Infrastructure Acquisitions in 2024
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- Buyer
- Cerberus Capital Management, L.P.
- Target
- Landmark Structures
- Seller
- Graycliff Partners LP
- Industry
- Infrastructure
- Location
- Texas, United States
- Type
- Buyout
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.
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December 12, 2024
- Buyer
- Ardian, Public Investment Fund (PIF)
- Target
- FGP Topco Ltd (parent of Heathrow Airport Holdings Ltd)
- Seller
- Ferrovial, Tagging Shareholders (other shareholders of FGP Topco)
- Industry
- Infrastructure
- Location
- Greater London, United Kingdom
- Type
- Divestiture
Ferrovial and certain other shareholders completed the sale of 37.62% of FGP Topco (parent of Heathrow Airport Holdings Ltd) to Ardian and the Public Investment Fund (PIF) for GBP 3,259 million (approximately €4,000 million). Ferrovial sold a 19.75% stake, will retain a 5.25% holding (to be recorded as a financial investment) and expects to recognize an estimated €2,500 million profit related to the transaction.
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December 12, 2024
- Buyer
- Fortune Rise Acquisition Corporation
- Target
- Water On Demand Inc.
- Industry
- Infrastructure
- Location
- Florida, United States
- Type
- Divestiture
OriginClear’s privately-held subsidiary Water On Demand Inc. (WODI) and Fortune Rise Acquisition Corporation (FRLA) entered into a mutual termination agreement to end their October 23, 2023 business combination agreement. The termination was effective immediately, citing delays in S-4 registration that could have pushed closing to March 2025 or later and increased costs, listing concerns, and market uncertainty.
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December 9, 2024
- Buyer
- Mason Capital Management LLC, IES Holdings, Inc., Nut Tree Capital Management, LP, 683 Capital Management, LLC, First Pacific Advisors
- Target
- CB&I
- Seller
- McDermott International, Ltd
- Industry
- Infrastructure
- Location
- Texas, United States
- Type
- Divestiture
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.
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December 9, 2024
- Buyer
- Macquarie Asset Management, Macquarie Infrastructure Partners VI (MIP VI)
- Target
- Select U.S. Gulf Coast infrastructure assets of Dow Inc.
- Seller
- Dow Inc.
- Industry
- Infrastructure
- Location
- Michigan, United States
- Type
- Divestiture
A fund managed by Macquarie Asset Management agreed to acquire a 40% minority equity stake (with an option to increase to 49%) in select U.S. Gulf Coast infrastructure assets of Dow Inc., forming a new joint-venture platform called Diamond Infrastructure Solutions. The assets—site utilities, power and steam production, pipelines, environmental operations and storage—span five Dow sites in Texas and Louisiana; the transaction provides Dow with cash proceeds (approximately $2.4bn initially, up to ~$3.0bn if Macquarie increases to 49%) and creates a specialist infrastructure operator to serve Dow and third-party industrial customers.
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RSG International (RoadBlock Solutions) Consolidates Five Road-Safety Firms into RoadBlock SolutionsDecember 5, 2024
- Buyer
- RoadBlock Solutions, RSG International
- Target
- Corbin Highway Products, Laura-Metaal, Dimensional Products Inc., Summit Rentals US, Pivot Safety US
- Industry
- Infrastructure
- Location
- Pennsylvania, United States
- Type
- Addon
RoadBlock Solutions, a division of RSG International, has merged Corbin Highway Products, Laura‑Metaal, Dimensional Products Inc., Summit Rentals US, and Pivot Safety US into a single expanded road-safety division. The consolidation brings together product manufacturing, distribution, rentals, and installation capabilities to broaden RoadBlock Solutions' geographic footprint and service offering in the road-safety infrastructure market.
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- Buyer
- Urbint
- Target
- Competers
- Industry
- Infrastructure
- Location
- Indiana, United States
- Type
- Buyout
Urbint has acquired Competers, the operator of the Utilocate ticket and locate management platform, making Competers a wholly owned subsidiary. The deal expands Urbint’s damage-prevention capabilities and customer base across utilities, telecoms, oil & gas and contract locate companies by adding ticket/locate management and direct service to contract locators.
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December 2, 2024
- Buyer
- Bureau Veritas
- Target
- The APP Group
- Industry
- Infrastructure
- Location
- New South Wales, Australia
- Type
- Buyout
Bureau Veritas has completed the acquisition of The APP Group, a Sydney-based property and infrastructure services firm, bolstering the group's Buildings & Infrastructure capabilities in the Asia-Pacific region. The APP Group brings more than 500 employees, access to over 200 specialist sub-consultants and reported €87 million in 2023 revenue, enhancing Bureau Veritas' project management, construction management and independent verification capabilities.
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November 21, 2024
- Buyer
- Platform Partners, LLC
- Target
- Progressive Pipeline Management (PPM), LLC
- Seller
- David Wickersham (founder)
- Industry
- Infrastructure
- Location
- New Jersey, United States
- Type
- Buyout
Platform Partners, LLC has acquired Progressive Pipeline Management (PPM), a trenchless pipeline rehabilitation contractor that specializes in cured-in-place lining for natural gas distribution pipelines. Commonwealth M&A served as exclusive sell-side advisor and the deal provides PPM with financial and strategic backing to support growth and innovation.
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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.
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October 30, 2024
- Buyer
- Bain Capital
- Target
- AQ Compute
- Seller
- Aquila Group
- Industry
- Infrastructure
- Location
- Oslo, Norway
- Type
- Buyout
Bain Capital has acquired an 80% majority stake in sustainability-focused data center developer AQ Compute from Germany-based Aquila Group, forming a partnership to accelerate the buildout of green data centers across Europe. The investment targets multi-billion euro development volumes to expand AQ Compute’s modular, AI-ready colocation capabilities for hyperscale, cloud and AI customers.
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- Buyer
- DigitalBridge Group, Inc., DB Pyramid Holdings, LLC
- Target
- JTOWER Inc.
- Industry
- Infrastructure
- Location
- Tokyo, Japan
- Type
- Buyout
DigitalBridge, through its special-purpose entity DB Pyramid Holdings, acquired a 75.62% controlling interest in Japanese tower operator JTOWER for JPY 70.1 billion and plans to take the company private. The deal strengthens DigitalBridge’s digital infrastructure footprint in Japan and positions JTOWER to accelerate deployment of shared telecom infrastructure and in‑building solutions across the country.
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- Buyer
- Morgan Stanley Infrastructure Partners (MSIP), GI Partners
- Target
- Flexential
- Industry
- Infrastructure
- Location
- Colorado, United States
- Type
- Growth capital
Flexential, a US data center and digital infrastructure provider, has received a strategic common-equity investment from Morgan Stanley Infrastructure Partners (MSIP), which will partner as a co-control investor alongside existing investor GI Partners to provide primary capital to accelerate expansion. The capital will fund growth of Flexential's FlexAnywhere platform, active development of its national data center footprint, and support demand from enterprise, cloud and AI workloads. The transaction is expected to close in Q4 2024 subject to regulatory approvals.
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October 16, 2024
- Buyer
- Bit Digital, Inc.
- Target
- Enovum Data Centers
- Industry
- Infrastructure
- Location
- Quebec, Canada
- Type
- Buyout
Bit Digital, Inc. (NASDAQ: BTBT) has acquired Enovum Data Centers, a Montreal-based operator of a 4MW Tier 3 high-performance computing (HPC) datacenter, for approximately CAD 62.8 million (about USD 46 million). The acquisition vertically integrates Bit Digital's HPC and GPU hosting initiatives, enabling the company to offer colocation, on-demand computing and to host its own GPUs while supporting expansion plans for additional capacity.
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October 8, 2024
- Buyer
- Undisclosed strategic buyer
- Target
- Dovetail Infrastructure Services
- Seller
- Allied Industrial Partners LLC
- Industry
- Infrastructure
- Location
- Texas, United States
- Type
- Divestiture
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.
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- Buyer
- H.I.G. Infrastructure (affiliate of H.I.G. Capital)
- Target
- PolarDC Group Limited (Polar)
- Industry
- Infrastructure
- Location
- United Kingdom
- Type
- Buyout
An affiliate of H.I.G. Capital’s infrastructure strategy has acquired a controlling interest in PolarDC Group Limited, a European developer, owner and operator of high-performance computing (HPC) data center infrastructure. Polar’s first data center in Norway will offer up to 48MW of capacity, powered by 100% renewable hydroelectric power, and early investor LIAN Group will retain a minority stake as H.I.G. supports delivery of Polar’s near-term project pipeline to serve AI/HPC demand.
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September 30, 2024
- Buyer
- New Mountain Capital
- Target
- Salute Holdings, LLC
- Seller
- LLR Partners
- Industry
- Infrastructure
- Location
- Wisconsin, United States
- Type
- Buyout
New Mountain Capital has made a majority investment in Salute Holdings, a provider of integrated lifecycle services for data centers, with existing investor LLR Partners retaining a significant minority stake. The investment will support Salute’s growth trajectory, expansion of technology-enabled offerings, and continued focus on recruiting and training talent across its global footprint.
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September 24, 2024
- Buyer
- Funds managed by Sixth Street
- Target
- EdgeConneX
- Seller
- EQT Infrastructure IV, EQT Infrastructure V
- Industry
- Infrastructure
- Location
- Virginia, United States
- Type
- Growth capital
Funds managed by Sixth Street will acquire a minority stake in EdgeConneX from EQT Infrastructure (EQT Infrastructure IV and V), with EQT remaining the largest shareholder. The strategic investment will provide capital and sector expertise to help EdgeConneX accelerate delivery of energy-efficient data center capacity optimized for AI and large-scale cloud deployments; the transaction is expected to close in Q4 2024.
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September 17, 2024
- Buyer
- Snowhawk LP
- Target
- CleanArc Data Centers
- Industry
- Infrastructure
- Location
- Texas, United States
- Type
- Growth capital
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.
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September 9, 2024
- Buyer
- Flagger Force, Blue Sea Capital
- Target
- Florida Temporary Traffic Control (Florida TTC)
- Seller
- Joseph Marsal
- Industry
- Infrastructure
- Location
- Florida, United States
- Type
- Addon
Flagger Force, a Blue Sea Capital portfolio company headquartered in Hummelstown, Pennsylvania, has acquired Florida Temporary Traffic Control (Florida TTC), a Boca Raton-based provider of short-term traffic control services and equipment rentals. The add-on acquisition expands Flagger Force's footprint in South and Central Florida and enhances its capabilities serving utilities, telecommunications, government and event customers.
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September 5, 2024
- Buyer
- Indicor, LLC
- Target
- Ovarro
- Seller
- FFL Partners
- Industry
- Infrastructure
- Location
- United Kingdom
- Type
- Divestiture
Indicor, LLC has agreed to acquire Ovarro from FFL Partners; financial terms were not disclosed. The acquisition adds Ovarro’s water management, monitoring and process-control technologies to Indicor’s portfolio, supporting Indicor’s strategy to expand capabilities and reach in water and environmental infrastructure markets.
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September 4, 2024
- Buyer
- Blackstone, Canada Pension Plan Investment Board (CPP Investments)
- Target
- AirTrunk
- Seller
- Macquarie Asset Management (MAM), Public Sector Pension Investment Board (PSP Investments), Robin Khuda (partial stake)
- Industry
- Infrastructure
- Location
- New South Wales, Australia
- Type
- Buyout
A consortium led and managed by Blackstone, together with the Canada Pension Plan Investment Board, agreed to acquire AirTrunk from Macquarie Asset Management and the Public Sector Pension Investment Board for an implied enterprise value of over A$24 billion. AirTrunk Founder and CEO Robin Khuda will remain as CEO while realising part of his stake; the deal is positioned to accelerate AirTrunk's growth across Asia Pacific to meet rising demand from cloud and AI customers.
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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.
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August 21, 2024
- Buyer
- Enterprise Products Partners L.P., Enterprise Products Partners L.P. (affiliate)
- Target
- Piñon Midstream, LLC
- Seller
- Black Bay Energy Capital
- Industry
- Infrastructure
- Location
- United States
- Type
- Buyout
Enterprise Products Partners L.P. (through an affiliate) entered into a definitive agreement to acquire Piñon Midstream, LLC from Black Bay Energy Capital for $950 million in a debt-free cash transaction. Enterprise later announced the acquisition was completed. Piñon Midstream provides natural gas gathering and treating services in the Delaware Basin’s eastern flank in New Mexico and Texas, including sour gas treatment and CO2 permanent sequestration-related infrastructure.
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- Buyer
- EMK Capital
- Target
- Keltbray Infrastructure Services (Aureos)
- Seller
- Keltbray
- Industry
- Infrastructure
- Location
- England, United Kingdom
- Type
- Buyout
EMK Capital has acquired a majority stake in Keltbray Infrastructure Services (rebranded as Aureos), a UK provider of integrated infrastructure engineering services across power, renewables and rail. The investment is intended to strengthen KIS's market position, expand its service capabilities and support a buy-and-build growth strategy in the UK and potentially internationally; Keltbray sold the infrastructure services business as part of the transaction.
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August 13, 2024
- Buyer
- US Signal
- Target
- Detroit North Data Center
- Seller
- DXC Technology
- Industry
- Infrastructure
- Location
- Michigan, United States
- Type
- Buyout
US Signal has acquired the Detroit North Data Center at 1035 West Entrance Drive in Auburn Hills, Michigan, expanding its footprint to three facilities in Metro Detroit and sixteen data centers nationwide. The 76,000-square-foot, Tier III-ready facility offers up to 8MW of power (4MW immediately available), is SSAE 18/HIPAA/PCI-compliant, and will be staffed 24/7 with planned fiber buildouts to support AI and high-power workloads.
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- Buyer
- RadiusDC, IPI Partners, LLC
- Target
- Miami I
- Seller
- NextStream, Actis
- Industry
- Infrastructure
- Location
- Florida, United States
- Type
- Buyout
RadiusDC, backed by IPI Partners, acquired the Miami I carrier-neutral data center in Sweetwater, Florida from NextStream, a Latin America data center operator owned by Actis. RadiusDC plans immediate investment to expand the site's critical IT power capacity from 3.2 MW to 9.2 MW and to strengthen its connectivity ecosystem to serve latency-sensitive and hyperscale customers in South Florida.
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August 7, 2024
- Buyer
- Gannett Fleming, OceanSound Partners
- Target
- TranSystems
- Seller
- Sentinel Capital Partners
- Industry
- Infrastructure
- Location
- Missouri, United States
- Type
- Addon
Gannett Fleming, a portfolio company of OceanSound Partners, has completed a strategic merger with TranSystems, a Sentinel Capital Partners portfolio company, creating a national infrastructure consulting leader with roughly $1.3 billion in combined revenue and more than 5,000 employees. The deal represents Sentinel's exit of TranSystems and expands Gannett Fleming's capabilities and geographic coverage across transportation end markets including highways, bridges, mass transit, freight rail, and aviation.
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August 1, 2024
- Buyer
- CleanSpark Inc.
- Target
- Cheyenne Bitcoin mining site (Wyoming)
- Industry
- Infrastructure
- Location
- Wyoming, United States
- Type
- Buyout
CleanSpark Inc. executed 75 MW of power contracts and completed the acquisition of a Bitcoin mining site in Cheyenne, Wyoming, with an initial 30 MW immersion-cooled data center expected to add over 2 EH/s to its hashrate in 2024. The company is also progressing to close a second Wyoming site that would add an additional 45 MW (≈3 EH/s) once brought online.
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- Buyer
- TowerBrook Capital Partners L.P.
- Target
- JSM Group Services Ltd.
- Industry
- Infrastructure
- Location
- England, United Kingdom
- Type
- Buyout
TowerBrook Capital Partners L.P. has made a majority equity investment in JSM Group Services Ltd., a UK independent connections provider focused on high-voltage works and communications infrastructure for data centers, renewables and battery storage. The deal will support JSM's continued UK growth, international expansion into Europe and further development of its power and communications capabilities.
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July 22, 2024
- Buyer
- Quanta Services, Inc.
- Target
- Cupertino Electric, Inc.
- Industry
- Infrastructure
- Location
- California, United States
- Type
- Buyout
Quanta Services, Inc. has completed its approximately $1.5 billion acquisition of Cupertino Electric, Inc., a San Jose–based electrical infrastructure solutions provider. The deal brings CEI’s low-voltage electrical platform, modular electrical manufacturing capabilities and renewable-energy construction experience into Quanta’s portfolio to expand service offerings and end-market exposure in data centers, technology and utility-scale renewables.
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- Buyer
- Igneo Infrastructure Partners
- Target
- AEDL – Auto‑Estradas do Douro Litoral
- Seller
- Strategic Value Partners (SVP), Other minority investors
- Industry
- Infrastructure
- Location
- Portugal
- Type
- Buyout
Funds managed by Igneo Infrastructure Partners have agreed to acquire AEDL – Auto‑Estradas do Douro Litoral from investment funds managed by Strategic Value Partners (SVP) and other minority investors. AEDL is the concessionaire for three toll motorways (A32, A41 and A43) around Porto (73 km); the concession runs through 2034 and the asset has shown strong traffic and cash‑flow growth under SVP's ownership. The sale is subject to customary grantor and regulatory approvals.
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- Buyer
- TD&I Cable Maintenance, LLC, Tower Arch Capital
- Target
- Underground Systems Utility, LLC, Underground Systems Utility Contractors, LLC
- Seller
- Kent Walbeck
- Industry
- Infrastructure
- Location
- Wisconsin, United States
- Type
- Addon
TD&I Cable Maintenance, together with Tower Arch Capital, has acquired Underground Systems Utility, LLC and Underground Systems Utility Contractors, LLC. The founder Kent Walbeck will remain in a go-forward partnership; the deal expands TD&I’s underground telecom and utility services footprint in Wisconsin and the Upper Peninsula of Michigan.
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July 9, 2024
- Buyer
- Warren Equity Partners
- Target
- MoboTrex
- Seller
- David Schiltz (former owner of MoboTrex)
- Industry
- Infrastructure
- Location
- Iowa, United States
- Type
- Buyout
Warren Equity Partners has completed the acquisition of MoboTrex, a long-standing provider of traffic and mobility solutions to government agencies across North America. The private equity firm plans to use MoboTrex as a platform for growth and expansion, leveraging the company’s product suite and market position amid infrastructure spending tailwinds.
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July 2, 2024
- Buyer
- Ferguson Enterprises Inc., Ferguson (Jersey) 2 Limited, New TopCo (Ferguson Enterprises Inc. / newly incorporated Delaware corporation)
- Target
- Ferguson plc
- Industry
- Infrastructure
- Location
- England, United Kingdom
- Type
- Recapitalization
Ferguson plc entered into a merger agreement to restructure its corporate ownership so the group’s ultimate parent will be domiciled in the United States. Following shareholder approval on May 30, 2024, the merger is anticipated to be consummated on August 1, 2024, with Ferguson’s UK and US listings being cancelled and replaced by the new TopCo’s listings.
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July 1, 2024
- Buyer
- Network Plus
- Target
- AC Landscapes & Treeworks
- Industry
- Infrastructure
- Location
- Devon, United Kingdom
- Type
- Addon
Network Plus has acquired AC Landscapes & Treeworks, a UK vegetation management, landscaping and arboricultural consultancy established in 2007 that holds long-term frameworks with National Highways. The deal expands Network Plus's capabilities in arboriculture and vegetation management across the Strategic Highways and utilities sectors and supports growth into water-sector nature-based solutions.
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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.”
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- Buyer
- CVC Capital Partners
- Target
- M Group Services
- Seller
- PAI Partners
- Industry
- Infrastructure
- Location
- England, United Kingdom
- Type
- Buyout
CVC Capital Partners (via Fund IX) has agreed to acquire M Group Services, the UK’s largest provider of essential infrastructure services, from PAI Partners. The transaction — expected to close in Q3 2024 — will support M Group Services’ next phase of organic growth and further strategic M&A while preserving its focus on safety, sustainability and client delivery.
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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.
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June 11, 2024
- Buyer
- Azuria Corporation, New Mountain Capital
- Target
- Infrastructure Services Group LLC
- Seller
- Juniper Capital Management
- Industry
- Infrastructure
- Location
- South Carolina, United States
- Type
- Divestiture
Azuria Corporation, a portfolio company of New Mountain Capital, has acquired Infrastructure Services Group LLC (ISG) — including its operating subsidiaries Mr. Rehab, Green Mountain Pipeline Services and Inland Waters — from Juniper Capital Management. The deal brings ISG's trenchless water and wastewater inspection, maintenance and rehabilitation capabilities into Azuria's technology-enabled water solutions platform, expanding Azuria’s regional services and technical offerings.
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- 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.
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June 10, 2024
- Buyer
- Azuria Water Solutions
- Target
- Oxbow Construction
- Industry
- Infrastructure
- Location
- Oregon, United States
- Type
- Addon
Azuria Water Solutions, a New Mountain Capital portfolio company, has acquired Oxbow Construction, a trenchless utility contractor based in Troutdale, Oregon. Oxbow will operate as part of Insituform (an Azuria operating company), expanding Azuria/Insituform’s trenchless rehabilitation capabilities and presence in the Pacific Northwest.
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- Buyer
- Morgan Stanley Infrastructure Partners (MSIP), Morgan Stanley Investment Management (MSIM)
- Target
- Onslow Iron Road Trust
- Seller
- Mineral Resources Limited
- Industry
- Infrastructure
- Location
- Western Australia, Australia
- Type
- Recapitalization
Morgan Stanley Infrastructure Partners (through funds managed by Morgan Stanley Investment Management) agreed to acquire a 49% stake in Onslow Iron Road Trust, with Mineral Resources Limited retaining a 51% majority interest. The Road Trust owns a ~150-kilometer private haul road linking the Onslow Iron project to Ashburton Port in the Pilbara, an asset expected to support ramp-up to 35 Mtpa of iron ore and provide an inflation‑protected cash yield.
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- Buyer
- RoadSafe Traffic Systems, Inc., Investcorp, Trilantic North America
- Target
- Site-Safe Products, LLC, Innovative Access Solutions, LLC
- Industry
- Infrastructure
- Location
- Kentucky, United States
- Type
- Addon
RoadSafe Traffic Systems, Inc. acquired Site-Safe Products, LLC and its wholly owned subsidiary Innovative Access Solutions, LLC to expand its work zone safety product and service offerings across the Southern and Midwestern United States. The deals broaden RoadSafe’s traffic control footprint in those regions and mark the company’s 14th and 15th acquisitions since partnering with private equity firms Investcorp and Trilantic North America in 2021.
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- Buyer
- MidOcean Partners, Cascata Capital
- Target
- GridHawk Holdings
- Industry
- Infrastructure
- Location
- Indiana, United States
- Type
- Growth capital
MidOcean Partners has made a preferred equity, non-control growth capital investment in GridHawk Holdings to support the company’s geographic expansion and service offering growth. The investment, made in partnership with independent sponsor Cascata Capital, includes senior debt financing provided by BMO and was advised by Solomon Partners.
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May 22, 2024
- Buyer
- King Street Capital Management
- Target
- Colovore
- Industry
- Infrastructure
- Location
- California, United States
- Type
- Buyout
Private equity firm King Street Capital Management has acquired Santa Clara–based data center operator Colovore for an undisclosed sum. King Street plans to leverage its data center real estate platform to support Colovore's expansion of liquid-cooled, high-density colocation capacity for AI and HPC customers across additional Tier 1 U.S. markets.
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May 16, 2024
- Buyer
- AllClear Underground Solutions, LLC, Crescentia Capital
- Target
- Metals & Materials Engineers, LLC
- Seller
- Barry Bennett
- Industry
- Infrastructure
- Location
- Georgia, United States
- Type
- Addon
AllClear Underground Solutions, a portfolio company of Crescentia Capital, has acquired Metals & Materials Engineers, LLC (MME), a Stone Mountain, Georgia-based provider of sewer and stormwater inspection, cleaning and repair services. The add-on expands AllClear's geographic footprint into north Georgia and broadens its underground water and wastewater service capabilities and customer base.
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- Buyer
- Vortex Companies
- Target
- Planned and Engineered Construction, Inc. (PEC)
- Industry
- Infrastructure
- Location
- Montana, United States
- Type
- Buyout
Vortex Companies has acquired Planned and Engineered Construction, Inc. (PEC), a Helena, Montana-based trenchless infrastructure rehabilitation contractor. The acquisition expands Vortex's service presence and capabilities across the Western United States (and into Canada) while retaining PEC leadership with Chris Peccia joining Vortex as Regional Vice President.
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- Buyer
- Truesdell Corporation, Strength Capital Partners, LLC
- Target
- DeAngelo Contracting Services, LLC (HFST division)
- Seller
- DeAngelo Contracting Services, LLC
- Industry
- Infrastructure
- Location
- Pennsylvania, United States
- Type
- Addon
Truesdell Corporation, a portfolio company of Strength Capital Partners, has acquired the high-friction surface treatment (HFST) division of DeAngelo Contracting Services, LLC. The add-on expands Truesdell's HFST fleet and capabilities, strengthening its national infrastructure maintenance and safety services offering.
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- Buyer
- RoadSafe Traffic Systems, Inc.
- Target
- DCS Pavement Marking (pavement marking division of DeAngelo Contracting Services)
- Seller
- DeAngelo Contracting Services
- Industry
- Infrastructure
- Location
- Pennsylvania, United States
- Type
- Addon
RoadSafe Traffic Systems, a PE-backed national provider of infrastructure safety services, has acquired the pavement marking division of DeAngelo Contracting Services (DCS Pavement Marking). The deal expands RoadSafe’s pavement marking capabilities and presence in the Northeastern United States, adding operations that have supported public works and commercial projects in Delaware and Pennsylvania.
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