In today’s piece, we dive into the story of a company that transformed from a historically “boring” repair and maintenance contractor into a “sexy” business riding the tailwinds of the infrastructure boom—culminating in a $1.2 billion exit.
We’ll be taking some time off next week and will return to our regular schedule after the holidays. Hope everyone enjoys time with family over the Thanksgiving break!
PE Playbook: Infrastructure Services
State of Play
The digital infrastructure sector is experiencing explosive growth, driven by surging demand for data and cloud services. In North America, data center supply was up 40%+ YoY in the first half of 2025, yet vacancy hit a record-low of 1.6%.
This boom extends beyond just data centers. Telecom carriers continue to invest heavily in broadband and 5G networks–in 2024 alone, U.S. telecom carriers spent ~$90 billion on infrastructure capex. All of this requires an immense behind-the-scenes effort to install, upgrade, and maintain critical infrastructure – from fiber-optic cables to backup power systems.
In short, the “unsexy” field work of keeping these networks running reliably has become more vital than ever. This dynamic creates fertile ground for service companies that can straddle these high-growth end markets.
Enter Pearce Services.