Infrastructure Acquisitions in Ohio
Ohio Infrastructure Deal Themes
Infrastructure acquisitions in Ohio span a mix of energy infrastructure, construction and utility services, and transportation-related assets. The deals highlighted here show buyers using Ohio-based platforms to add capabilities—from distributed generation and pipeline-related assets to underground utility services and road-safety maintenance.
Across multiple years, recurring buyers include The Sterling Group (via Frontline Road Safety) and Vortex Companies, alongside infrastructure-focused investors and operators such as CST Utilities, MPLX LP, CleanSpark, Inc., and Ardian. Several transactions are framed as expansion of footprint and service capabilities within Ohio and surrounding regions.
Other themes include vertical integration and expanded execution: for example, acquisitions that broaden operations and maintenance and construction capabilities, or that add specialized underground, boring, and trenchless infrastructure products. A deal in wireless communications towers and digital infrastructure investment strategy also appears, underscoring how infrastructure activity in Ohio isn’t limited to construction alone.
What Stands Out
- Distributed generation and energy infrastructure growth shows up in transactions involving behind-the-meter power and pipeline-related interests.
- Infrastructure service platforms—underground utility work, pavement marking, and telecom engineering—feature in acquisitions by CST Utilities, Frontline Road Safety, and Congruex.
- Add-on strategies are recurring, including road safety and pavement marking expansion by Frontline Road Safety.
- Some deals target infrastructure-linked finance and assets, such as wireless communications tower and digital infrastructure under TPG’s acquisition of Peppertree Capital Management.
| Deal theme | Example buyer(s) | What’s being expanded |
|---|---|---|
| Distributed generation / energy | OnSite Partners, MPLX LP | Portfolios and asset ownership |
| Utilities + construction services | CST Utilities, Congruex | Underground / outside plant capabilities |
| Road safety + pavement marking | Frontline Road Safety (Sterling Group) | Midwest/Ohio footprint and execution |
| Infrastructure-linked infrastructure finance | TPG | Wireless tower and digital infrastructure strategy |
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February 16, 2026
- Buyer
- OnSite Partners, LLC
- Target
- One Power Company
- Industry
- Infrastructure
- Location
- Ohio, United States
- Type
- Buyout
OnSite Partners, LLC announced it has acquired the business interests of Ohio-based industrial power company One Power. The deal expands OnSite Partners’ behind-the-meter distributed generation portfolio and strengthens its energy infrastructure operations, maintenance, and construction capabilities.
-
July 2, 2025
- Buyer
- TPG Inc. (TPG)
- Target
- Peppertree Capital Management, Inc. (Peppertree)
- Industry
- Infrastructure
- Location
- Ohio, United States
- Type
- Buyout
TPG (NASDAQ: TPG) completed its previously announced acquisition of Peppertree Capital Management in a cash and equity transaction with earnouts. Peppertree’s wireless communications tower and related digital infrastructure investment strategy will operate within TPG as “TPG Peppertree.”
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February 28, 2025
- Buyer
- MPLX LP
- Target
- BANGL, LLC
- Seller
- Affiliates of WhiteWater, Affiliates of Diamondback Energy, WhiteWater BANGL Holdings, LLC
- Industry
- Infrastructure
- Location
- Ohio, United States
- Type
- Buyout
MPLX LP has signed a definitive agreement to acquire the remaining 55% interest in BANGL, LLC from affiliates of WhiteWater and Diamondback Energy for $715 million, with earnout payments up to a cap tied to financial performance metrics. The deal is expected to close in July 2025 and will make the BANGL Pipeline a wholly owned, consolidated asset of MPLX.
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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.
-
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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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.”
-
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.
-
- 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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December 18, 2023
- Buyer
- Frontline Road Safety, LLC, The Sterling Group
- Target
- The Aero-Mark Company, LLC
- Seller
- Mike Krenn, Curt Huffman
- Industry
- Infrastructure
- Location
- Ohio, United States
- Type
- Addon
Frontline Road Safety, a portfolio company of The Sterling Group, has completed the acquisition of The Aero-Mark Company, a Streetsboro, Ohio-based pavement marking contractor with an additional location in Cincinnati. The deal is an add-on to Frontline’s platform (its twelfth acquisition since July 2020) and is intended to expand the platform’s Midwest footprint and service capabilities in road safety and infrastructure maintenance.
-
November 5, 2021
- Buyer
- MiddleGround Capital
- Target
- Lindsay Precast
- Seller
- Lindsay family
- Industry
- Infrastructure
- Location
- Ohio, United States
- Type
- Buyout
MiddleGround Capital, an operationally focused private equity firm, has acquired Lindsay Precast, a designer and manufacturer of engineered precast concrete structures serving water/wastewater, utility, solar, transportation and government end markets. The deal represents MiddleGround's first platform investment in Fund II as it establishes a platform in the infrastructure supply chain and seeks growth opportunities across aged infrastructure, renewable energy, and distributed generation.
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December 22, 2020
- Buyer
- Congruex, Crestview Partners
- Target
- Gudenkauf Corporation
- Seller
- Jeff Gudenkauf
- Industry
- Infrastructure
- Location
- Ohio, United States
- Type
- Addon
Congruex, a PE-backed national provider of telecom engineering and construction services, has acquired Gudenkauf Corporation, a Columbus-based provider of self-perform outside plant construction, splicing and emergency restoration services. The add-on expands Congruex's geographic footprint into Ohio and West Virginia and strengthens its capabilities serving broadband operators across the Mid-Atlantic region.
-
- Buyer
- Frontline Road Safety, The Sterling Group
- Target
- Griffin Pavement Striping
- Industry
- Infrastructure
- Location
- Ohio, United States
- Type
- Addon
Frontline Road Safety, a platform backed by The Sterling Group, has completed the acquisition of Griffin Pavement Striping, a Columbus, Ohio-based provider of road, highway and airport line striping. The deal is an add-on to Frontline’s national road-safety and pavement marking platform intended to expand the platform’s local execution capabilities and geographic footprint in Ohio.
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December 10, 2019
- Buyer
- GS Acquisition Holdings Corp, Affiliates of The Goldman Sachs Group, Inc., David M. Cote
- Target
- Vertiv Holdings LLC
- Seller
- Platinum Equity, Vertiv stockholders
- Industry
- Infrastructure
- Location
- Ohio, United States
- Type
- Buyout
Vertiv, a Platinum Equity portfolio company and global provider of critical digital infrastructure, will become a publicly traded company through a business combination with GS Acquisition Holdings Corp (a SPAC). The transaction is sponsored by affiliates of The Goldman Sachs Group and David M. Cote, values Vertiv at an anticipated pro forma enterprise value of about $5.3 billion, and leaves Platinum Equity as a significant post-close shareholder.
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Frequently Asked Questions
What types of infrastructure acquisitions are most common in Ohio on this page?
The transactions focus on energy and distributed generation, utility construction and underground services, road-safety/pavement marking, and telecom/digital infrastructure themes.
Do the listed deals include expansion via add-ons?
Yes. Several deals are described as add-ons to an existing platform, including road-safety and pavement marking expansions under Frontline Road Safety.
Which Ohio infrastructure deal themes relate to energy?
Energy-related themes include behind-the-meter distributed generation (e.g., OnSite Partners acquiring One Power) and pipeline ownership consolidation (e.g., MPLX LP acquiring remaining interest in BANGL, LLC).
Are there acquisitions in Ohio that involve telecom or digital infrastructure?
Yes. TPG’s acquisition of Peppertree Capital Management is centered on wireless communications tower and related digital infrastructure investment strategy, and Congruex acquires telecom outside plant construction capabilities.