ICG, the global alternative asset manager, and Comcreta Group (“Comcreta” or “the Company”), a leading provider of infrastructure maintenance works and vegetation control management to the Italian railway sector, today announced the signing of a partnership agreement.
ICG European Infrastructure (“ICG Infra”) will work closely with the management team, led by Francesco Comune, a third‑generation member of the founding family which has until now retained full ownership of the Company. The partnership will aim to facilitate the next phase of Comcreta’s expansion, against a backdrop of accelerating investment in Italy’s rail infrastructure. The efforts will focus on strengthening operational capabilities, expanding into adjacent business lines and pursuing accretive M&A opportunities in Italy and abroad, building on the Company’s established platform and track record of delivery.
Comcreta carries out critical infrastructure maintenance across Italy’s railway network, drawing on deep technical expertise and experience in rail infrastructure. The Company operates under long-term framework arrangements with Rete Ferroviaria Italiana (RFI), Italy’s rail infrastructure owner, ensuring safety and efficiency by delivering day-to-day maintenance, repair works and vegetation management along rail corridors.
For ICG Infra this transaction follows the €3.15bn close of its second fund and complements the team’s existing portfolio of assets within the mobility sector, presently comprising Regional & City Airports and ZEPLUG, among others.
Paul Levêque, Associate Director, European Infrastructure at ICG, commented:
Comcreta plays an essential role in supporting Italy’s rail infrastructure, delivering maintenance works that are fundamental to network operation. The business benefits from long-term growth potential and the vision of a founder-led management team; it also stands to gain from the ongoing modernisation of the Italian rail system. We look forward to partnering with Francesco and his team to support the Company as it continues to scale.
Francesco Comune, CEO of Comcreta, added:
Comcreta has grown steadily through its focus on operational excellence and long-term relationships within the railway sector. Partnering with ICG Infra marks a crucial next step for the business, unlocking additional resources and expertise to support the delivery of our next phase of expansion while maintaining our commitment to high-quality delivery.
Domenico Comune, Comcreta Founder, concludes:
It is an honor for us to collaborate with the ICG Infra team. We believe this partnership will bring significant benefits and serve as a powerful driver of growth for the Comcreta Group.
– Ends –
ICG was advised by Clearwater (M&A), GPBL (Legal), EY (Financial & Tax Due Diligence), Roland Berger (Commercial), AON (Insurance), ERM (ESG).
Comcreta was advised by Fineurop Soditic (M&A Advisor), Pedersoli Gattai (Legal Advisor), KPMG (Financial Due Diligence), Spada Partners (Tax Advisor).
For further information please contact:
Clare Glynn
Head of Corporate Communications
+44 20 3545 1395
[email protected]
Maisie Le Masurier
Corporate Communications
+44 20 3545 1624
[email protected]
Pierluigi Picerno
Head of HR/Organization/General Affairs
+39 393 833 2984
[email protected]
About ICG
ICG (LSE: ICG) is a global alternative asset manager with $127bn* in AUM and more than three decades of experience generating attractive returns. We operate from over 20 locations globally and invest our clients’ capital across Structured Capital; Private Equity Secondaries; Private Debt; Credit; and Real Assets. Our exceptional people originate differentiated opportunities, invest responsibly, and deliver long-term value. We partner with management teams, founders, and business owners in a creative and solutions-focused approach, supporting them with our expertise and flexible capital. For more information visit our website and follow us on LinkedIn.
*As at 31 December 2025.
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