CVC DIF has agreed the sale of American Roads to John Laing Group, marking another infrastructure exit for the mid-market strategy of global private markets manager CVC.

The transaction, subject to customary regulatory approvals including US antitrust clearance, continues CVC DIF’s programme of disciplined portfolio rotation and capital returns to investors. 

American Roads operates four tolled transportation assets in the United States. The platform owns three bridges in Alabama with perpetual operating rights and holds the concession lease for the American side of the Detroit–Windsor Tunnel, a strategically important international border crossing between the United States and Canada. The assets collectively serve approximately seven million trips annually.

CVC DIF acquired the platform in 2018 via its DIF Infrastructure V fund. Since then, the firm has executed a defined value creation plan centred on operational optimisation, active asset management, and strategic capital structuring.

The ownership period included managing the business through the Covid-19 pandemic. Despite sharp declines in passenger travel, service availability was maintained while positioning the assets for recovery. CVC DIF also supported the development of an experienced management team aligned with long-term institutional ownership.

Andrew Freeman, Partner and Head of Divestments at CVC DIF, said: “American Roads is a strong illustration of CVC DIF’s active ownership and long-term approach to infrastructure investing. Through close partnership with management, disciplined operational optimisation, and thoughtful capital structuring, we have developed a resilient and well-governed platform of essential transport assets.”

The exit reflects sustained investor demand for long-duration infrastructure assets underpinned by stable cash flows and essential service characteristics. For CVC DIF, the transaction reinforces its strategy of active ownership, operational value creation, and timely capital recycling across energy transition, transport, utilities, and digital infrastructure.

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