PAI Partners has sold part of its holding in Belgian infrastructure services provider Infra Group to a group of investors led by ICG, in a deal that values the business at around €3bn ($3.5bn), according to a report by Bloomberg citing people familiar with the matter.
The transaction allows PAI to return capital to its LPs while retaining control of Infra Group, which it first backed in 2023. ICG, an existing shareholder since 2021, is exiting through its Europe VIII fund but will reinvest via its Europe IX vehicle, using a structured mix of junior bonds and preferred equity, the sources said.
Infra Group designs, builds and maintains critical utility networks for electricity, water, gas and telecoms across Belgium, France and Germany. Since PAI’s entry alongside ICG, the company has more than doubled revenues to €1.6bn, completing 26 bolt-on acquisitions. Its private equity owners see further consolidation opportunities in Germany, supported by government infrastructure spending, the energy transition and digitalisation trends.
Representatives for PAI and ICG declined to comment.
