Peppertree Acquisition by TPG Expands Digital Infrastructure Footprint

Deal News | May 06, 2025 | TPG

Peppertree Acquisition by TPG Expands Digital Infrastructure Footprint

TPG Inc., a global alternative asset management firm, announces a definitive agreement to acquire Peppertree Capital Management, a specialized digital infrastructure investment firm. The transaction, valued at approximately $242 million in cash and $418 million in equity, will expand TPG's presence in the digital infrastructure space, specifically in wireless communications towers. The deal includes potential earnouts of up to $300 million based on Peppertree's future performance. This strategic move is expected to leverage TPG's scale and expertise, though it remains subject to inherent uncertainties and closing approvals.

Sectors

  • Digital Infrastructure
  • Private Equity
  • Investment Management

Geography

  • United States – TPG is headquartered in San Francisco and Fort Worth, and Peppertree is based in Chagrin Falls, Ohio. The transaction and companies involved are primarily US-based.

Industry

  • Digital Infrastructure – The transaction between TPG and Peppertree is centered on digital infrastructure, particularly focusing on wireless communications towers, a key component of the digital landscape.
  • Private Equity – The acquisition involves TPG, a private equity firm, acquiring Peppertree, which aligns with private equity's focus on strategic expansion and asset management.
  • Investment Management – Both TPG and Peppertree are engaged in investment management, with the acquisition representing a strategic shift and expansion in investment portfolios.

Financials

  • $242 million – Cash component of the transaction payable at closing for the acquisition of Peppertree.
  • $418 million – Equity component of the transaction payable at closing for the acquisition of Peppertree.
  • $300 million – Potential earnouts based on Peppertree's future performance.

Participants

NameRoleTypeDescription
TPG Inc.AcquirerCompanyA leading global alternative asset management firm engaged in the acquisition of Peppertree Capital Management.
Peppertree Capital Management, Inc.Target CompanyCompanyA specialized digital infrastructure investment firm with a focus on wireless communications towers, being acquired by TPG.