Astorg takes majority stake in Trescal
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)
Other operations with Trescal
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 11/2017 | OMERS | TRESCAL | FRANCE | TIC (Testing, Inspection, Certification) |
Other operations with Astorg
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 03/2021 | ASTORG | XCEPTOR | UNITED KINGDOM | Financial Services / Banking |
| 06/2020 | ASTORG | NORMEC | NETHERLANDS | TIC (Testing, Inspection, Certification) |
| 04/2020 | CINVEN / ASTORG | LGC GROUP | UNITED KINGDOM | TIC (Testing, Inspection, Certification) |
| 02/2019 | ASTORG | ANAQUA | UNITED STATES | Industry-Specific Software |
| 10/2018 | ASTORG | NEMERA | FRANCE | Medical Consumables |
| 04/2016 | ASTORG | FLOWBIRD (EX PARKEON) | FRANCE | Industry-Specific Software |
| 02/2016 | ASTORG / GOLDMAN SACHS | HRA PHARMA | FRANCE | Generics / Labs |
| 04/2015 | ASTORG | METROLOGIC GROUP | FRANCE | Supply Chain & Ops |
| 12/2013 | ASTORG | KERNEOS | FRANCE | Construction Materials |
| 04/2007 | ASTORG | ETHYPHARM | FRANCE | Pharma & Biotech |
Similar deals in Industrial Services
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 03/2013 | PAI PARTNERS | IPH GROUP | FRANCE | Industrial & Technical Distribution |
| 12/2012 | COBEPA | SOCOTEC | FRANCE | TIC (Testing, Inspection, Certification) |
| 05/2012 | DXP ENTERPRISES | HSE INTEGRATED | CANADA | Industrial Services |
| 07/2011 | IK PARTNERS | TRIGO | FRANCE | TIC (Testing, Inspection, Certification) |
| 04/2010 | VALLOUREC | SERIMAX | FRANCE | Welding & Piping Services |
| 03/2010 | HG CAPITAL | JLA | UNITED KINGDOM | Equipment Rental |
| 02/2010 | BRIDGEPOINT | LGC GROUP | UNITED KINGDOM | TIC (Testing, Inspection, Certification) |
| 07/2008 | QUALIUM | SOCOTEC | FRANCE | TIC (Testing, Inspection, Certification) |
| 06/2008 | PHOENIX EQUITY PARTNERS | ASHTEAD TECHNOLOGY | UNITED KINGDOM | Equipment Rental |
| 06/2006 | INVESTCORP | IPH GROUP | FRANCE | Industrial & 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
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