H.I.G. Capital Acquires a Majority Stake in L4A to Support Continued Growth and Expansion

MILAN, Oct. 22, 2026 /PRNewswire/ -- H.I.G. Capital ("H.I.G."), a leading global alternative investment firm with $75 billion of capital under management, is pleased to announce that one of its affiliates has acquired a majority stake in L4A ("L4A" or the "Company"), a leading Italian platform specializing in the maintenance, renewal, and upgrading of strategic infrastructure. H.I.G.'s investment is being made in partnership with the Company's existing shareholders and Co-CEOs, who will continue to lead L4A through its next phase of development, ensuring management continuity, operational expertise, and strategic vision.

Headquartered in the province of Bergamo, approximately 30 km from Milan, L4A operates through its subsidiaries Artifoni, LSE, and MPM across three strategic infrastructure niches: airport airside infrastructure, water infrastructure, and district heating. The Company provides integrated services for the maintenance, renewal, and upgrading of infrastructure, from design through execution, with a turnkey approach encompassing both civil and mechanical works, serving leading infrastructure operators and major utilities. L4A has always distinguished itself through an integrated and flexible operating model capable of supporting the execution of highly complex infrastructure projects.

The partnership combines H.I.G.'s financial resources and global scale with L4A's industrial capabilities, technical expertise, and entrepreneurial culture. H.I.G.'s investment is intended to support L4A in accelerating its growth trajectory through a combination of organic initiatives and complementary acquisitions. The growth strategy will focus on strengthening the Company's position in its existing segments, expanding into adjacent infrastructure niches across water treatment, energy, and strategic transportation, broadening its offering into higher value-added activities, and extending its geographic footprint.

Raffaele Legnani and Giovanni Guglielmi, Managing Directors at H.I.G. in Italy, commented: "L4A is a high-quality platform operating in a market supported by structural growth trends and resilient demand for the maintenance and renewal of strategic infrastructure. We are excited to partner with L4A's shareholders and management team as the Company enters its next phase of growth. Together, we aim to build on L4A's strong entrepreneurial track record by accelerating organic growth and pursuing an ambitious acquisition strategy to expand the Company's capabilities, addressable markets, and geographic reach. Throughout this journey, we remain committed to preserving the entrepreneurial culture and talented team that have been central to L4A's success."

Roberto Paganessi and Andrea Diani, Co-CEOs of L4A, added: "The partnership with H.I.G. represents an important milestone in L4A's growth journey. Over the past several years, we have built a specialized platform with a strong focus on execution quality, developing long-standing relationships with some of Italy's leading operators. With H.I.G., we share the ambition to further accelerate this trajectory by broadening our capabilities, geographic presence, and markets served, while preserving our entrepreneurial DNA, technical know-how, and the central role of our people."

About L4A

Headquartered in the province of Bergamo, approximately 30 km from Milan, L4A operates through its subsidiaries Artifoni, LSE, and MPM across three strategic infrastructure niches: airport airside infrastructure, water infrastructure, and district heating. The Company provides integrated services for the maintenance, renewal, and upgrading of infrastructure, from design through execution, with a turnkey approach encompassing both civil and mechanical works, serving leading infrastructure operators and major utilities. L4A has always distinguished itself through an integrated and flexible operating model capable of supporting the execution of highly complex infrastructure projects. For more information, please visit l4asrl.it.

About H.I.G. Capital

H.I.G. is a leading global alternative investment firm with $75 billion of capital under management.* Based in Miami, and with offices in Atlanta, Boston, Chicago, Los Angeles, New York, San Francisco, and Stamford in the United States, as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, Dubai, and Hong Kong. H.I.G. specializes in providing both debt and equity capital to middle market companies, utilizing a flexible and operationally focused/value-added approach:

• H.I.G.'s equity funds invest in management buyouts, recapitalizations, and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.

• H.I.G.'s debt funds invest in senior, unitranche, and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets.

• H.I.G.'s real estate funds invest in value-added properties, which can benefit from improved asset management practices.

• H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.

Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The Firm's current portfolio includes more than 100 companies with combined sales in excess of $53 billion. For more information, please refer to the H.I.G. website at hig.com.

*Based on total capital raised by H.I.G. Capital and its affiliates.

Contacts:

Raffaele Legnani
Managing Director
[email protected]

Giovanni Guglielmi
Managing Director
[email protected]

H.I.G. European Capital Partners Italy S.r.l.
Via Dei Mercanti 12
20121 Milan, Italy
T: +39 02 45 37 5200
hig.com