Avance Executes on Infrastructure Platform

Avance Investment Management has made an investment in Lexxel, an infrastructure repair and maintenance platform, in partnership with the company’s founders Peter Tortorella and Michael Codi.

Lexxel repairs, restores, and maintains aging infrastructure and utility assets across New York and the broader Northeastern United States. The company operates as a single-source engineering, procurement, and construction (EPC) provider, handling carbon-fiber and composite repair, concrete restoration, protective coatings and linings, and complementary engineering services for public and private infrastructure owners.

Lexxel, led by CEO Chuck Caranci, is headquartered near Albany at the Port of Coeymans, New York.

Mr. Tortorella and Mr. Codi founded Lexxel in 2023 pairing Mr. Tortorella’s three decades as an industrial distribution and service executive with Mr. Codi’s background in construction design and engineering. Since formation, the platform has expanded its capabilities through several acquisitions including these four: Composite Technology & Infrastructure, a New York-based fabrication and construction firm; Industrial Process Design, a New York-based provider of engineering services; Thin Film Technology, a Texas-based manufacturer of high-performance solvent-free underwater and moisture-tolerant epoxy coatings; and Cellectric Electrical, a New York-based electrical and civil contractor holding master electrical contracting licenses in multiple states.

In 2024, the platform added Kipper Industrial Piping, a New York-based specialist provider of mechanical systems and equipment management including plumbing, welding, pipefitting, and HVAC maintenance and replacement; Advanced FRP Systems, a Massachusetts-based provider of composite repair methods for industrial tanks and pipes; and Mechanical Epoxy Solutions, a New York-based provider of alternative rehabilitation solutions for pipes, tanks, and HVAC systems.

These seven add-ons expanded a platform that began with fabrication, construction, and engineering capabilities into advanced materials, industrial services, and power and utilities work.

The Avance investment marks the first outside institutional capital Lexxel has taken on since its founding. “This is an exciting next chapter for Lexxel,” said Mr. Tortorella. “Avance shares our vision for what this business can become, and together we see a significant opportunity to expand the Lexxel platform — including through additional acquisitions that bring complementary capabilities and talent.”

Avance has been pursuing an investment in the infrastructure repair and maintenance sector. “We have followed the aging-infrastructure opportunity for a long time,” said Carl Stanton, a senior advisor at Avance. “Decades of underinvestment, combined with powerful tailwinds supporting infrastructure and utility modernization, are driving sustained, long-term demand for the kind of mission-critical repair and maintenance services Lexxel provides. This is a thesis we have conviction in, and Lexxel is a terrific way to build behind it.”

Avance’s investment thesis perfectly aligns with trends in the broader infrastructure market. According to a September 2025 report by McKinsey – The Infrastructure Moment – it is estimated that failing to modernize aging U.S. infrastructure could cost the economy $10 trillion in lost GDP by 2039. At the same time, McKinsey’s global infrastructure research points to record private capital flows into the sector, with global infrastructure fundraising reaching nearly $200 billion in 2025—a dynamic that reflects both chronic underinvestment in existing assets and an accelerating pool of capital pursuing the repair, maintenance, and modernization work that underinvestment leaves behind.

Avance invests in founder-owned, middle-market businesses with $25 million to $250 million in revenue and EBITDA of $10 million to $75 million. Sectors of interest include business and technology services, infrastructure and commercial services, consumer products and services, and financial and insurance services. In September 2022, Avance held an above-target and final close of its inaugural fund, Avance Investment Partners LP, with total capital commitments of approximately $1.1 billion. Avance was founded in 2020 and is headquartered in New York City with an additional office in Miami.

“Lexxel keeps critical infrastructure running, backed by a deep bench of talent and an unwavering commitment to its customers,” said David Perez, a co-founder and managing partner at Avance. “We look forward to supporting the company and its founders as they continue to serve their home markets in the Northeast, and to bringing their same standard of quality and execution to new geographies over time.”

Lincoln International was the financial advisor to Avance on this transaction.