Private equity drives record-breaking valuations and strategic consolidation in infrastructure and nuclear medicine sectors

Michael Schoeck of PE Hub reports a significant reshuffling in the critical infrastructure and radiopharmaceutical sectors driven by private equity activity this quarter.

In a headline deal, TPG has secured a majority stake in power infrastructure services company Pike Corporation, acquiring it from Lindsay Goldberg in a transaction valued at approximately $5.9 billion. Two sources familiar with the matter confirmed the valuation, which represents an impressive 13x EBITDA multiple based on Pike’s $450 million EBITDA over the past year. La Caisse (formerly CDPQ) is set to take a minority stake alongside TPG, although the parties involved declined to comment on the deal specifics. This acquisition highlights the ongoing robust appetite for large-cap power infrastructure assets, with valuation multiples in the mid-teens becoming prevalent among substantial PE-backed service providers. Industry observers note that other players like Warburg Pincus-backed TRC Companies and family-owned Wilson Construction are similarly poised for potential sales in this space soon, underscoring heightened activity in power infrastructure deals for 2025.

Meanwhile, Vancouver-based CAI Capital Partners is making noteworthy strides in critical infrastructure services through its GreenArrow platform. Established in early 2025 by consolidating three companies, GreenArrow now spans multiple U.S. regions, notably Indiana, Pennsylvania, California, Florida, and beyond, with over 650 employees following a series of acquisitions this year. Curtis Johansson, partner at CAI, explains that these deals align with a “land and expand” strategy targeting everyday but essential infrastructure like traffic and street lighting systems, as well as energy-efficient products such as LED upgrades. This expansion aims to address the pressing need to upgrade aging transportation infrastructure while simultaneously adapting to rapidly evolving transportation technologies. CAI’s strategy centres on acquiring founder-led, closely held companies with EBITDA ranging from $500,000 to $20 million, reflecting a focus on the lower middle market distinct from the mega-deals seen elsewhere.

In the realm of nuclear medicine, CapVest Partners has executed a landmark recapitalisation of Curium Pharma, a Boston-based producer of radiopharmaceuticals. Valued at roughly $7 billion, this transaction is regarded as the largest deal in nuclear medicine globally, consolidating CapVest’s position as controlling shareholder since its initial investment in 2016. The recapitalisation involves a continuation vehicle (CV) with substantial backing from leading institutional investors including ICG, TPG GP Solutions, CVC Secondary Partners, Goldman Sachs Alternatives, Ardian, and others from across the US, Europe, the Middle East, and Asia-Pacific. This CV deal is expected to complete in the first quarter of 2026, subject to customary regulatory approvals. The liquidity event follows an earlier aborted sale attempt in early 2020 when the pandemic disrupted market conditions; CapVest’s renewed move capitalises on rising interest and valuations in the therapeutics sector. According to public filings and commentary from legal advisors Kirkland & Ellis LLP, the transaction underscores a growing trend in private equity where single-asset continuation funds are increasingly used as strategic tools to both extend hold periods and enhance growth trajectories.

Overall, these developments highlight a vibrant and dynamic landscape across critical infrastructure and specialty healthcare sectors where private equity firms are actively deploying capital to consolidate market positions, pursue bolt-on acquisitions, and execute sophisticated financing strategies. Michael Schoeck’s ongoing reporting suggests that 2025 is shaping up to be a particularly active year for companies coming to market, with PE professionals closely watching how these sectors evolve under new ownerships. Upcoming events such as the S&P Global US Power M&A Briefing expect to further spotlight these trends with insights from major industry stakeholders including Blackstone and Citi.

For stakeholders engaged in infrastructure services or nuclear medicine investments, these transactions signal a blend of expansive growth ambitions and substantial valuation confidence in strategic assets critical to the modern economy.