Avance backs infrastructure repair platform Lexxel in first outside investment
What's the deal? Avance Investment ManagementDealroom has a profile for this one. Try Dealroom → has invested in LexxelDealroom has a profile for this one. Try Dealroom →, a New York-based infrastructure repair and maintenance platform, partnering with founders Peter Tortorella and Michael Codi. It marks the first outside institutional capital Lexxel has taken since its 2023 founding.
What does Lexxel do? The company repairs, restores, and maintains aging infrastructure and utility assets across New York and the broader Northeastern US. Operating as a single-source engineering, procurement, and construction (EPC) provider, it handles carbon-fibre and composite repair, concrete restoration, and protective coatings for public and private infrastructure owners.
Who's behind it? Led by chief executive officer Chuck Caranci, Lexxel is headquartered near Albany at the Port of Coeymans, New York. Tortorella brings three decades as an industrial distribution and service executive; Codi contributes a background in construction design and engineering.
What's the endgame? Since forming in 2023, Lexxel has completed seven add-on acquisitions, expanding from fabrication, construction, and engineering into advanced materials, industrial services, and power and utilities work. The deals include Texas-based epoxy coatings maker Thin Film Technology and Massachusetts-based Advanced FRP Systems.
Why now? Avance has tracked the aging-infrastructure sector for years. "Decades of underinvestment, combined with powerful tailwinds supporting infrastructure and utility modernization, are driving sustained, long-term demand," said Carl Stanton, a senior advisor at Avance.
Tortorella said Avance shares the founders' vision, pointing to "a significant opportunity to expand the Lexxel platform — including through additional acquisitions that bring complementary capabilities and talent."
The signal: The investment aligns with a broader wave of capital flowing into infrastructure. A September 2025 McKinseyDealroom has a profile for this one. Try Dealroom → report estimates that failing to modernise aging US infrastructure could cost the economy $10 trillion in lost GDP by 2039, while global infrastructure fundraising reached nearly $200 billion in 2025.
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