mynth
11/2007MajorityLBO

Astorg takes majority stake in Trescal

FRANCE Industrial Services / TIC (Testing, Inspection, Certification) EV €10–30M

Context

Air Liquide sold the majority of its metrology subsidiary to Astorg Partners and the management team. Air Liquide retained a 15% minority stake to support the transition. The transaction valued the company at an Enterprise Value of just EUR25 million.

Trescal, which reported an EBITDA margin of [members only] in 2006, is valued in this transaction at an EV/EBITDA multiple of 5x–12x.

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Target

Trescal is a global specialist in metrology and calibration services. Originally a spin-off from Air Liquide (2007), the company has grown into an international powerhouse under the leadership of CEO Olivier Delrieu. Trescal provides calibration, repair, and maintenance services for test and measurement equipment across diverse sectors including Aerospace, Defense, Pharmaceuticals, Telecoms, and Automotive. Operating a network of over 110 laboratories worldwide, the group serves a client base that requires high-precision certification.

Ent. Value

€10–30M

Equity Value

[members only]

Multiples

EV / Revenue

below 1.5x

EV / EBITDA

5x–12x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2006
€50–100M
€0–5M
[members only]
2005
€50–100M
€0–5M
[members only]

Other operations with Trescal

Other operations with Trescal
DateAcquirerTargetCountrySector
11/2017OMERSTRESCALFRANCETIC (Testing, Inspection, Certification)

Other operations with Astorg

Other operations with Astorg
DateAcquirerTargetCountrySector
03/2021ASTORGXCEPTORUNITED KINGDOMFinancial Services / Banking
06/2020ASTORGNORMECNETHERLANDSTIC (Testing, Inspection, Certification)
04/2020CINVEN / ASTORGLGC GROUPUNITED KINGDOMTIC (Testing, Inspection, Certification)
02/2019ASTORGANAQUAUNITED STATESIndustry-Specific Software
10/2018ASTORGNEMERAFRANCEMedical Consumables
04/2016ASTORGFLOWBIRD (EX PARKEON)FRANCEIndustry-Specific Software
02/2016ASTORG / GOLDMAN SACHSHRA PHARMAFRANCEGenerics / Labs
04/2015ASTORGMETROLOGIC GROUPFRANCESupply Chain & Ops
12/2013ASTORGKERNEOSFRANCEConstruction Materials
04/2007ASTORGETHYPHARMFRANCEPharma & Biotech

Similar deals in Industrial Services

Similar deals in Industrial Services
DateAcquirerTargetCountrySector
03/2013PAI PARTNERSIPH GROUPFRANCEIndustrial & Technical Distribution
12/2012COBEPASOCOTECFRANCETIC (Testing, Inspection, Certification)
05/2012DXP ENTERPRISESHSE INTEGRATEDCANADAIndustrial Services
07/2011IK PARTNERSTRIGOFRANCETIC (Testing, Inspection, Certification)
04/2010VALLOURECSERIMAXFRANCEWelding & Piping Services
03/2010HG CAPITALJLAUNITED KINGDOMEquipment Rental
02/2010BRIDGEPOINTLGC GROUPUNITED KINGDOMTIC (Testing, Inspection, Certification)
07/2008QUALIUMSOCOTECFRANCETIC (Testing, Inspection, Certification)
06/2008PHOENIX EQUITY PARTNERSASHTEAD TECHNOLOGYUNITED KINGDOMEquipment Rental
06/2006INVESTCORPIPH GROUPFRANCEIndustrial & Technical Distribution

REFERENCES

Valuation range: EV €10–30M

Revenue range: €50–100M

EBITDA range: €0–5M

EV/Revenue range: below 1.5x

EV/EBITDA range: 5x - 12x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Trescal by Astorg are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: trescal

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Trescal, a French company specialised in TIC (Testing, Inspection, Certification), by Astorg in 2007, structured as a leveraged buyout (LBO). Ownership has since evolved, leading to a subsequent transaction with Omers in November 2017 (see the dedicated deal page for details).

How was the acquisition of Trescal by Astorg valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €10–30M band, its EV/EBITDA multiple within the 5x - 12x range, and its EV/revenue multiple within the below 1.5x range. Exact figures are available to members.

What were Trescal’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Trescal generated annual revenue estimated in the €50–100M range and EBITDA in the €0–5M bracket (FY 2006). Detailed financial figures are available to members.

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

What is mynth?

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