HIG Capital takes majority stake in L4A

H.I.G. Capital acquired a majority stake in L4A on 22 October 2026, investing alongside the existing shareholders and the co-chief executives Roberto Paganessi and Andrea Diani, who stayed at the head of the business. Based in the province of Bergamo and operating through its subsidiaries Artifoni, LSE and MPM, L4A maintains and renews infrastructure that cannot be shut down while the work is carried out. Its three fields share that constraint. Airside work at an airport, resurfacing a runway or rebuilding a taxiway, proceeds at night between the last landing and the first departure, with the surface returned to service by morning. Water networks must keep supplying while mains are replaced. District heating pipes are opened in summer, when the system is off, and must be back before the heating season. That is what the company sells: the ability to plan and execute within those windows, combining the civil engineering and the mechanical work rather than coordinating separate contractors, and taking a project from design through to completion. Its clients are airport operators and utilities, which award the work on the contractor’s record of finishing on schedule as much as on price. Demand follows the age of the assets rather than new construction. Italian water networks lose a large share of what they carry through pipes laid decades ago, airports are resurfacing to handle heavier traffic, and district heating systems built in the 1970s and 1980s are reaching the end of their life. The spending is committed by operators and regulators over long horizons, which gives the market visibility independent of the economic cycle. H.I.G. invested to fund organic growth and acquisitions, with the intention of extending the company into adjacent fields in water treatment, energy and transport infrastructure, of moving it towards higher value work, and of taking it beyond its present geography. Fortlane Partners acted as sole sell-side adviser to L4A’s shareholders, with Eversheds Sutherland, Chiomenti, Norton Rose Fulbright and Advant Nctm acting as legal counsel on the transaction.

The acquisition of L4A is part of the growth strategy of HIG Capital, which already has several external growth operations under its belt, notably ARCO in 2026.