TEPU HOLDING (PFANNER & FREI + RE.COM ELEKTROANLAGEN) acquired by TSG (TECHNICAL SERVICES GROUP)
Context
TSG Group acquired Tepu Holding to significantly bolster its subsidiary, TSG Switzerland. This transaction is part of an aggressive buy-and-build strategy, marking the group’s 45th acquisition in four years. The deal allows TSG to nearly double its Swiss workforce (increasing from 105 to 200 employees) and adds €40 Million in annual revenue. Strategically, the acquisition integrates key expertise in medium-voltage and photovoltaic systems, which are essential for delivering "turnkey" electric charging hubs that incorporate local energy production and management.
TEPU HOLDING (PFANNER & FREI + RE.COM ELEKTROANLAGEN), which reported an EBITDA margin of in 2025, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Business Services sector (11.5x).
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Target
Tepu Holding (Pfanner & Frei + re.com Elektroanlagen) operates two specialized entities in the electrical solutions space. Pfanner & Frei and re.com Elektroanlagen provide expertise across the entire electrical value chain, including low and medium-voltage installations, building automation (smart buildings), IT networks, and lighting. The group has developed a strong competitive edge in electric vehicle charging infrastructure (EVCI) and photovoltaic (PV) solar projects. With a team of 95 professionals, the group provides critical technical skills and established geographical reach in the Swiss market.
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REFERENCES
Revenue range: 25M - 50M EUR
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: tepu holding (pfanner & frei + re.com elektroanlagen)
Acquirer: tsg (technical services group)