Advent, Bain and TPG Submit Second-Round Bids to Buy Pike Corp.; Private Credit Route in Discussion to Back the Acquisition

Private equity firms including Advent International, Bain Capital and TPG have submitted second-round offers to buy Lindsay Goldberg-backed specialty construction and engineering company Pike Corp., according to sources.

Morgan Stanley is advising on the sale process, with bids due on Oct. 29, two of the sources said.

Pike, which calls itself one of the largest providers of energy solutions in the U.S., generates an EBITDA of $450 million, according to two sources. Comparable companies in the industrial sector can be seen on Octus HERE.

PE Hub earlier reported that Lindsay Goldberg was collecting second-round offers at the end of October for Pike via Morgan Stanley.

The financing to back the potential acquisition is under discussion, with one of the bidders in talks with a large group of major private lenders to raise at least $2 billion, two sources told Octus. The financing structure and providers have yet to be finalized, said sources.

Pike priced in 2023 a $400 million seven-year senior note with a maturity date on Jan. 31, 2031, according to Octus. Moody’s has assigned a rating of B3 to Pike’s $400 million seven-year senior notes and S&P has assigned a rating of B-.

Pike Corp.’s capital structure is shown at the bottom of the piece.

Private credit firms are among existing lenders to the company, including Golub Capital Private Credit, according to Octus’ BDC Database. As of June 2025, Blue Owl Credit SLF holds a portion of a first lien senior secured loan to Pike Corp., according to supplemental financial information included in a public filing. The CLO arms of large private credit lenders, such as Blackstone, also hold positions in Pike’s broadly syndicated term loan, according to Octus’ CLO Database.

Formed in 1945, Pike’s second-generation family owner, Erik Pike, has served as chairman and CEO for over 25 years, according to the company’s website. Based in Charlotte, N.C., Pike provides turnkey infrastructure solutions for electric and gas utilities, as well as telecommunications companies. On the electric side, the company specializes in the engineering, construction, maintenance and upgrade of transmission, distribution and substation infrastructure.

Lindsay Goldberg purchased a majority stake in Pike in 2020, a transaction in which Morgan Stanley served as financial advisor to Pike.

The New York-based private equity firm first invested in the company, then known as Pike Electric Corp., in 2002. Pike went public in 2005 and Lindsay Goldberg remained a shareholder until 2013. Court Square Capital Partners, in tandem with chairman and then-CEO Eric Pike, took the company private in 2014 in a deal valued at about $380 million. Court Square exited its controlling stake in the business in 2017.

Pike’s acquisitions over the years include Entregado Group Inc. in 2022 and United Engineers & Constructors Inc.’s power delivery business unit in 2024.

Recent deals in the industrial sector include Blackstone’s acquisition of data analytics energy intelligence platform Enverus backed by a $3.4 billion debt financing package from private lenders, Octus reported.

Advent, Bain and TPG declined to comment. Lindsay Goldberg, Morgan Stanley and Pike did not respond to requests for comment.