PAI Partners has partially exited its stake in Infra Group in a transaction valuing the Belgian infrastructure services provider at €3bn ($3.5bn), while keeping a controlling position, according to a report by Bloomberg.

Existing shareholder ICG also participated, reinvesting through a new vehicle.

The deal enables PAI to return capital to investors while continuing to back Infra Group’s growth strategy. ICG, which invested in 2021 via its Europe VIII fund, is exiting that position but reinvesting through Europe IX in a structured deal comprising junior bonds and preferred shares.

Infra Group specialises in designing, building, and maintaining utility networks for electricity, water, gas, and telecoms across Belgium, France, and Germany. Since PAI acquired its stake in 2023, the company has doubled revenues to €1.6bn, fuelled by 26 acquisitions.

Private equity firms have increasingly adopted creative structures such as minority stake sales and dividend recapitalisations to generate liquidity for LPs while retaining exposure to high-performing assets.

PAI and ICG see scope for Infra Group to pursue further consolidation, particularly in Germany, underpinned by government spending and long-term trends in the energy transition and digitisation.

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