FSN Capital Compass I invests in UHL Bau to create a leading player in the Austrian civil engineering market for critical infrastructure

Munich, May 13, 2025

FSN Capital Compass I has signed an agreement to invest in UHL Bau as a strategic partner to elevate the company’s position as a leading services provider in the Austrian civil engineering market for critical infrastructure, including energy and water. The investment in UHL Bau is the first platform investment in Austria for the FSN Capital Funds.

UHL Bau GmbH, headquartered in Wiener Neustadt, is a leading specialist in underground civil engineering for electricity, gas, water, sewage, district heating and telecommunications networks. The investment in UHL Bau, which was founded by the Uhl family in 1966, follows the FSN Capital Funds’ approach to support founders and entrepreneurs in their next stage of growth. Existing owners Jürgen and Sabine Uhl will retain a significant minority stake and continue to serve on the company’s supervisory board.

UHL Bau has demonstrated profitable growth of more than 10% per year over the last 15 years. The company generated revenues of more than €80 million in 2024 and today employs around 460 people. Over more than 60 years, the company has strategically expanded its core business, as a major service provider for public projects that help meet the everyday needs of Austrians. Through its role in modernizing critical infrastructure, UHL Bau also contributes to Austria’s transition to renewable energy sources.

FSN Capital Compass I will, together with the management team and the Uhl family, seek to accelerate the growth of the company. The investment strategy will focus on continued organic growth, as well as targeted add-on acquisitions, while also driving best practice operations and sustainability.

Jürgen and Sabine Uhl, long-time managing shareholders of UHL Bau, commented: “We have built this company over four decades – grounded in mutual trust, a strong team, and lasting client relationships. Our goal is to establish UHL Bau as the champion of infrastructure civil engineering in Austria. FSN brings the kind of strategic thinking and entrepreneurial spirit that perfectly complements our strengths as we jointly shape the next phase of our growth.”

Clemens Plainer, Principal at FSN Capital Partners (investment advisor to FSN Capital Compass I), commented: “UHL Bau is a prime example of a sustainably growing company with exceptionally high customer satisfaction, deep local roots and best-in-class operations. This will be a long-term partnership with the Uhl family and the management team, with the shared goal of continuing UHL Bau’s growth journey across Austria.”

Justin Kent, Partner at FSN Capital Partners (investment advisor to FSN Capital Compass I), commented: “Since entering the DACH region in 2017, the FSN Capital Funds have supported the sustainable growth of leading mid-sized businesses, with a values-based approach. UHL Bau stands out with its digital strength, customer focus and critical relevance to public infrastructure, as a major contributor to the energy transition in Austria. We look forward to the next chapter of this company’s success story as part of the Compass Fund – with focus, partnership, and a clear strategy for regional expansion.”

The parties have agreed not to disclose details of the transaction. The transaction is subject to approval from applicable authorities. Closing is expected in the third quarter of 2025.

FSN Capital Compass I was advised by LARK, EY-Parthenon, PwC, Frank Partners, Kinsky Capital Management and Marsh.

*FSN Capital GP Compass I Limited, acting in its capacity as general partner of FSN Capital Compass I L.P. and FSN Capital Compass I Invest L.P.

About UHL Bau

UHL Bau is a leading provider of civil engineering and underground utility construction for critical infrastructure, headquartered in Wiener Neustadt. Founded in 1966, UHL Bau offers a wide range of services for the construction and maintenance of utility infrastructure for electricity, water, sewage, gas, district heating, as well as fiber optics and telecommunications. Over the past decades, the company has developed into a key partner for public and private clients, including those in critical infrastructure, and today employs around 460 people. In 2012, UHL Bau expanded its operations with the addition of a wholly owned subsidiary, UHL Elektro. UHL Bau stands for the highest quality standards and a strong commitment to innovation – particularly in the digitalization of construction site processes.

For more information, please visit https://www.uhl.at/

About FSN Capital:
Established in 1999, FSN Capital Partners is a leading Northern European private equity firm and investment advisor to the FSN Capital Funds. FSN Capital has a team of more than 90 professionals across Oslo, Stockholm, Copenhagen, and Munich. Our ethos, “We are decent people making a decent return in a decent way” defines our core values.

The FSN Capital Funds have more than €4 billion under management and make control investments in growth-oriented Northern European companies, to support further growth and to transform companies into more sustainable, competitive, international, and profitable entities. The FSN Funds are committed to being responsible investors and having a positive environmental and social impact across its portfolio while achieving market-leading returns. The FSN Funds are supported by 12 executive advisors and senior advisors with extensive industry experience.

Learn more about FSN on our website: www.fsncapital.com

For more information, please contact the following persons at FSN Capital Partners (investment advisor to the FSN Capital Funds):

Clemens Plainer, Principal
clemens.plainer@fsncapital.com

Justin Kent, Partner
justin.kent@fsncapital.com

Morten Welo, Partner & COO / IR
morten.welo@fsncapital.com