Partnership will support grid modernization and climate adaptation for U.S. electric utilities

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, while contributing 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 debt. 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.

La Caisse is a registered trademark of Caisse de dépôt et placement du Québec that is protected in Canada and other jurisdictions and licensed for use by its subsidiaries.

About Pike

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. Pike’s ability to plan, design and install infrastructure upgrades within a single enterprise ensures that our customers get the most up-to-date solutions delivered in the most effective way possible. Our approach and field expertise maximizes project efficiency, cost and quality. Pike has maintained long-standing, trusted customer relationships with over 400 investor-owned, municipal and cooperative utilities and infrastructure providers throughout the United States.

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