CapVest Enters Exclusive Discussions With HLD on the Proposed Acquisition of TSG
CapVest Partners LLP (“CapVest”), a leading New York and London based investment firm, and HLD, the entrepreneurial European investment group, have entered exclusive discussions on CapVest’s proposed acquisition of a majority stake in TSG, a European leader in technical services for critical energy infrastructure.
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Headquartered in Paris, France, TSG is a European leader in technical services for the energy industry with a pan-European footprint in over 30 countries and employing over 7,000 people. Originally focused on fuel station and private fleet energy infrastructure and systems, since HLD’s acquisition of the company in 2020 TSG has undergone significant transformation as a primary enabler of the energy transition, offering a diverse range of multi-energy technical services across Power (HV & LV electrical), Charge, Solar, Battery Energy Storage Systems (BESS), Biofuels and Gas & Biogas. Under HLD and management’s leadership, annual revenues have grown to more than €1.4 billion with new energies accounting for approximately half of the revenue.
TSG’s current activities are focused on design, engineering and build, testing, equipment supply, maintenance and project management. As a result of these multi-energy capabilities, deep technical experience, and geographical coverage spanning 30 countries, TSG has established longstanding and trusted relationships with a diverse base of leading energy infrastructure operators, with many of these client relationships spanning several decades. TSG has achieved strong growth in recent years driven by positive medium- and long-term secular trends including the growing need for investment in critical energy infrastructure and the transition towards more sustainable multi-energy solutions.
As a leading private equity investor, CapVest is known for partnering with ambitious companies supplying essential goods and services and bringing deep sector expertise to its portfolio companies, making the firm ideally positioned to support TSG in its next phase of growth including accelerating organic growth and supporting further complementary acquisitions. Following completion of the proposed transaction, HLD and members of the management team will retain significant minority stakes in TSG, underscoring their confidence in the company’s future trajectory and commitment to supporting TSG’s ongoing growth.
Fred Raikes, Partner at CapVest, said: “We believe TSG is well positioned to accelerate international growth in the coming years, capitalising on its outstanding and highly skilled team, reputation for excellent quality of service and ongoing requirement of infrastructure operators to maintain, upgrade and provide more sustainable energy infrastructure and solutions. We look forward to working with Jean-Marc Bianchi and his team to build on their substantial successes to date and help unlock the very exciting growth opportunities ahead for TSG.”
Cédric Chateau, Partner and Chairman of the Investment Committee of HLD, said: “TSG has undergone a profound transformation and incredible acceleration during these past five years of HLD’s shareholding alongside Jean-Marc Bianchi and his teams. The company has become a key player in the energy transition in Europe. The coming years are just as exciting for TSG, and we are delighted to extend this journey alongside the management and CapVest.”
Jean-Marc Bianchi, Chairman & CEO of TSG, said: “CapVest has an excellent reputation for working closely with management in transforming the size and scale of its portfolio companies and are an ideal next partner to work with us to realise our ambitious plans for the company. Their philosophy of undertaking significant investment in people, innovation and capabilities and focus on organic and acquisition led growth, strongly reflects our principles and plans and we very much look forward to working with them in the future. In the same vein, HLD have been excellent partners and we are very thankful for their contribution to all our successes to date and delighted they are still part of our journey.”
The transaction remains subject to the legal process of informing and consulting with relevant employee representative bodies, regulatory approvals in key jurisdictions where TSG operates, and other customary closing conditions.
The terms of the proposed transaction have not been disclosed.
Financial Advisors to CapVest were Perella Weinberg Partners and Rothschild & Co.
Financial Advisors to HLD were Amala Partners and Citi.
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Contact
For further information please contact:
On behalf of CapVest:
Ben Valdimarsson
Mob: +44 (0)7889 805930
[email protected]
On behalf of HLD:
DGM Conseil
Etienne Gautier
07 48 15 22 35
[email protected]
Charles-Etienne Lebatard
06 14 74 83 08
[email protected]
