FOLLOW US

Real estate titan CBRE Group Inc. announced Tuesday that it has acquired Pearce Services LLC, a major electromechanical infrastructure service provider in North America, from New Mountain Capital in a $1.2 billion all-cash deal. The landmark transaction, advised by Sullivan & Cromwell LLP for CBRE and Ropes & Gray LLP for the sellers, signals a major leap in CBRE’s diversification strategy.

The agreement includes potential earnouts of up to $115 million, contingent on Pearce hitting performance goals through 2027. According to both parties, Pearce’s revenue has grown at a low double-digit compound annual rate since 2022, and the company is on track to generate over $660 million in 2026 revenue.

A Strategic Expansion Into Energy and Digital Infrastructure

“This acquisition complements our large and growing presence in digital and power infrastructure,”
said CBRE CEO Bob Sulentic in a statement.
“It also opens sizable new growth avenues for CBRE in markets where the need for Pearce’s services is growing rapidly.”

The move reflects CBRE’s ambition to deepen its foothold in the high-demand infrastructure sector—particularly across renewable energy, data centers, and critical network systems.

Pearce Services brings with it a diversified portfolio spanning critical power and cooling systems, renewable energy generation and storage, wireless and fiber networks, and EV charging infrastructure. This range complements CBRE’s broader push into sustainability and smart technology operations.

A Merger Built on Complementary Strengths

Pearce CEO Michelle Edler hailed the acquisition as a strategic fit:

“CBRE’s strategy is highly complementary to Pearce, and together we’ll unlock significant growth opportunities across the infrastructure markets we serve.”

Founded on the vision of delivering reliability to the nation’s growing power and data backbone, Pearce has steadily expanded under New Mountain Capital’s ownership, which began in March 2020. Although the private equity firm did not disclose its original purchase price, it has since steered Pearce through a series of rapid-growth acquisitions, including Mortenson Energy Services in July and JoeMax Telecom LLC in April—both aimed at solidifying Pearce’s dominance in renewable and telecom infrastructure.

Legal and Financial Muscle Behind the Deal

The complex transaction was orchestrated with heavyweight legal counsel:

• Sullivan & Cromwell LLP represented CBRE Group Inc.

• Ropes & Gray LLP represented Pearce Services and New Mountain Capital, with a deep bench including Todd Kornreich, Carl P. Marcellino, Stefanie Birkmann, Alyssa Kollmeyer, Danna R. Kivell, Sean Smith, Jenny K. Cooper, Jordan Altman, Peter A. Alpert, Jonathan S. Klarfeld, Heather T. Sprague, Kurt Fowler, Fran Faircloth, and Brian C. Durkin.

A representative for New Mountain Capital did not respond to requests for comment Tuesday.

The Bigger Picture: CBRE’s Transformation Continues

This acquisition underscores CBRE’s accelerating evolution from a real estate powerhouse into a multi-sector infrastructure leader—bridging commercial property expertise with the future of energy, technology, and sustainability.

As energy grids modernize, data centers expand, and clean power becomes essential to business continuity, CBRE’s bold acquisition of Pearce positions it at the heart of the world’s next-generation infrastructure revolution.