TPG and La Caisse have signed a definitive agreement to acquire a majority interest in Pike Corporation, one of the nation’s largest providers of turnkey infrastructure engineering and construction solutions for the electrical grid. The investment, made through TPG Rise Climate with La Caisse taking a significant minority position, marks a major strategic move to accelerate Pike’s growth amid rising nationwide demand for grid modernization and climate adaptation.
Pike’s third-generation founder and Chairman, J. Eric Pike, along with Chief Executive Officer James R. Wyche and other existing investors, will invest alongside the new partners. Following the transaction, Wyche and the current management team will continue to lead the company. The executive group collectively has more than 200 years of tenure at Pike, and Eric Pike will continue serving on the Board of Directors. The parties did not disclose the financial terms of the deal.
Founded in 1945, Pike Corporation has grown into a national leader in infrastructure engineering, construction, and maintenance across electric distribution, transmission, substations, renewables, distributed energy resources, and telecommunications. The company employs approximately 12,000 people and serves more than 400 customers across the United States. Its services have become increasingly critical as utilities confront aging infrastructure, growing demand from electrification, and climate-driven stresses affecting grid reliability.
TPG Rise Climate executives said the company is well-positioned to help utilities upgrade and harden their systems as extreme weather events and energy demands continue to intensify. La Caisse cited Pike’s essential role in supporting energy networks that keep businesses and communities powered, emphasizing the need for resilient service providers capable of maintaining and modernizing the grid at scale.
Advisors/counsel: Multiple firms are supporting the transaction. Moelis & Company is serving as financial advisor and Ropes & Gray as financing counsel to TPG. Simpson Thacher & Bartlett is providing legal counsel to TPG, while A&O Shearman is advising La Caisse. Pike’s advisors include Morgan Stanley as financial advisor and Kirkland & Ellis as legal counsel.
KEY QUOTES:
“Pike’s legacy as a family-founded company has been defined by safety, integrity and innovative solutions. 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.”
J. Eric Pike, Chairman of Pike
“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. 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.”
James R. Wyche, CEO of Pike
“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. 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.”
Jonathan Garfinkel, Managing Partner, 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.”
Elizabeth Stone Redding, TPG Rise Climate
“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.”
Martin Longchamps, Executive Vice-President and Head of Private Equity and Private Credit, La Caisse
