November 12, 2026
Alt Goes Mainstream Podcast: Value Creation with Arriva
I Squared joins Alt Goes Mainstream to discuss the investment and operational expertise behind Arriva’s growth and fleet electrification.
Recorded aboard an electric Arriva bus at a London depot, this episode of Alt Goes Mainstream takes infrastructure investing into the real world. Host Michael Sidgmore joins I Squared Capital’s Mohamed El Gazzar, Maxime Jacqz, and Kristen Guo to explore the firm’s investment in Arriva and the work involved in developing a public transport business.
Mohamed traces the research into European public transport that led to I Squared’s acquisition of Arriva in 2024. He discusses the opportunity to support renewed investment following its separation from Deutsche Bahn, with fleet electrification central to the business’s development. That transition extends beyond purchasing electric buses to securing the power and charging infrastructure needed to operate them.
Maxime examines how I Squared’s investment and asset management teams work together throughout ownership, combining financial experience with operational and engineering expertise. He highlights the importance of strong management teams and the practical details behind electrification, from vehicle procurement to battery performance. The conversation also explores how the firm evaluates opportunities to expand a business while managing risk.
Kristen discusses the role of financing in supporting those plans. Using Arriva as an example, she explains how contracted revenues inform financing decisions and why capital structures should give management teams room to focus on operations and investment. She also highlights how knowledge across I Squared’s portfolio, including Aurora Utilities’ expertise in grid connections, can help companies address shared challenges.
Watch or listen to the full episode for a closer look at I Squared’s approach to infrastructure investing through the businesses and services people use every day.
See our previous episode: Building the World’s Infrastructure>
More episodes of Alt Goes Mainstream >
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