Portfolio focus / Business Services spotlight
Infravadis
Infravadis is a tech-enabled platform in the European Underground Infrastructure Maintenance (‘UIM’) market, providing inspection, cleaning, repair and relining services for underground pipe and sewer networks. Founded through the acquisition of Abfluss Schäfer in June 2025, Oakley is building a clear local market leader through a buy-and-build strategy in a non-discretionary services market of predominantly small, local operators, characterised by high recurring revenue (>60% of revenue) and attractive margins (c.30% EBITDA margin).
Infravadis
Following the initial investment, Oakley has established a leading platform in the Frankfurt region. The combined group is already the clear number one in its core market, more than three times larger than its nearest competitor, providing a strong position from which to lead further consolidation. Value creation is being driven by disciplined M&A, integration and improved capacity utilisation, alongside an upsell strategy expanding into higher-margin repair and relining services.
The buy-and-build programme is progressing at pace. Since entry, the platform has signed or completed seven add-on acquisitions at a blended entry multiple below 5.5x, well below the 11–15x at which comparable platforms trade, with further targets identified in the near-term pipeline. Together these are expected to grow EBITDA c.5x by the end of the year. Oakley continues to work closely with the founders and management team to execute the pipeline and build a scalable European UIM leader.
>3x
Clear #1 in Frankfurt, >3x larger than nearest competitor
>60%
>60% recurring revenue at c.30% EBITDA margin