TPG partners with La Caisse to acquire majority stake in grid infrastructure operator

Alternatives investor TPG and La Caisse are set to acquire a majority ownership of Pike Corporation, a US-based grid infrastructure company. TPG will invest an undisclosed amount through TPG Rise Climate, its climate investing arm.

Pike Corporation offers turnkey infrastructure and construction services for grids. Through its subsidiary Pike Renewables, the company has installed over 1GW of renewable energy capacity and 30MW of storage assets thus far.

Its other subsidiary, Pike Electric, serves the utilities segment and specialises in emergency storm response.

“As a global investor with significant exposure to the power and energy sector, La Caisse understands the critical role service providers like Pike play in ensuring grid reliability and resilience”, commented Martin Longchamps, executive vice-president and head of private equity and private credit at La Caisse.

“Together with TPG, we’re investing in the growth of a proven leader supporting the backbone of the country’s energy network”, he added.

TPG’s Rise Climate platform invests in climate solutions across infrastructure and private equity. Its investment in Pike Corporation will enable the company to tap into demand for adaptation solutions and grid services in the utilities segment.

“As the U.S. power grid faces rising demand, aging infrastructure, and increased exposure to extreme weather, Pike is uniquely positioned to help utilities adapt, modernize, and harden their systems,” said Jonathan Garfinkel, managing partner at TPG Rise Climate.

Eric Pike, the chairman of Pike Corporation and chief executive James Wyche will also invest alongside La Caisse and TPG. The structure and amount of the investment were not disclosed.

“TPG’s and La Caisse’s investments mark an exciting new chapter for Pike and provide us with the resources to execute our shared vision for Pike as the leading national provider for energy infrastructure solutions,” said Wyche, who will stay on as CEO following the transaction.