La Caisse, TPG and Management Acquire Pike Corporation
Private equity-backed Pike will be acquired by a partnership of private equity firms. San Francisco-based TPG and Montreal-based La Caisse announced Monday they had acquired a majority interest in Pike, which offers infrastructure engineering and construction services to more than 400 U.S. utilities and other organizations.
TPG will invest in Pike through TPG Rise Climate, the firm’s dedicated climate investing platform, with La Caisse investing alongside TPG for a significant minority interest. J. Eric Pike, third-generation founder and chairman of Pike, and Pike CEO James R. Wyche, also are investing alongside TPG and La Caisse with other existing investors.
Following completion of the transaction, the company will continue to be led by Wyche and the current management team, which combined have more than 200 years at Pike. Eric Pike will continue to serve on the company’s board of directors. Terms of the transaction were not disclosed.
Private equity firm Lindsay Goldberg purchased a majority stake in Pike in 2020. Lindsay Goldberg lined up TPG to purchase Pike in a deal valued at more than $5 billion, reports Octus, a credit intelligence and data provider firm for investment banks, law firms and advisory firms.
Founded in 1945 by Pike’s grandfather, Floyd Pike, the company was based in Mount Airy for decades before establishing its long-term headquarters in Charlotte this year. It has about 12,000 employees.
TPG has $286 billion in assets under management, along with about 1,900 employees, as of Sept. 30.
“Pike’s legacy as a family-founded company has been defined by safety, integrity and innovative solutions,” said Pike in a release. “Our success has been a direct result of the dedication of our team, our long-tenured customers and the support of our investors. I am excited to continue supporting the company with our new partners.”
“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 in a release.
“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, a managing partner of TPG Rise Climate.
Moelis & Company served as financial adviser and Ropes & Gray as financing counsel to TPG in relation to this transaction. Simpson Thacher & Bartlett provided legal counsel to TPG and A&O Shearman served as legal advisor to La Caisse. Morgan Stanley & Co. served as Pike’s financial advisor and Kirkland & Ellis served as legal counsel.
Earlier today, La Caisse issued a statement stating Pike Corporation to accelerate growth through partnership with it, TPG, and Management:
TPG, a leading global alternative asset manager, and global investment group La Caisse (formerly CDPQ), today announced that they have partnered with the management team of Pike Corporation, a leading national provider of turnkey infrastructure engineering and construction solutions for the electrical grid, and signed a definitive agreement to acquire a majority interest in Pike.
TPG will invest in Pike through TPG Rise Climate, the firm’s dedicated climate investing platform, with La Caisse investing alongside TPG for a significant minority interest. J. Eric Pike, third-generation founder and Chairman of Pike, and James R. Wyche, Chief Executive Officer of Pike, also are investing alongside TPG and La Caisse with other existing investors. Following completion of the transaction, the company will continue to be led by Mr. Wyche and the current management team, which combined have over 200 years at Pike. Mr. Pike will continue to serve on the company’s Board of Directors. Terms of the transaction were not disclosed.
“Pike’s legacy as a family-founded company has been defined by safety, integrity and innovative solutions,” said J. Eric Pike, Chairman of Pike. “Our success has been a direct result of the dedication of our team, our long-tenured customers and the support of our investors. I am excited to continue supporting the company with our new partners.”
“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 James R. Wyche, CEO of Pike. “I look forward to working with TPG, La Caisse and our other stakeholders to continue helping our customers achieve their goal of providing affordable, reliable energy.”
Founded in 1945, Pike Corporation is among the nation’s leading providers of turn-key infrastructure solutions, including construction and engineering for electric distribution, transmission and substation; renewables and distributed energy resources; and telecommunications services. With approximately 12,000 employees serving over 400 customers, Pike plays a foundational role in building and maintaining critical infrastructure and addressing the demands of aging infrastructure, load growth, and climate-driven stress facing the electric grid.
“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, a Managing Partner of TPG Rise Climate. “We see a long-term growth opportunity for grid services providers in the US and we look forward to partnering with the Pike team – well-established leaders in the industry – to advance grid resilience and energy reliability across the country,” added TPG Rise Climate’s Elizabeth Stone Redding.
“Pike helps keep the power on and the grid strong—an essential service for businesses and communities across the United States,” said Martin Longchamps, Executive Vice-President and Head of Private Equity and Private Credit at La Caisse. “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. Together with TPG, we’re investing in the growth of a proven leader supporting the backbone of the country’s energy network.”
Moelis & Company LLC is serving as financial advisor and Ropes & Gray LLP is acting as financing counsel to TPG in relation to this transaction. Simpson Thacher & Bartlett LLP is providing legal counsel to TPG and A&O Shearman is serving as legal advisor to La Caisse. Morgan Stanley & Co. LLC is serving as Pike’s financial advisor and Kirkland & Ellis LLP is serving as legal counsel.
ABOUT TPG RISE CLIMATE
TPG Rise Climate is the dedicated climate investing platform of TPG, a leading global alternative asset management firm. With dedicated pools of capital across private equity, transition infrastructure, and the Global South, TPG Rise Climate pursues climate-related investments that benefit from the diverse skills of TPG’s investing professionals around the world, the strategic relationships and insights developed across TPG’s broad portfolio of climate companies, and a global network of executives, advisors, and corporate partners. As part of TPG’s $29 billion global impact investing platform, TPG Rise Climate invests broadly across the climate sector, with a focus on building and scaling leading climate solutions across the following thematic areas: clean electrons, clean molecules and materials, and adaptive solutions.
For more information, please visit www.tpg.com/platforms/impact/rise-climate
ABOUT LA CAISSE
At La Caisse, formerly CDPQ, we have invested for 60 years with a dual mandate: generate optimal long term returns for our 48 depositors, who represent over 6 million Quebecers, and contribute to Québec’s economic development.
As a global investment group, we are active in the major financial markets, private equity, infrastructure, real estate and private credit. As at June 30, 2025, La Caisse’s net assets totalled CAD 496 billion. For more information, visit lacaisse.com or consult our LinkedIn or Instagram pages.
This is a significant deal in a US infrastructure company that plays a critical role in maintaining and upgrading the electric grid.
TPG, a premiere private equity firm, offered La Caisse a co-investment to acquire Pike in a deal that values the company at more than $5 billion (from article above, citing Octus, a credit intelligence and data provider firm).
TPG will invest in Pike through TPG Rise Climate, the firm’s dedicated climate investing platform, with La Caisse investing alongside it.
Once completed, La Caisse will own a significant minority stake in Pike and along with TPG and management, will help the company grow its operations throughout the United States.
The press release states:
J. Eric Pike, third-generation founder and Chairman of Pike, and James R. Wyche, Chief Executive Officer of Pike, also are investing alongside TPG and La Caisse with other existing investors. Following completion of the transaction, the company will continue to be led by Mr. Wyche and the current management team, which combined have over 200 years at Pike. Mr. Pike will continue to serve on the company’s Board of Directors.
This is called ensuring alignment of interests, everyone is on board and looking to grow the business while maintaining the same high standards Pike has delivered since it was founded.
Every part of this deal is impressive offering La Caisse a great opportunity to invest alongside a top strategic partner in a growing firm that plays a vital role in electricity transmission, and will continue to do so for many years to come.
From La Caisse's vantage, Martin Longchamps, Executive Vice-President and Head of Private Equity and Private Credit sums it up well:
“Pike helps keep the power on and the grid strong—an essential service for businesses and communities across the United States. 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. Together with TPG, we’re investing in the growth of a proven leader supporting the backbone of the country’s energy network.”
And it goes without saying electricity transmission is all about clean energy, so it fits well into La Caisse's sustainable investing portfolio.
Lastly, last week, I lambasted Quebec premier Francois Legault for proposing a measure to force La Caisse to invest more in Quebec stating this:
I have no problem with La Caisse's dual mandate but let's not lie to Quebec's population contributing their hard earned money to this organization, there's an opportunity cost investing more in Quebec.
More investments in Quebec means less investments globally at a time when great opportunities will arise at the global level.
In other words, if there are better opportunities in the US, Europe and Asia, why invest more in Quebec? To make Quebec's billionaires a lot wealthier? (most of whom got huge help from La Caisse)
Yes, we have good businesses in Quebec, I don't have a problem investing in companies we know and understand, but give me a break with this "Quebec Power" nonsense, we are nothing compared to the global economy and the sooner we realize this, the better off we will be over the long run.
In short, when it comes to investing in Quebec or co-investing alongside strategic partners like KKR, Blackstone and many others in incredible global deals, hands down I would choose the latter.
And La Caisse does both well, so let them do their job and stop interfering with their investment policy, you are going to bungle it up just like "la loi 2" is going to bungle up Quebec's healthcare.
This deal with TPG just proves my point, if there are better opportunities outside Quebec, La Caisse needs to evaluate them and seize them if they offer Quebec pension contributors and beneficiaries better long-term risk-adjusted returns.
Below, a clip demonstrating Pike's suite of services (from three years ago, they're up to 12,000 employees now and growing fast). As you can read, the company does a lot more than electricity transmission, and has a dedicated telecom and gas services team.
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