TPG and La Caisse (formerly CDPQ) announced that they have partnered with the management team of Pike Corporation, a national provider of turnkey infrastructure engineering and construction solutions for the electrical grid, and signed a definitive agreement to acquire a majority interest in the company.
TPG is making the investment through TPG Rise Climate, its dedicated climate investing platform, while La Caisse is joining as a significant minority investor. J. Eric Pike, the third-generation founder and Chairman of Pike, and James R. Wyche, the company’s CEO, are also investing alongside the new partners. After the transaction closes, Pike will continue to be led by Wyche and the current management team, which collectively has more than 200 years of tenure at the firm. Eric Pike will continue to serve on the board. Financial terms were not disclosed.
Eric Pike emphasized that Pike’s identity as a family-founded business has long been defined by safety, integrity, and innovative solutions, and said that the company’s success stems from the dedication of its team, the loyalty of long-standing customers, and the support of its investors. He noted that he is excited to support the company as it enters its next phase with new partners.
James R. Wyche commented that the investments from TPG and La Caisse mark an important new chapter for Pike, giving the company the resources to advance its shared vision of becoming the leading national provider of energy infrastructure solutions. He added that he looks forward to collaborating with TPG, La Caisse, and other stakeholders to help customers deliver affordable and reliable energy.
Founded in 1945, Pike Corporation is one of the nation’s leading providers of turn-key infrastructure services spanning electric distribution, transmission and substation, renewables, distributed energy resources, and telecommunications. The company has approximately 12,000 employees serving more than 400 customers and plays a critical role in maintaining infrastructure challenged by aging assets, load growth, and climate-driven pressures.
Jonathan Garfinkel, Managing Partner of TPG Rise Climate, highlighted that the U.S. power grid is facing rising demand, aging infrastructure, and increased exposure to extreme weather. He said that Pike is uniquely positioned to help utilities modernize and harden their systems and described the long-term growth opportunity for grid services providers in the United States. Elizabeth Stone Redding of TPG Rise Climate added that the firm looks forward to working with Pike’s leadership—well-established industry experts—to advance grid resilience and reliability nationwide.
Martin Longchamps, Executive Vice-President and Head of Private Equity and Private Credit at La Caisse, said that Pike plays an essential role in keeping power systems reliable and resilient, serving businesses and communities across the country. He added that as a global investor with deep exposure to the power and energy sector, La Caisse recognizes the importance of service providers like Pike in strengthening the backbone of the U.S. energy network. He noted that partnering with TPG reflects a shared commitment to the company’s long-term growth.
Moelis & Company LLC is serving as financial advisor and Ropes & Gray LLP is acting as financing counsel to TPG. Simpson Thacher & Bartlett LLP is providing additional legal counsel to TPG, while A&O Shearman is serving as legal advisor to La Caisse. Morgan Stanley & Co. LLC is acting as Pike’s financial advisor, with Kirkland & Ellis LLP serving as the company’s legal counsel.
Source: Business Wire
