Key Takeaways
- • Avance Investment Management has completed its first institutional capital deployment into Lexxel, an infrastructure repair and maintenance platform founded in 2023 by Peter Tortorella and Michael Codi, securing its initial outside investment since inception.
- • Lexxel has executed seven add-on acquisitions since 2023, expanding from core fabrication and construction capabilities into advanced materials, industrial services, and utilities work across the Northeast, with geographic presence spanning New York, Massachusetts, and Texas.
- • The infrastructure repair and maintenance sector benefits from chronic underinvestment and regulatory tailwinds: McKinsey estimates that failing to modernize aging U.S. infrastructure could cost the economy $10 trillion in lost GDP by 2039, while global infrastructure fundraising reached nearly $200 billion in 2025.
- • Avance targets founder-owned middle-market businesses with $25 million to $250 million in revenue and $10 million to $75 million in EBITDA; the firm closed its inaugural fund in September 2022 with approximately $1.1 billion in total capital commitments.
- • Lincoln International served as financial advisor to Avance on the transaction, which positions the platform for geographic expansion beyond its Northeast base and continued add-on acquisition strategy.
Summary
Avance Investment Management has invested in Lexxel, an infrastructure repair and maintenance platform that serves public and private infrastructure owners across New York and the broader Northeastern United States. Founded in 2023 by Peter Tortorella, a veteran of three decades in industrial distribution and services, and Michael Codi, a construction design and engineering specialist, Lexxel operates as a single-source engineering, procurement, and construction (EPC) provider. The company is led by CEO Chuck Caranci and headquartered near Albany at the Port of Coeymans, New York. This investment marks the first institutional capital Lexxel has raised since its founding.
Since inception, Lexxel has pursued an aggressive add-on acquisition strategy, assembling a platform of seven companies that collectively expand service capabilities. The initial four acquisitions—Composite Technology & Infrastructure (New York fabrication and construction), Industrial Process Design (New York engineering services), Thin Film Technology (Texas epoxy coatings manufacturer), and Cellectric Electrical (New York electrical and civil contractor)—were followed in 2024 by Kipper Industrial Piping, Advanced FRP Systems (Massachusetts composite repair specialist), and Mechanical Epoxy Solutions (New York pipe and tank rehabilitation). This portfolio now spans carbon-fiber and composite repair, concrete restoration, protective coatings, mechanical systems and equipment management, HVAC services, and welding operations across multiple states.
Avance's investment thesis reflects structural market dynamics driving sustained demand for infrastructure repair and maintenance services. According to a September 2025 McKinsey report titled "The Infrastructure Moment," decades of chronic underinvestment in U.S. infrastructure could result in $10 trillion in lost GDP by 2039 without modernization. This backdrop has attracted record private capital flows into the infrastructure sector, with global infrastructure fundraising reaching nearly $200 billion in 2025. Carl Stanton, a senior advisor at Avance, noted that the firm has "followed the aging-infrastructure opportunity for a long time" and views Lexxel as an ideal platform to capitalize on mission-critical repair and maintenance demand.
Avance, founded in 2020 and headquartered in New York City with an additional Miami office, focuses on founder-owned middle-market businesses generating $25 million to $250 million in revenue with EBITDA between $10 million and $75 million. The firm closed its inaugural fund, Avance Investment Partners LP, in September 2022 with approximately $1.1 billion in capital commitments. Investment sectors include business and technology services, infrastructure and commercial services, consumer products and services, and financial and insurance services. Co-founder and managing partner David Perez indicated that Avance intends to support Lexxel's expansion beyond its Northeast home markets while maintaining the company's operational standards. Lincoln International served as financial advisor to Avance on the transaction.
Since inception, Lexxel has pursued an aggressive add-on acquisition strategy, assembling a platform of seven companies that collectively expand service capabilities. The initial four acquisitions—Composite Technology & Infrastructure (New York fabrication and construction), Industrial Process Design (New York engineering services), Thin Film Technology (Texas epoxy coatings manufacturer), and Cellectric Electrical (New York electrical and civil contractor)—were followed in 2024 by Kipper Industrial Piping, Advanced FRP Systems (Massachusetts composite repair specialist), and Mechanical Epoxy Solutions (New York pipe and tank rehabilitation). This portfolio now spans carbon-fiber and composite repair, concrete restoration, protective coatings, mechanical systems and equipment management, HVAC services, and welding operations across multiple states.
Avance's investment thesis reflects structural market dynamics driving sustained demand for infrastructure repair and maintenance services. According to a September 2025 McKinsey report titled "The Infrastructure Moment," decades of chronic underinvestment in U.S. infrastructure could result in $10 trillion in lost GDP by 2039 without modernization. This backdrop has attracted record private capital flows into the infrastructure sector, with global infrastructure fundraising reaching nearly $200 billion in 2025. Carl Stanton, a senior advisor at Avance, noted that the firm has "followed the aging-infrastructure opportunity for a long time" and views Lexxel as an ideal platform to capitalize on mission-critical repair and maintenance demand.
Avance, founded in 2020 and headquartered in New York City with an additional Miami office, focuses on founder-owned middle-market businesses generating $25 million to $250 million in revenue with EBITDA between $10 million and $75 million. The firm closed its inaugural fund, Avance Investment Partners LP, in September 2022 with approximately $1.1 billion in capital commitments. Investment sectors include business and technology services, infrastructure and commercial services, consumer products and services, and financial and insurance services. Co-founder and managing partner David Perez indicated that Avance intends to support Lexxel's expansion beyond its Northeast home markets while maintaining the company's operational standards. Lincoln International served as financial advisor to Avance on the transaction.
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