I Squared Capital to Acquire Chevron Parent Company, Ramudden Global, in Major Infrastructure Safety Deal

Global infrastructure investor I Squared Capital has agreed to acquire Ramudden Global, a leading provider of traffic management and infrastructure safety services, in a deal that underscores growing investor appetite for essential, regulated infrastructure businesses.

The acquisition will be made through I Squared Capital’s flagship fund and sees the firm purchasing Ramudden Global from funds advised by Triton Partners, which has backed the business since 2017.

Financial terms of the transaction were not disclosed, and the deal is expected to complete in the first half of 2026, subject to customary regulatory approvals.

Ramudden Global operates more than 190 depots across 13 countries in Europe and North America, delivering traffic management and safety services that support the maintenance and upgrade of road, transport and utility infrastructure. Its services play a critical role in ensuring public safety, regulatory compliance and continuity of essential infrastructure works.

I Squared Capital said the investment reflects its focus on infrastructure assets that benefit from predictable, long-term demand, driven by ageing transport networks, sustained public investment and increasingly stringent safety regulations. Ramudden’s scale, specialist equipment and technical expertise position it as a market leader in a sector where demand continues to grow.

Ramudden Global was built by Triton through a buy-and-build strategy, beginning with the acquisition of Sweden-based Ramudden in 2017, followed by AVS in Germany, Chevron in the UK, and Fero in Belgium and the Netherlands in 2018. The business was consolidated into a single group in 2020 and expanded beyond Europe with the acquisition of Canada-based RSG International in 2024 and US-based Curtin in 2025.

The group now generates annual revenues of more than €1bn, with around two-thirds of operations based in Europe and the remainder split between Canada and the United States.

Mohamed El Gazzar, Senior Partner at I Squared Capital, said Ramudden Global was “one of the clear market leaders across its key geographies,” adding that the business is well positioned to benefit from long-term infrastructure spending and recurring, regulation-driven demand.

Triton founder and CEO Peder Prahl said the firm was proud to have supported the creation of a global champion in what he described as a “fragmented and overlooked industry,” crediting the company’s management and workforce for its growth.

Ramudden Global CEO Morten Finslo said the partnership with I Squared Capital would support the company’s next phase of expansion, enabling further investment in innovation, digital solutions and service capability across Europe and North America.