has acquired Radiological Solutions, Inc., a nuclear engineering partner that specializes in plant chemistry, radiological controls, radiation protection, and specialized monitoring equipment. The acquisition expands SIA's capabilities in nuclear chemistry, radiation management, emergency preparedness and equipment design and brings Radiological Solutions' team and expertise (based outside Chicago) into SI Solutions' PE-backed platform.

Reliable Energy Partners, a propane distribution platform backed by Soundcore Capital Partners, has acquired Irvington Gas, a bulk-propane distributor headquartered in Irvington, Kentucky. The deal expands Reliable's operating footprint to six states as part of its buy-and-build strategy for residential and commercial propane distribution; terms were not disclosed.

Boyne Capital closed a single-asset secondary transaction forming a continuation fund to extend its ownership of Pilot Energy and provide new capital for the company's aggressive M&A and organic growth plans. The Fund is managed and controlled by Boyne and was anchored by New 2ND Capital, which along with other new and existing Boyne LPs provided commitments to support Pilot’s platform expansion and technology investments.

RESA Power, a portfolio company of Kohlberg, has acquired Québec City-based Société Générale d'Électrotechnique (SGE), adding in-house engineering and Canadian manufacturing of medium- and high-voltage power transformers. The deal expands RESA Power's footprint into Quebec and broadens its electrical construction, testing, and transformer capabilities as part of a strategy to build regional hubs across Canada.

TPI Efficiency, a ScaleCo Capital portfolio company, has acquired Community Energy Advisors (CEA) and sister company Viridi in Medina, Ohio as the third and fourth add-on acquisitions for the platform. ScaleCo completed the transaction in partnership with Agility Equity Partners and Tecum Capital to expand TPI's energy procurement, advisory and efficiency capabilities and to broaden its Chamber-driven channel reach across the Midwest.

RESA Power, a Kohlberg-backed provider of power systems services, has acquired 3MD Power Services LLC, a Roanoke, Virginia-based specialist in high-voltage transformer testing, repair, maintenance and installation. The add-on expands RESA Power's transformer solutions capabilities, increases its oil/dielectric fluid processing rig fleet and establishes a local operating presence in the South Atlantic states.

Lane42 Investment Partners, in partnership with Karis Midstream Partners, has acquired Aqua Terra Permian, an energy midstream company operating gathering, transportation and saltwater disposal assets in the Permian Basin. The investment will strengthen the company’s balance sheet and provide capital to support growth as the platform will be led by the Karis team with Odely Sakazi as CEO and David Melton as COO.

Revelar Capital has acquired Lettermen's Energy Holdings, LLC from Indianapolis-based private equity firm CID Capital. Lettermen's, a Kansas City-headquartered consolidator of independent propane distributors with operations in roughly 20 states and about 240 employees, was built by CID through a buy-and-build strategy and will enter its next growth phase under Revelar's ownership; terms were not disclosed.

Iron Oak Energy Solutions LLC acquired Superior Silica Sands LLC in an all-stock transaction, adding over 3 million tons per year of frac sand production capacity and expanding Iron Oak's footprint in the Eagle Ford Shale. The deal increases Iron Oak's total annual production capacity to roughly 40 million tons and broadens the combined platform's ability to serve oil & gas, construction and industrial sand markets.

Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP) completed a cash acquisition of ALLETE, Inc., acquiring all outstanding common shares for $67 per share after Minnesota regulatory approval. The buyers committed roughly $200 million in customer and community benefits and pledged funding for ALLETE’s five-year plan to strengthen transmission infrastructure and advance the company’s energy transition while leaving local management and headquarters in Duluth, Minnesota.

Reliable Energy Partners, a propane distribution platform owned by Soundcore Capital Partners, has acquired Economy Propane, a bulk-propane distributor headquartered in Baltimore, Maryland. The add-on expands Reliable’s footprint into the Mid-Atlantic and broadens the platform’s capabilities into bulk propane distribution to serve residential, commercial and industrial customers.

LS Power completed the acquisition of bp’s US onshore wind business, BP Wind Energy North America Inc., adding approximately 1,300 MW of operating onshore wind capacity across 10 projects. The assets will be integrated into LS Power affiliate Clearlight Energy, expanding Clearlight’s national footprint and increasing LS Power’s North American renewable generation scale.

Cleanwatts Digital has launched as an independent AI-powered digital energy company after a management buyout led by founding partners José Basílio Simões, Jorge Landeck and James McDougall, with investment from Celtis Venture Partners. The Coimbra-based company provides battery integration, renewable asset optimization and behind-the-meter energy management via a cloud-based platform that serves global clients and manages 1.5 TWh across ~35,000 IoT devices.

Reliable Energy Partners, a propane distribution platform owned by Soundcore Capital Partners, has acquired Gateway Propane, a market-leading propane distributor serving the greater St. Louis area. The add-on expands Reliable's operational footprint to three states and strengthens its strategy of scaling a multi-regional propane distribution platform; terms were not disclosed.

Waterous Energy Fund Management Corp., acting for certain Waterous Energy Fund III partnerships, purchased 1,926,055 common shares of Greenfire Resources Ltd. in a private transaction for C$6.65 per share (C$12.81 million), increasing its ownership in Greenfire to approximately 71.1% on an undiluted basis. The purchase represents an incremental strategic investment by Waterous to consolidate its position in the Calgary-based oil sands producer.

Soundcore Capital Partners has formed Reliable Energy Partners, a propane distribution growth platform, through its acquisition of Florida Lift Gas and has named industry veteran Sean Daugherty as CEO. The platform — headquartered in Tampa, Florida and wholly owned by Soundcore — will pursue organic growth and strategic add-on acquisitions to scale a multi-regional residential and commercial propane distribution business.

Clarios has acquired Maxwell Technologies, a U.S.-based manufacturer of supercapacitor cells and modules, to strengthen its position in high-performance, short-duration energy storage solutions. Financial terms were not disclosed; Maxwell will operate as an independent U.S.-based business unit and the deal is intended to expand Clarios' supercapacitor capabilities, supply-chain resilience, and reach into non-automotive end markets such as data centers and grid applications.

Hitachi Energy has acquired a minority stake in Shermco, a leading North American electrical services provider, in partnership with Blackstone Energy Transition Partners. The strategic investment aims to expand Hitachi Energy's service capabilities across North America, accelerate Shermco's growth, and develop new digital service offerings to improve grid reliability and asset lifecycle management.

RESA Power, a Kohlberg-backed provider of power systems services, has acquired Accurate Power Group Limited, a Vancouver-based electrical testing and infrared thermography specialist. The add-on expands RESA Power's technical capabilities and vault/thermography services in the greater Vancouver market as part of a broader Canadian growth strategy.

SkyKnight Capital has made a growth investment in Force Electrical Services, a transmission and distribution repair and maintenance provider headquartered in Oklahoma, to support the company's expansion of services and capabilities. The founder will remain a significant shareholder and the existing management team will continue to lead as Force scales its footprint across the South-Central United States.

Resource Innovations (RI), a San Francisco–based utility software and consulting platform, has acquired Honolulu-based Shifted Energy to integrate its Grid Maestro DERMS technology into RI’s demand-side management (DSM) and grid-edge offerings. The deal expands RI’s capability to deliver end-to-end virtual power plant and flexible load management solutions at scale, with a focus on equitable access for renters and underserved communities.

Environ Energy, a PE-backed national energy management platform, has acquired Scioto Energy, an independent energy brokerage and advisory firm based in Columbus, Ohio. The add-on expands Environ’s presence in the PJM market and Midwest, enhances its procurement and advisory capabilities, and keeps Scioto’s leadership and client-focused team in place under the Environ platform.

Infrastructure funds managed by Northleaf Capital Partners completed a tuck‑in acquisition of PowerStream Energy Services from Alectra Energy Services Inc., executed through Northleaf portfolio company Provident Energy Management. The deal expands Provident’s sub‑metering and billing footprint across Ontario, combining complementary capabilities and a contracted revenue profile to drive scale and growth.

Commonwealth Electrical Technologies (CET), a Broad Sky Partners–backed electrical contractor based in Worcester, Massachusetts, has acquired NuWave Energy Solutions, a Norwell, Massachusetts–based design/build energy-efficiency firm. The add-on deal — CET’s first transaction under Broad Sky’s ownership — expands CET’s sustainability and energy-conservation capabilities across commercial, industrial and institutional end markets; terms were not disclosed.

Madison Energy Infrastructure completed the acquisition of NextEra Energy Resources' distributed generation development platform, including operating solar and energy storage assets, a development pipeline and customers across 25 states. The deal brings Madison's ecosystem to nearly 1 GW of operating clean energy infrastructure and expands its commercial and community customer footprint while leveraging recent financing and support from EQT and other capital partners.

Nuveen’s Private Equity Impact team has acquired a majority interest in Ally Energy Solutions, a U.S.-based provider of turnkey energy solutions for commercial and industrial customers. The investment, the sixth for Nuveen Climate Inclusion Fund II, will support Ally’s national growth and deepen its capabilities in distributed clean energy, electrical infrastructure upgrades, and energy-efficiency projects.

TiLT Capital Partners has acquired a 38% stake in Spain-based Negratín Global Services, with SWEN Capital Partners also participating in the minority investment. The growth-capital investment will support Negratín's expansion into larger-scale EPC projects, accelerate the roll-out of its own photovoltaic plants as an IPP, and strengthen international expansion while the founders remain majority shareholders.

PowerTransitions closed the acquisition of a 226 MW seed portfolio of natural-gas-fired power generation assets (the 145 MW Camden Plant in New Jersey and the 81 MW Dartmouth Plant in Massachusetts) from Talen Energy on September 11, 2025. Partners Group simultaneously completed its acquisition of PowerTransitions from EnCap Investments and plans to invest over $450 million to accelerate PowerTransitions' growth and redevelop legacy assets into new generation, battery storage and powered land sites for data centers and advanced manufacturers.

Macquarie Specialised and Asset Finance (part of Macquarie Group) has completed the acquisition of SP Smart Meter Assets Limited (SPSMAL) from ScottishPower/Iberdrola for around £900 million. The deal adds ~2.9 million smart meters to Macquarie's UK portfolio and establishes a long-term Meter Asset Provision arrangement with ScottishPower to support the ongoing smart meter rollout.

Solaris Assets, LLC (an acquisition vehicle formed by an ad hoc group of DIP financing lenders and affiliates and entities controlled by GoodFinch Management, LLC) completed the purchase of substantially all assets and business operations of Sunnova Energy International Inc. in a court‑supervised Chapter 11 sale. The deal was structured as a credit bid plus $25 million in cash and certain cure payments, and Sunnova’s core operations will transition to SunStrong Management, LLC as the asset manager to ensure continuity of residential solar servicing, O&M, and portfolio management.

Environ Energy has acquired Houston-based CSD Energy Advisors, adding nearly 1,000 clients including multiple Fortune 500 companies and several of Texas's largest industrial energy consumers. The CSD co-founders and their team will join Environ to expand the firm's energy procurement, demand response, and storage capabilities as part of Environ's continued PE-backed roll-up strategy with partner 424 Capital.

Kian Capital-backed SPATCO Energy Solutions has acquired Excell Fueling Systems, a HUB-certified fueling system contractor based in Buda, Texas. The add-on expands SPATCO’s commercial fueling installation and maintenance capabilities in Texas and deepens the platform’s presence in a high-growth region.

Funds managed by Vision Ridge Partners have acquired FortisTCI Ltd., the electricity utility serving the Turks and Caicos Islands; the company has rebranded as Pelican Energy TCI. Vision Ridge said it will work with management and local stakeholders to modernize generation assets, improve the generation mix and grid infrastructure to increase sustainability, reliability and long-term energy security. Terms of the transaction were not disclosed.

Deep Blue Midland Basin LLC, the Midland Basin water-infrastructure platform backed by Five Point and Diamondback, agreed to acquire Environmental Disposal Systems, LLC from Diamondback Energy. The transaction (valued at $750 million) nearly doubles Deep Blue's scale, secures a 15-year dedication from Diamondback, and is expected to unlock operational and commercial synergies across the integrated produced-water system.

TRC Companies, a global professional services firm focused on the energy transition, has acquired Strategic Energy Group (SEG), a North American leader in strategic energy management. The acquisition expands TRC’s energy-efficiency and strategic energy management capabilities across utilities, commercial, and industrial customers.

Sun Valley Investments AG and related party Goldlogic Corp. participated in a private placement acquiring 4,889,684 common shares of Canagold Resources Ltd. for approximately CAD$2.0 million. The transaction increases Sun Valley's stake in Canagold to approximately 48.25% on an undiluted basis and was completed August 18, 2025; the investment was made for investment/growth purposes to support the company's exploration and development activities.

NIU Invest SE, led by Cevdet Caner, completed a subscription for 61,402,390 new ordinary shares in Critical Metals PLC, taking a 60.34% majority stake. Critical Metals holds a 70% interest in the Molulu cobalt and copper project near Lubumbashi in the Democratic Republic of Congo; NIU said it will develop the project and expand its mining portfolio across multiple regions.

Ampirical Solutions, a PE-backed provider of power engineering services, has acquired Cappstone Energy Group to expand its utility engineering capabilities, adding distribution system planning, GIS, line design and field inspection services. The deal, supported by Ampirical's investor SkyKnight Capital, is intended to broaden Ampirical's end-to-end offering for utility clients while keeping Cappstone's team and ongoing projects in place.

NDT Global has acquired Entegra, a specialist in Ultra-High-Resolution Magnetic Flux Leakage (UHR MFL) in-line inspection services, combining complementary inspection technologies to expand capabilities in the gas and oil pipeline integrity market. The deal was completed with continued support from majority shareholder Novacap and investor La Caisse (CDPQ); Entegra was previously owned by Amberjack Capital Partners and company founders, and Entegra founders/key management will remain shareholders of the combined business.

Brookfield Infrastructure Partners, through its subsidiary Colossus AcquireCo LLC and institutional partners, completed the purchase of Colonial Enterprises Inc. from a consortium of owners for an enterprise value of about $9 billion. The deal gives Brookfield sole ownership of the Colonial Pipeline system — the largest refined-products pipeline in the U.S. — and was completed with sellers including Shell Midstream Operating LLC, Koch Capital, KKR-Keats, La Caisse and IFM Investors.

Stonepeak has launched JouleTerra, a European renewable land aggregation platform, and announced investments in Electric Land and Solaria’s Generia Land to build a portfolio of grid‑connected, development‑ready sites for renewable energy. The transactions are strategic minority investments to scale land ownership and leasing capabilities across Europe and support project developers with long‑term, inflation‑linked revenues.

ArcLight Capital Partners has acquired Advanced Power and committed an initial $1 billion equity investment to accelerate development of modern power infrastructure. The partnership could deploy more than $5 billion over five years to support over 20 GW of new generation and 10+ GWh of storage, targeting utilities, data center developers and hyperscalers across North America.

38 Degrees North closed a growth equity investment from Climate Adaptive Infrastructure (CAI) and Kimmeridge, bringing total growth capital raised to over $230 million. The company also completed the acquisition of Kimmeridge-backed community solar developer U.S. Light Energy, adding a pipeline of more than 250 MW and deepening its distributed solar footprint.

Pearl Energy Investments has made an equity commitment to newly formed Blackjack Natural Resources, a Dallas- and Oklahoma City–backed upstream oil and gas platform. Blackjack, led by co-CEOs Jeff Wampler and Andrew Haraway and EVP Grant Sykes, will pursue upstream investment opportunities focused on the greater Mid‑Continent region with financial backing from Pearl and equity participation from the management team.

Delta Utilities, a Bernhard Capital Partners portfolio company, acquired Entergy's two regulated natural gas distribution businesses serving New Orleans and East Baton Rouge Parish, adding more than 200,000 customers and approximately 200 employees. The transaction expands Delta Utilities' footprint across Louisiana and Mississippi, positioning the company to serve roughly 600,000 customers and more than 800 employees following prior platform acquisitions.

H.I.G. Capital affiliate has acquired 4Refuel, a Canadian-led mobile on-site refueling (MOR) provider, from Finning International for up to C$400 million. The transaction gives H.I.G. a platform in mobile fueling and fuel-management services across Canada with a growing presence in Texas, with plans to accelerate growth organically and through strategic acquisitions.

SOLV Energy has acquired Spartan Infrastructure, a Mesa, Arizona-based high-voltage transmission contractor. The acquisition expands SOLV Energy's transmission and distribution (T&D) capabilities, providing the combined company greater scale to pursue larger utility and renewable grid projects across the U.S.; financial terms were not disclosed.