M&A Deal Summary

TPG and La Caisse Acquire Pike

On November 17, 2025, private equity firm TPG and asset manager La Caisse acquired construction company Pike

Acquisition Highlights
  • This is TPG’s 2nd and La Caisse’s 2nd transaction in the Construction sector.
  • This is TPG’s 298th and La Caisse’s 26th transaction in the United States.
  • This is TPG’s 11th and La Caisse’s 2nd transaction in North Carolina.

M&A Deal Summary

Date 2025-11-17
Target Pike
Sector Construction
Buyer(s) TPG
La Caisse
Deal Type Buyout (LBO, MBO, MBI)
Advisor(s) Morgan Stanley (Financial)
Kirkland & Ellis (Legal)

Target

Pike

Charlotte, North Carolina, United States
Pike is a provider of construction, repair and engineering services for distribution and transmission powerlines and substations, with a growing portfolio of turnkey and renewable projects. Pike was founded in 1945 and is based in Charlotte, North Carolina.

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Buyer(S) 2

Buyer

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 296.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


DEAL STATS #
Overall 451 of 451
Sector: Construction M&A 2 of 2
Type: Buyout (LBO, MBO, MBI) M&A Deals 53 of 53
State: North Carolina M&A 11 of 11
Country: United States M&A 298 of 298
Year: 2025 M&A 12 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-11-05 ThingWorx

Exton, Pennsylvania, United States

ThingWorx is a provider of platform for building and running applications for the Internet of Things (IoT). ThingWorx was formed in 2009 and is based in Exton,19341, Pennsylvania.

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Buyer

La Caisse

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1965
PE ASSETS 90.0B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

CDPQ is a global asset management firm focused on a variety of investing strategies including fixed income, real estate, infrastructure, private equity, venture capital, and public equities. Within private equity, CDPQ looks to acquire significant minority stakes in businesses operating in a variety of sectors and seeks to commit $250 million to $1 billion per transaction. CDPQ was established in 1965 and is headquartered in Montreal, Quebec.


DEAL STATS #
Overall 106 of 106
Sector: Construction M&A 2 of 2
Type: Buyout (LBO, MBO, MBI) M&A Deals 10 of 10
State: North Carolina M&A 2 of 2
Country: United States M&A 26 of 26
Year: 2025 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-09-22 Edify

Manly, Australia

Edify is a renewable energy and storage company focused on the development and construction of new energy generation, storage, and grid infrastructure to support Australia's energy transition. The company develops a large portfolio of renewable energy and storage projects and is committed to creating and delivering innovative clean green energy solutions. It is involved in the full lifecycle of renewable energy and storage projects, including greenfield development, project structuring and financing, construction management and long-term operational asset management. Edify is based in Manly, Australia.

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