Ramudden Global acquired by I Squared Capital

I Squared Capital signed an agreement to acquire Ramudden Global in full from funds advised by Triton Partners, through its flagship infrastructure fund, at an enterprise value of €1–10bn, an EV/EBITDA multiple of 10x–18x on 2025 adjusted EBITDA. Triton held an option to reinvest up to 20% of the equity. Completion was expected in the first half of 2026, subject to regulatory approvals. Ramudden Global makes roadworks safe. When a lane is closed to repair a carriageway, lay a cable or replace a water main, someone must design the diversion, install the barriers, cones and signs, set the temporary traffic lights, and remove it all when the work ends. The company does that on behalf of the contractors carrying out the work and the authorities that own the roads, supplying the equipment and the crews that place it, and taking responsibility for schemes that must comply with regulations differing by country and by municipality. That compliance is what makes the business defensible. A contractor cannot open a trench in a public road without an approved traffic management plan, and the approval attaches to the firm that holds the accreditation. Demand follows maintenance rather than construction: roads, water networks and power lines must be repaired whatever the economic cycle, and the work recurs on the same assets. The group served more than 10,000 customers from over 190 depots in 13 countries, two thirds of its operations in Europe and the rest split between Canada and the United States, employing over 5,000 people. It generated revenue of €1–10bn and adjusted EBITDA of €150–250M. Triton had assembled the platform from 2017, merging the separate companies into a single group in 2020 and completing more than 66 acquisitions over its ownership, in a market divided among local operators. I Squared invested to continue that expansion across Europe and North America, and to fund the digital systems through which schemes are designed and monitored.