Skip to content
Transportation Infrastructure
Specialist Global Infrastructure Advisory

Infrastructure decisions,
made with conviction.

Hermes advises institutional investors, corporates and governments across transportation, energy and healthcare infrastructure — from origination and diligence through to asset management and board representation.

2015
Established
in the United Kingdom
4
Continents
of active engagement
Clients with repeat
mandates across years
+
Institutional clients
& partners advised
The Firm

Founded by practitioners.
Trusted by capital.

Established in 2015 by Giulio Leucci, Hermes brings together a team with decades of experience as both operators and advisers. We work where deep sector knowledge decides outcomes — supporting private equity and institutional funds on origination, transaction advisory and asset management, as an extension of their own teams.

Our staff have delivered mandates across Europe, Asia, North America and Latin America, from offices in Cambridge and an expert network based in Italy, the USA and Canada. Hermes acts buy-side and sell-side for institutional clients — and, in energy, as a principal investor.

We have also run the assets. Our founder was Chief Executive of Nieuport Aviation, the terminal operator at Billy Bishop Airport in Toronto (2017–19), and served on the Executive Board of Toulouse Blagnac Airport (2019–20) on behalf of its owner, CASIL Europe — advising an asset is one thing, being accountable for it is another.

Hermes advisory team
Operators, not just advisersCEO, Nieuport Aviation 2017–19
Exec. Board, Toulouse Blagnac 2019–20

Transportation
Infrastructure

Airports, ports, road and rail — the asset classes where our team has held operating, planning and board seats. We act buy-side and sell-side for institutional investors, and manage assets through the hold period.

Transportation
Operators

Airlines, bus and rail, shipping and logistics. We advise buy-side and sell-side on transactions, and drive commercial strategy and value creation across the operating layer.

Energy &
Transition

Generation, distribution, storage, renewables and waste-to-energy, with decarbonisation and green bond strategy. We advise buy-side and sell-side — and invest our own capital, including in energy-as-a-service.

Core-Plus &
Social

Healthcare and social infrastructure — long-duration assets requiring regulatory and stakeholder fluency. We provide strategic and transaction advice to corporates, institutional investors and government stakeholders.

Capabilities

Three mandates.
One continuous relationship.

Clients engage us at the point of decision and keep us through execution. Our services span the full asset lifecycle — from screening an opportunity to preparing it for exit.

01 —

Asset Management

  • Strategy & business plan development
  • Business unit improvement and transformation
  • Financing and re-financing strategy
  • Change management and succession planning
  • CAPEX / OPEX strategy
  • Risk oversight and governance
  • Decarbonisation and green bonds strategy
  • Exit strategy and preparation
02 —

M&A Advisory

  • Deal origination support
  • Financial modelling and valuation
  • Commercial due diligence
  • Technical due diligence
  • Financial and HR due diligence
  • Transaction execution support
  • Bid process management
03 —

Strategic Advisory

  • Corporate and strategic reviews
  • Commercial, opex and capex strategy
  • Industry, market and competitor analysis
  • Market entry optioneering
  • Financing and capital structure advisory
  • Project management and implementation
  • Decarbonisation strategy

“We have the experience to support clients from the development of their strategy and investment objectives through to successful implementation.”

Hermes Infra Holdings
Selected Track Record

Mandates that moved the asset.

Twenty-five named engagements across six practice areas — commercial strategy, transaction diligence, infrastructure and energy, financial strategy, asset management and origination. Select a practice to see the detail.

Commercial Strategy

2020–26
Pittsburgh International AirportUnited States
Retail and F&B StrategyCar Parking Strategy
2022
Milan AirportsItaly
Business Lounges Strategy
2019
3i InfrastructureAsset: Belfast City Airport
Car Parking / Surface Access Strategy
2017–18
Billy Bishop AirportToronto, Canada
Retail and F&B StrategyAdvertising Strategy
2016
Oman Aviation GroupOman
Sea-Air Cargo Logistics Market Study
2015–16
Manchester Airports GroupUnited Kingdom
Car Parking StrategyLounge StrategyFood & Beverage Strategy

M&A Advisory & Diligence

2025–26
Partners GroupTarget: D-Marin
Buy-side advisory
2025
Swiss Life Asset ManagersTarget: Eliance
Buy-side advisory
2024
Parma AirportItaly
Buy-side advisory
2021
European TMT ClientEurope
Sell-side advisory — data centre
2020
U.K. Energy DeveloperUnited Kingdom
Sell-side advisory — BESS portfolio
2019
Partners GroupTarget: St. Louis Airport
Early-stage Commercial DDTechnical DDFinancial DD
2016–17
Partners GroupTarget: Bologna Airport
Buy-side advisoryEarly-stage Commercial DDTechnical DDFinancial DD
2016–17
Partners GroupTarget: Milan Bergamo Airport
Buy-side advisoryEarly-stage Due DiligenceValuation Report
2016
Partners GroupTarget: San Juan Airport
Commercial Due DiligenceTechnical Due DiligenceHR Due Diligence
2016
Confidential Asset ManagerUnited Kingdom
Review of UK Infrastructure Investment Opportunities

Infrastructure & Energy Strategies

2021
Goldman SachsVia AvPorts · Asset: New Haven Airport
Energy StrategyDecarbonisation Strategy
Manchester Airports GroupUnited Kingdom
Infrastructure StrategyESG Strategy
Confidential Energy ClientNorth America
Capex strategy — wind farm

Financial Strategy

Hillbrook PartnersGlobal
Global Airport Capital Structure Study
Confidential Energy ClientConfidential
Financial StrategyRevenue Diversification Strategy
Confidential Industrial ClientConfidential
Refinancing Strategy

Asset Management & Governance

2019–20
CASIL EuropeAsset: Toulouse Blagnac Airport
Asset managementExecutive Board seatCommercial strategy
2017–19
Nieuport AviationAsset: Billy Bishop Airport, Toronto
Chief ExecutiveBoard seat

Hermes supported CASIL Europe on its investment in Toulouse Blagnac Airport, with our founder serving on the airport's Executive Board over the same period. He was previously Chief Executive and a board member of Nieuport Aviation, the terminal operator at Billy Bishop Airport in Toronto — a principal role rather than a client mandate.

Deal Sourcing

Origination PipelineTransportation · Energy · Core-Plus
Asset identificationOff-market screeningBid process management

Our live pipeline is shared under NDA with institutional investors and funds. Get in touch to discuss current opportunities.

Clients & Partners

Current and past engagements.

3i UBS Friedman Pacific Belfast City Airport Nieuport Aviation Pittsburgh International Toulouse Blagnac Oman Aviation Group Hillbrook Partners Swiss Life Asset Managers Road World Holding Goldman Sachs Morgan Stanley Infrastructure Partners Stonepeak CASIL Europe Goldman Sachs Morgan Stanley Infrastructure Partners Stonepeak CASIL Europe
Our People

The bench behind the mandate.

Senior practitioners with backgrounds in investment banking, transaction advisory, transportation, energy, construction, business strategy and government regulation. Our people have held senior positions at Edizione, Partners Group, AustralianSuper and Ferrovial Airports, and advised Morgan Stanley Infrastructure Partners, Stonepeak and Advent International.

They have sat on the boards of Heathrow Airport Holdings, AGS Airports, Toulouse Blagnac and Nieuport Aviation, and bring operating and advisory experience from Manchester Airports Group, the Greater Toronto Airports Authority, ABN AMRO, RBS and LeighFisher — with an expert network across Italy, the USA and Canada.

Giulio Leucci
+
Giulio LeucciFounder & OwnerCEO, Nieuport Aviation · Edizione · Partners Group · AustralianSuper
Aaron Heger
+
Aaron HegerSenior ConsultantABN AMRO · RBS · Hillbrook · MAG · LSE
Oana Damian
+
Oana DamianSenior Consultant — CommercialJacobs / LeighFisher · Airport privatisations
Muriel Zingraff
+
Muriel ZingraffSenior Consultant — CommercialL'Oréal · Harrods · Heathrow Retail
Maria Casero Borges
+
Maria Casero BorgesSenior ConsultantFerrovial Airports · Heathrow · AGS Airports · British Airways
Ian Woods
+
Ian WoodsSenior Consultant — Planning, Operations & CapacityTransport Canada · GTAA · LeighFisher · Nieuport
FC
+
Francesco CalleaConsultant — Noise & Environmental Strategy
Elio Franci
+
Elio FranciSenior AdvisorANAS · Ferrovie dello Stato · BHS systems
News & Views

In the media,
and in the market.

Firm News
2022

Hermes develops commercial strategies for Milan Airports

2022

Hermes sells an energy project to a private equity investor

2021

Hermes selected for multiple work streams at Pittsburgh Airport

2021

Hermes develops the energy strategy for New Haven Airport

2020

Hermes selected to develop the car parking and surface access strategy for Pittsburgh Airport

2019

Hermes assists CASIL Europe with asset management on its investment in Toulouse Blagnac Airport

2019

Hermes develops the car parking and surface access strategy for Belfast City Airport

2019

Hermes assists a confidential client on the acquisition of a UK logistics real estate park

Contact

Let's discuss
the asset.

Whether you are screening an opportunity, preparing for a bid, or looking to unlock value in a portfolio company — we will tell you plainly whether we can help.