Infrastructure Acquisitions in United States

Liberty Mutual Investments (LMI), the investment firm for Liberty Mutual Group, made a strategic minority investment in Mascarene Partners, a middle-market infrastructure investment platform focused on North American transportation and industrial businesses. The investment provides Mascarene with long-term capital to pursue its infrastructure investment strategy; terms were not disclosed.

New Era Energy & Digital, Inc. (Nasdaq: NUAI) closed its acquisition of Sharon AI’s 50% ownership interest in Texas Critical Data Centers LLC (TCDC). Following the transaction, New Era owns 100% of TCDC and Sharon AI has no continuing ownership interest, governance rights, or control provisions related to the project.

Lindsay Goldberg completed the sale of its interest in Pike Corporation, a provider of construction, engineering, and other infrastructure services to the electric utility industry. Financial terms were not disclosed, and the announcement highlights Lindsay Goldberg’s long partnership with the Pike family, including an original investment 25 years ago and a reinvestment in 2020 alongside the family.

Enceladus Partners completed an investment in Smith Excavating, LLC (SMEX), a second-generation, family-owned, tech-enabled infrastructure and utility maintenance services provider. Smith Excavating is headquartered in Winston-Salem, North Carolina and provides right-of-way vegetation management, infrastructure asset repair and maintenance, and industrial site services across the Mid-Atlantic region. The transaction provides capital and partnership support to accelerate SMEX’s regional expansion and continued investment in technology, fleet, and personnel.

RadiusDC completed the acquisition of the mission-critical carrier-hotel facility at 55 Marietta Street NW in Downtown Atlanta, a 403,000-square-foot, 21-story interconnection hub with 22 carriers on-net. RadiusDC plans a major expansion, adding 8MW of new utility capacity to increase the site’s total capacity to 18MW, to support demand from hyperscale, content, and enterprise customers. The seller was described as a European family office, with Stream Realty Partners and Nelson Mullins Riley & Scarborough LLP advising the seller and Akin Gump Strauss Hauer & Feld advising RadiusDC.

Archer Aviation signed definitive agreements to acquire control of Hawthorne Airport in Los Angeles for $126 million in cash. Archer plans to use the 80-acre airport site as the operational center for its planned Los Angeles air taxi network and as a testbed for AI-powered aviation technologies and next-generation air traffic/ground operations management.

Apollo-managed funds completed the acquisition of a majority interest in Stream Data Centers (SDC), a developer and operator of hyperscale data center campuses across the United States. Principal Asset Management is acquiring a minority interest in SDC through a Principal-managed fund, while SDC’s management team will retain a minority stake and continue to lead the business.

Sterling Investment Partners closed a continuation-vehicle recapitalization of XKIG via Sterling’s first single-asset continuation fund to support the company’s next phase of growth. The transaction was co-led by HarbourVest Partners, StepStone Group, and ICONIQ, with additional funding from Churchill Asset Management and other syndicate investors; Sterling principals, Sterling’s latest buyout fund, and the XKIG management team also invested. XKIG provides recurring critical infrastructure services to electric (and gas) utility customers across the United States and is headquartered in Norfolk, Virginia.

CROM, LLC, a provider of water infrastructure solutions, acquired CFG Industries, a specialty infrastructure services provider headquartered in Houston, Texas. The deal expands CROM’s geographic reach in Texas and adds capabilities including protective coatings, structural repairs, underground utilities and electrical systems, lift station rehabilitation, and custom welding and fabrication for municipal water and wastewater infrastructure customers.

Thoma Bravo announced a strategic minority investment in SDC Capital Partners (SDC), a global digital infrastructure investment firm. Thoma Bravo will fund the transaction from its balance sheet, with Piper Sandler advising Thoma Bravo and Houlihan Lokey advising SDC.

Shenandoah, a GenNx360 Capital Partners portfolio company providing underground infrastructure services, has acquired Nu-Pipe LLC, a trenchless pipe rehabilitation provider in the U.S. Southeast. Nu-Pipe founder and CEO Ashby Johnson will remain with the combined business as Shenandoah’s President of Solution Technologies, overseeing specialty rehabilitation divisions nationwide.

Traffic and Parking Control Co., LLC (TAPCO) acquired Logix ITS, a provider of connected traffic solutions across speed calming, traffic flow, and parking technologies sold under the Traffic Logix, All Traffic Solutions, and Parking Logix brands. The combination is intended to create one of the most comprehensive intelligent transportation systems (ITS) platforms in North America, pairing TAPCO’s vertically integrated manufacturing and services with Logix ITS’s unified cloud platform and connected-device footprint. Peak Rock Capital, TAPCO’s sponsor, described the deal as part of TAPCO’s strategy to pursue additional strategic acquisitions to broaden capabilities and product offerings.

Flexential closed a continuation vehicle and a strategic investment led by GI Partners’ GI Data Infrastructure division, with additional support from funds managed by Hamilton Lane. The new capital will be used to accelerate Flexential’s U.S. data center expansion pipeline (including more than 110 MW of projects) and scale its FlexAnywhere platform to meet growing AI and enterprise computing demand.

Brookfield Infrastructure Partners L.P., via its wholly owned subsidiary Colossus AcquireCo LLC and alongside institutional partners, completed the acquisition of 100% of Colonial Enterprises, Inc. (owner of the Colonial Pipeline system) for an enterprise value of about $9 billion. The sellers were a five-party consortium consisting of Koch Capital Investments, KKR-Keats Pipeline Investors, La Caisse, IFM Investors, and Shell Midstream Operating (Shell plc), with Shell’s 16.125% stake valued at $1.45 billion (including approximately $500 million of non-recourse debt).

ArcLight Capital Partners acquired Advanced Power, a privately owned power infrastructure developer and manager, to form a leading power infrastructure solutions platform. ArcLight also made an initial $1 billion equity commitment, with the partnership projected to have the potential to invest more than $5 billion of equity over the next five years to develop over 20 GW of new power capacity supporting North America’s AI and data center growth. Financial terms were not disclosed.

TPG Inc. completed its previously announced acquisition of Peppertree Capital Management, adding a differentiated investment strategy focused on wireless communications towers and related critical communications assets. The acquired $7.8 billion strategy will operate as TPG Peppertree and will continue to be led by Co-Managing Partners Howard Mandel and Ryan Lepene, expanding TPG’s presence in digital infrastructure.

SOLV Energy acquired Spartan Infrastructure, a high-voltage transmission contractor headquartered in Mesa, Arizona. The deal expands SOLV Energy’s transmission and distribution capabilities and supports its strategy to provide integrated, lifecycle power infrastructure services across the United States. Financial terms were not disclosed.

Igneo Infrastructure Partners acquired Infinity Aviation Group, a fixed-base operator (FBO) platform headquartered in Nashua, New Hampshire. The deal includes a portfolio of on-airport assets at Boire Field (KASH) such as hangarage, line services, and fueling operations; financial terms were not disclosed.

NOVA Infrastructure completed a majority investment in DartPoints, a provider of colocation and enterprise data center solutions across Tier 2 and Tier 3 U.S. markets. The transaction includes a significant growth capital component to fund capacity expansion and strategic M&A, while existing sponsor Astra Capital Management retained a meaningful minority stake. Orion Infrastructure Capital joined as a lender and minority equity investor, with NOVA and OIC committing more than $250 million of capital in total.

Azuria Water Solutions announced it has acquired three water infrastructure services companies: TSW Utility Solutions, AM-Liner East, and C.K. Masonry. The acquisitions expand Azuria’s capabilities in potable pipeline services (including lead service replacement) and trenchless pipeline, manhole, and wet well rehabilitation across multiple Mid-Atlantic and Midwest/Southeast markets. Employees of the acquired companies will remain in place at their respective facilities.

Hypertec Cloud, an AI cloud platform, acquired 5C Data Centers, a U.S. colocation and data center provider with more than 2 GW of roadmap capacity. The deal also spins off Hypertec Cloud from its parent, Hypertec Group, and establishes 5C Group as a new independent AI digital infrastructure provider combining cloud compute and data center campuses across the United States.

fifteenfortyseven Critical Systems Realty (1547) and Harrison Street acquired DRFortress, Hawaii’s largest carrier-neutral data center and cloud services provider, from GI Partners. The transaction brings DRFortress into 1547’s connectivity-focused digital infrastructure platform to support continued expansion across Hawaii and the broader Pacific region. DRFortress’ existing leadership team, including co-founders Fred Rodi and Rosa White, will remain in place to continue day-to-day operations.

Northstar Technologies Group acquired majority ownership of Compass Quantum (also known as Compass Edgepoint Systems), an independently operated subsidiary of Compass Datacenters. Following the deal, Quantum will operate as a Northstar business unit split between Northstar Federal and Northstar Enterprise and Defense, while Compass Datacenters will remain a strategic partner. Financial terms were not disclosed.

Longview Infrastructure, a newly formed electric transmission development and investment platform, secured an equity commitment from Stonepeak. The partnership will focus on originating, developing, constructing, and operating electric transmission infrastructure projects across the United States to support rising electricity demand, renewable energy integration, and grid reliability.

Ramudden Global, a portfolio company of Triton Fund IV, acquired Curtin Co., LLC and Carolina Traffic Devices, LLC (together referred to as Curtin), a North American provider of traffic management solutions. The deal strengthens Ramudden Global’s road and urban safety infrastructure offering and expands its reach in key markets across the Southeastern United States.

Green Heron Partners formed a new platform, Bison Infrastructure Services, focused on support services for water, utility, and civil infrastructure owners and operators. Through Bison, Green Heron acquired QP Services and Iron Woman Logistics Services from Iron Woman Partners, with Iron Woman founder/CEO Shaun Egan and President Steve Burns retaining a significant ownership stake and serving as co-executive chairmen of Bison.

Macquarie Asset Management acquired a majority stake in DynaGrid Holdings, LLC, a U.S. utility services provider focused on maintaining, upgrading, and building transmission and substation infrastructure. DynaGrid is headquartered in Dallas and operates primarily across the Sunbelt and the Midwest. The transaction is the first investment under Macquarie Asset Management’s new buyout strategy focused on infrastructure end-market services, products, and technologies.

Tallvine Partners acquired Odyssey Aviation U.S., a fixed-base operator (FBO) providing fueling, hangar rental, de-icing, and related services for private aviation and air cargo customers. Odyssey was previously a portfolio company of Granite Creek Capital Partners and Equivu Capital, with Everside Capital Partners also supporting the company during the hold period.

Funds managed by Macquarie Asset Management entered into a perpetual preferred equity financing facility to invest up to $900 million in Applied Digital’s Ellendale high-performance computing (HPC) data center campus via its subsidiary APLD HPC Holdings LLC. The agreement also gives Macquarie Asset Management the right to invest up to an additional $4.1 billion in Applied Digital’s future HPC data center project pipeline, subject to conditions such as executed hyperscaler leases.

A fund managed by Macquarie Asset Management (Macquarie Infrastructure Partners VI, or MIP VI) entered into an agreement to acquire an initial 40% minority equity stake in select U.S. Gulf Coast infrastructure assets of Dow Inc., forming Diamond Infrastructure Solutions as a dedicated infrastructure services business. Macquarie had an option to increase its stake to 49%, and in September 2025 MIP VI exercised that option to acquire an additional 9%, bringing its total ownership in Diamond to 49%. Dow expects to receive total cash proceeds of about US$3.0 billion (including US$2.4 billion for the initial 40% stake).

Platform Partners, LLC acquired Progressive Pipeline Management (PPM), LLC, a trenchless pipeline rehabilitation contractor focused primarily on natural gas utility distribution pipelines. Commonwealth M&A, LLC served as exclusive sell-side advisor to PPM, facilitating buyer outreach, negotiations, and due diligence to close the transaction in just over six months.

Flexential announced a strategic common-equity investment from Morgan Stanley Infrastructure Partners (MSIP), which will become a co-control investor alongside existing sponsor GI Partners. The partners will provide primary capital to fund Flexential’s continued expansion of its U.S. data center footprint and its FlexAnywhere platform, with closing expected in the fourth quarter of 2024 subject to customary regulatory approvals.

Allied Industrial Partners LLC announced it has sold Dovetail Infrastructure Services, a developer and operator of water infrastructure across the United States, to an undisclosed strategic buyer. The transaction represents Allied’s exit after a four-year ownership period following its creation of Dovetail via a carveout acquisition in November 2020.

KKR acquired The Parking Spot, a leading U.S. owner and operator of near-airport parking properties, from an affiliate of Green Courte Partners. The Parking Spot operates 47 near-airport parking facilities serving major U.S. airports, and its management team will continue to lead the company. Financial terms were not disclosed.

Kian Capital-backed SPATCO Energy Solutions acquired Hobby Electric and UST Services Corporation to expand its electrical, EV infrastructure, petroleum fueling, and environmental compliance capabilities. Hobby Electric strengthens SPATCO’s Midwest footprint and adds in-house electrical capacity, while UST Services broadens SPATCO’s petroleum and environmental services presence across the Mid-Atlantic. UST is headquartered in Owings, Maryland, and Hobby Electric is based in Benton, Arkansas.

EQT Infrastructure IV and EQT Infrastructure V have agreed to sell a minority stake in EdgeConneX to funds managed by Sixth Street. EQT Infrastructure will remain the largest shareholder following the transaction, which is expected to close in Q4 2024 and is intended to support EdgeConneX’s continued global expansion in data center capacity optimized for AI and large-scale cloud deployments.

Snowhawk LP announced a strategic investment in CleanArc Data Centers, a renewables-focused hyperscale data center campus developer and operator. The investment is intended to accelerate CleanArc’s growth and go-to-market plans, including development of its first Virginia data center campus and deepening partnerships with hyperscale customers.

Apollo-managed funds acquired a majority interest in Freedom CNG, an owner and operator of compressed natural gas (CNG) and renewable natural gas (RNG) fueling infrastructure in Texas. Freedom operates a network of high-capacity fueling stations in the Houston metro area serving logistics, transportation, refuse, municipalities, and other high-volume fuel users, and the partnership is intended to support continued expansion of the platform.

Lumin8 Transportation Technologies, a portfolio company of Crest Rock Partners, acquired Rommel Infrastructure, a traffic signal maintenance and installation services provider serving departments of transportation, municipalities, and contractors in Maryland and Delaware. The acquisition expands Lumin8’s Mid-Atlantic footprint and is described as the seventh add-on acquisition to the Lumin8 platform.

RadiusDC acquired Miami I, a carrier-neutral, telecommunications-focused data center in Sweetwater, Florida, from NextStream, a Latin American data center operator owned by Actis. RadiusDC, which is backed by IPI Partners, plans to invest to expand Miami I’s critical IT power capacity from 3.2 MW to 9.2 MW. Financial terms were not disclosed.

Riot Platforms, Inc. acquired Block Mining, Inc., a Kentucky-based vertically integrated Bitcoin miner, for $92.5 million in total consideration at closing, consisting of $18.5 million in cash and $74 million in Riot common stock. The deal adds 60 MW of operational capacity across two Kentucky sites (with expansion potential under existing agreements) and includes an earn-out of up to $32.5 million tied to executing additional power purchase agreements through 2025.

Rowe Tomes Advisors (RT Advisors) announced the sale of MoboTrex, a provider of traffic management, safety, and mobility solutions for government agencies across North America, to private equity firm Warren Equity Partners. Former owner David Schiltz cited RT Advisors’ guidance in finding a partner to support MoboTrex’s next phase of growth. Under Warren Equity Partners’ ownership, MoboTrex is expected to serve as a platform for expansion in the traffic management and infrastructure sector.

First Reserve has completed the sale of GridTek Utility Services, a provider of repair, maintenance, installation, and upgrade services for electric transmission and distribution infrastructure. The financial terms were not disclosed. The buyer was not named in the announcement.

Ardian acquired a 100% stake in CampusParc, the public-private partnership concessionaire that manages and maintains parking facilities at The Ohio State University’s flagship campus in Columbus, Ohio. The business was acquired from funds managed by QIC, and the investment is being made through Ardian Americas Infrastructure Fund V.

King Street Capital Management has acquired Colovore, a Silicon Valley-based data center operator, for an undisclosed amount. Colovore specializes in liquid-cooled, high-density colocation supporting artificial intelligence and high-performance computing workloads, and plans to expand into additional Tier 1 U.S. markets with King Street’s backing.

TPG Rise Climate has signed a definitive agreement to acquire Olympus Terminals, a Long Beach, California-based independent storage and logistics provider for renewable fuels and refined products. Olympus Terminals is majority owned by affiliated investment funds of Davidson Kempner Capital Management LP and Intrepid Investment Management, LLC, who are selling their stakes as part of the transaction.

RoadSafe Traffic Systems, Inc. acquired the pavement marking division of DeAngelo Contracting Services (DCS Pavement Marking). The acquisition expands RoadSafe’s pavement marking capabilities in Delaware and Pennsylvania and represents RoadSafe’s thirteenth acquisition since partnering with private equity firms Investcorp and Trilantic North America in 2021.

Edge Centres, an Australian data center company, has acquired US colocation and bare metal provider QuadraNet. The acquisition adds 10 facilities to Edge Centres’ US footprint and will be unified under the QuadraNet brand, with Edge Centres’ CTO Kiarash Jahangiri appointed CEO of QuadraNet. Financial terms were not disclosed.

A wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) completed the acquisition of a 40% stake in Landmark Dividend LLC, a DigitalBridge portfolio company. The investment was completed alongside DigitalBridge-sponsored vehicles and is intended to support Landmark’s continued expansion across its real estate and digital infrastructure growth platform in the United States.

AEA Investors' Small Business Private Equity team completed the sale of CLS Management Services, Inc. to an unnamed financial sponsor. CLS, headquartered in Sugar Land, Texas, provides infrastructure and land management services (e.g., right-of-way, route selection, title research, and environmental permitting) supporting utilities, public infrastructure, and clean energy infrastructure projects across the United States.

Infrastructure investor Ancala launched Phoenix Rail as a new short line rail platform in the United States and completed its first acquisition with the purchase of Lehigh Valley Rail Management (LVRM). LVRM owns short line and terminal rail facilities in Bethlehem and Johnstown, Pennsylvania, and Ancala plans to support Phoenix Rail’s growth through infrastructure investment and further acquisitions in the fragmented North American short line rail market.

Tonaquint acquired the former EdgeX data center facility in Oklahoma City in late 2023. The company is upgrading and recommissioning the Tier III, 65,000-square-foot site from a single-client environment to a multi-client facility, with an initial 2.5 MW IT load and expansion capacity up to 12 MW.

Vantage Data Centers announced a $6.4 billion equity investment led by investment vehicles managed by DigitalBridge and Silver Lake. The funding will support Vantage’s expansion and development of next-generation hyperscale data center campuses across North America and EMEA, and is expected to close in the first quarter of 2024 subject to customary conditions.

Ara Partners acquired a majority interest in USD Clean Fuels, LLC (USDCF), a Houston-based developer of logistics infrastructure for renewable fuel feedstocks and biofuels across North America. In connection with the transaction, USDCF also acquired the West Colton Rail Terminal, a fully operational biofuels terminal in California, and Ara committed additional capital to fund expansion of USDCF’s infrastructure footprint.

Funds managed by Harvest Partners completed the acquisition of Road Safety Services, Inc. (RSS) from Parallel49 Equity. Headquartered in Omaha, Nebraska, RSS provides pavement marking and other road safety-related services across 15 U.S. states, and its management team led by CEO Mike Johnson will continue to lead the business and remain significant owners. Financial terms of the transaction were not disclosed.

Investcorp acquired a 50% stake in Corsair Capital’s infrastructure business, marking Investcorp’s entry into the global infrastructure investment asset class. The transaction was completed via the formation of Investcorp Corsair Infrastructure Partners, a jointly owned entity that includes the infrastructure business’ existing funds, investments, and team and will continue investing in transportation, logistics, and associated infrastructure subsectors.

JET Infrastructure acquired five fuel terminals from International-Matex Tank Terminals (IMTT), expanding JET’s aviation fuel storage and distribution footprint in the U.S. Southeast. The acquired assets extend JET’s platform into Georgia, Alabama, and New Mexico and increase its total network to 12 assets across the United States.

Aegion Corporation announced the acquisition of AP Civil Solutions, LLC, a water and wastewater maintenance and pipe rehabilitation services provider based in central Florida. AP Civil Solutions will operate as part of Insituform, an Aegion portfolio company, supporting Aegion’s utility services division focused on aging water infrastructure.

Northleaf Capital Partners agreed to acquire a controlling stake in EVPassport, an electric vehicle charging platform focused on deploying Level 2 and Level 3 chargers across North America. Funds managed by Northleaf committed $200 million to support EVPassport’s capital needs and accelerate the build-out of EV charging systems under the company’s infrastructure-as-a-service model. EVPassport is headquartered in Los Angeles, California.

Berkshire Partners made a majority growth investment in TowerNorth, an independent developer, owner, and operator of critical wireless infrastructure assets operating across the United States and Europe. The transaction was completed privately and financial terms were not disclosed. Founding investor Wincove Private Holdings re-invested alongside Berkshire Partners.

Aegion Corporation announced the acquisition of 11 Enviro Group, a provider of assessment, maintenance, and trenchless services for water and wastewater pipelines in the New York City metropolitan area. Following the transaction, 11 Enviro Group will operate as part of EN-TECH Infrastructure, an Aegion portfolio company based in New Jersey, while retaining its Greenpoint, Brooklyn facilities and employees.

Funds advised by Basalt Infrastructure Partners acquired Fortbrand Services LLC from a fund managed by Wincove Private Holdings and other investors. Fortbrand is a transport infrastructure leasing business focused on ground support equipment and airport maintenance equipment for aviation end users. The transaction marks Wincove’s exit from its partnership in Fortbrand.

Funds managed by Quad-C Management closed an investment in (and acquisition of) Vortex Companies, a global provider of trenchless water and sewer infrastructure rehabilitation products and services. The transaction represents the sale of Vortex by Platform Partners, with Vortex’s co-founder and CEO Mike Vellano continuing to lead the company. Financial terms were not disclosed.

Manulife Investment Management, on behalf of Manulife Infrastructure Fund II and affiliates, completed the acquisition of a controlling interest in Serverfarm, a multi-regional data center owner and operator. The investment, alongside ongoing support from existing shareholders including NantCapital, is intended to accelerate Serverfarm’s global data center expansion across North America, Europe, and Israel and to enhance its InCommand DMaaS platform innovation. Founder and CEO Avner Papouchado will continue to lead the company, with NantCapital and Papouchado retaining significant ownership stakes.

Tower Arch Capital completed a recapitalization of TD&I Cable Maintenance, LLC in partnership with the company’s founders Tim and Debbie Stanke and TD&I’s management team. Headquartered in Lakeland, Minnesota, TD&I provides directional drilling, trenching, and related infrastructure services supporting the installation and maintenance of fiber optic and other telecom/cable networks. Transaction terms were undisclosed, and financing was provided by Zions Bank and Hillcrest Bank.

Martinus North America, Inc. entered into a purchase agreement to acquire Bottom Line Company LLC, a nationwide railroad contractor headquartered in Lee's Summit, Missouri. Following the deal, the combined operation will run as Martinus Bottom Line, expanding Martinus' rail infrastructure construction and maintenance capabilities across North America.

Digital Realty and TPG Real Estate established a joint venture in which TPG will acquire a majority stake in three stabilized hyperscale data centers in Northern Virginia. Digital Realty will retain a minority interest and continue to manage day-to-day operations of the assets. The three facilities were contributed at an aggregate value of $1.5 billion, with Digital Realty receiving approximately $1.3 billion of gross proceeds related to the joint venture and associated financing.

Ubiquity, a digital infrastructure investor, acquired EdgePresence, a build-to-suit edge data center solutions provider serving carriers and hyperscalers. The acquisition adds EdgePresence’s modular Edge Data Centers to Ubiquity’s last-mile digital infrastructure platform and will anchor Ubiquity’s new “Ubiquity Edge” vertical focused on space, power, and edge compute solutions.

Carr's Hill Capital Partners Management, LP (CHP) partnered with founders Shaw and Tom Matthews to recapitalize Matthews Brothers Dredging, LLC (MBD) to support continued expansion. MBD provides marine infrastructure dredging services to public and private customers across U.S. Gulf Coast markets. In conjunction with the transaction, Declan Rushe was appointed CEO.

Compass Group Equity Partners, a St. Louis-based private equity firm, announced an investment/partnership in Anderson UnderBridge, a manufacturer and rental operator of mobile bridge inspection and maintenance trailers and trucks. Anderson UnderBridge (based in York, South Carolina) is positioned as a new platform investment for Compass Group’s Fund II, with plans to expand manufacturing capacity, rental footprint, and potentially pursue acquisitions to build a full-service critical infrastructure equipment and services company.

Brookfield Infrastructure Partners L.P. (and its institutional partners) and Ontario Teachers’ Pension Plan entered into a definitive agreement to acquire Compass Datacenters, LLC. The sellers are RedBird Capital Partners and the Azrieli Group, and Compass founder/CEO Chris Crosby and the existing management team will continue to lead the business following closing, which is expected by year-end subject to customary regulatory approvals.

An affiliate of ArcLight Capital Partners acquired an incremental 12.5% ownership interest in Natural Gas Pipeline Company of America LLC (NGPL) from Brookfield Infrastructure Partners. Following the transaction, ArcLight increased its ownership in NGPL to 37.5% while Brookfield Infrastructure retained a 25% stake; Kinder Morgan continues to operate NGPL and holds 37.5%.

Bobcat Power Holdings, LLC acquired Chancellor Construction, LLC, expanding Bobcat’s substation infrastructure services footprint and capabilities across the Southeast. Chancellor, headquartered in Hattiesburg, Mississippi, will continue to be led by its existing management team with added access to Bobcat’s resources and capacity. Bobcat Power is a portfolio investment of Cotton Creek Capital.

Core & Main Inc. completed the acquisition of substantially all assets of UPSCO Inc. and two affiliated entities. UPSCO, headquartered in the Finger Lakes region of New York, provides utility infrastructure products and services including prefabricated meter sets, pipe/valve/fitting distribution, and fusible piping solutions, expanding Core & Main’s utility infrastructure offerings.

Lumin8 Transportation Technologies, a portfolio company of Crest Rock Partners, acquired Lightspeed Integrated Communications, a fiber optic infrastructure and services provider focused on interstate and traffic signal networks. The deal expands Lumin8’s intelligent transportation systems (ITS) service offerings, adding fiber installation, splicing, testing, and maintenance capabilities across the United States.

Boasso Global, Inc. and Q Super Holdings, Inc. (Quala) signed a definitive agreement to merge, creating a leading infrastructure services provider for the liquid bulk logistics industry across North America and Europe. The transaction is supported by a new investment from Boasso’s majority shareholder KKR, which will purchase shares from Advent International and provide additional growth capital to facilitate the combination.

DIF Capital Partners signed an agreement to acquire Tonaquint Data Centers, a data center provider focused on the Mountain West region of the United States and headquartered in St. George, Utah. Tonaquint’s management will retain a minority stake, and the investment will be made through DIF’s core-plus CIF III fund. The acquisition is intended to support Tonaquint’s continued growth through facility enhancements and expanded service offerings.

Netrality Data Centers acquired Lifeline Data Centers' 733 West Henry data center facility on the Indy Telcom campus in Indianapolis. Netrality will continue providing colocation services in the 30,000-square-foot facility and expand interconnection services by linking access to the meet-me room in its nearby 701 West Henry data center. The acquisition supports Netrality’s ongoing expansion and service-provider ecosystem growth on its Indianapolis campus.

DigitalBridge Group, Inc. and IFM Investors completed an $11 billion take-private transaction to acquire all outstanding common shares of Switch, Inc. The deal valued Switch at $34.25 per share in cash and included repayment of outstanding debt, resulting in Switch being delisted from the New York Stock Exchange.

CAI Capital Partners’ portfolio company Universal Group closed the acquisition of Advanced Traffic Control (ATC), marking Universal’s first expansion into the United States. ATC, headquartered in Auburn, Washington, provides traffic control and lane closure services for major infrastructure projects, and its founders Jeff McLaughlin and Darrin Tish will continue to lead the business and become shareholders of Universal as part of the transaction.

MFG Partners completed an investment in Chuck's Septic Tank and Drain Cleaning, Inc., CST Utilities, LLC, and I-Bore, LLC (collectively known as CST). The investment was made in partnership with PNC Mezzanine Capital and Centerfield Capital Partners. CST is a turnkey underground infrastructure services provider headquartered in Grove City, Ohio.

Ara Partners acquired a majority ownership interest in Lincoln Terminal Holdings, LP, a renewable fuel logistics and infrastructure provider operating rail transloading and storage facilities in the Southeast and Mid-Atlantic United States. Ara also committed additional capital to support expansion of Lincoln’s renewable fuel infrastructure footprint, marking Ara’s first investment under its infrastructure strategy.

Harmoni Towers, a portfolio company of Palistar Capital LP, closed its acquisition of Parallel Infrastructure, a U.S. telecommunications tower platform and build-to-suit provider. Parallel Infrastructure was acquired from funds managed by affiliates of Apollo Global Management, and the combined company will have more than 2,000 built and in-construction towers across the United States.

SMC Infrastructure Partners acquired infrastructure investment platform InfraNext Partners to expand its senior management team and deepen its infrastructure investing capabilities. InfraNext’s M&A and development pipeline is expected to accelerate strategic initiatives across SMC’s platform, and InfraNext founders Scott Troeller and Joseph Dunfee are joining SMC in leadership roles.

Cotton Creek Capital announced the formation of Bobcat Power Holdings, LLC as a new platform providing substation infrastructure services. The platform is being built around Cotton Creek’s acquisition of Bobcat Heavy Civil, LLC, a Waco, Texas-based provider of turnkey substation and electrical construction services.

Aegion Corporation announced the acquisition of Next Level Environmental, a Boston-area provider of underground and vacuum excavation services. Next Level Environmental’s assets and employees will operate under Insituform, an Aegion portfolio company, expanding Insituform’s turnkey trenchless and infrastructure services capabilities in the New England market.

Macquarie Infrastructure Holdings, LLC (MIC) completed its merger with an affiliate of Argo Infrastructure Partners, LP on July 21, 2022. MIC unitholders will receive $4.11 per unit in cash, and the completion of the transaction resulted in MIC being delisted from the New York Stock Exchange.

Transportation Infrastructure Partners (TIP), a joint venture between Ridgewood Infrastructure and Savage, acquired 100% of Worldwide Terminals Fernandina, LLC, the manager and operator of the Port of Fernandina in Florida. Following the transaction, TIP assumes the terminal operator role at the Port of Fernandina, a strategic intermodal terminal handling bulk, breakbulk, and containerized cargo. Financial terms were not disclosed.

Blink Charging Co. signed a definitive agreement to acquire SemaConnect, Inc. for $200 million in a cash and common stock transaction, subject to customary working capital adjustments and closing conditions. The deal is expected to add nearly 13,000 EV chargers, about 3,800 site host locations, and more than 150,000 registered EV driver members to Blink’s network, expanding its vertical integration and manufacturing capabilities.

SharpVue Capital, a Raleigh-based private equity and real estate firm, agreed to acquire the Bald Head Island ferry and tram system and related Mitchell family infrastructure and real estate assets from Bald Head Island Limited in a transaction valued at $67.7 million. The purchase includes the ferry, tram, tug and freight barge operations, and the Deep Point Parking facility in Southport, with the ferry and tram transfer subject to approval by the North Carolina Utilities Commission.

APP Jet Center announced the acquisition of fixed-base operator (FBO) operations at Witham Field Airport in Stuart, Florida. The acquisition expands APP’s network of aviation infrastructure locations and supports its growth strategy through complementary acquisitions. Ridgewood Infrastructure is referenced as an infrastructure investor in the background information, but no seller was disclosed.

BitNile, Inc. (a wholly owned subsidiary of BitNile Holdings, Inc.) closed a membership interest purchase agreement to acquire the remaining 30% of Alliance Cloud Services, LLC, bringing its ownership to 100%. Alliance Cloud Services owns and operates a 617,000-square-foot data center facility in southern Michigan that supports BitNile’s Bitcoin mining operations.

VPLS, a US colocation firm, acquired Carrier-1’s 106,000 sq ft, 10MW data center facility in Dallas, Texas (now renamed DA4). Deal terms were not disclosed, and the transaction includes welcoming Carrier-1 customers and employees into VPLS. Bank Street Group LLC served as Carrier-1’s exclusive financial advisor on the sale.

In January 2017, DataBank acquired data center facilities in Cleveland and Pittsburgh from 365 Data Centers. The deal added key interconnection assets and downtown locations with top-tier carrier access and established customer bases. DataBank intends to use the sites as anchors to support further national and local market expansion.

Funds managed by KKR and Global Infrastructure Partners (GIP) completed an all-cash acquisition of CyrusOne in a transaction valued at approximately $15 billion, including the assumption of debt. Following the closing, CyrusOne’s common stock trading was suspended and the company requested delisting from the Nasdaq Global Select Market.

Inland Pipe Rehabilitation (IPR), a portfolio company of investment affiliates of J.F. Lehman & Company, completed the acquisition of Granite Inliner and affiliated companies from Granite Construction Incorporated. The deal expands IPR’s trenchless pipe rehabilitation capabilities and significantly broadens its North American footprint across wastewater, stormwater, and potable water infrastructure applications.

DataBank closed its $670 million acquisition of four Houston, Texas-area data centers from CyrusOne, adding more than 300,000 square feet of raised-floor capacity and 42.5 MW of power. The assets include the facility at 4201 Southwest Freeway (formerly CyrusOne Galleria) and the Houston West Campus, comprising three data centers (formerly West I, West II, and West III), expanding DataBank’s footprint into the Houston market.

Yellowstone Acquisition Company (YSAC) and Sky Harbour LLC closed their previously announced business combination on January 25, 2022, with the combined company renamed Sky Harbour Group Corporation. Following closing, Sky Harbour’s Class A common stock and warrants began trading on the NYSE American under the tickers “SKYH” and “SKYHWS,” respectively. A subsidiary of Boston Omaha Corporation, Yellowstone’s sponsor, also invested $100 million by purchasing 10,000,000 shares of Yellowstone Class A common stock as part of the transaction.

Ridgewood Infrastructure LLC announced the acquisition of APP Jet Center, a fixed-base operator that owns and operates aviation infrastructure in the United States. Ridgewood plans to partner with APP’s management team to support continued growth, both organically and through selective acquisitions.

Infinedi Partners, LP exited its $115 million investment in LAZ Parking with a full-cash sale, fully divesting its ownership stake. The exit was facilitated by a long-term investment by Argo Infrastructure Partners into LAZ Parking, which is headquartered in Hartford, Connecticut.