TSG (TECHNICAL SERVICES GROUP) acquired by CAPVEST PARTNERS
Context
CapVest has acquired a controlling stake in TSG from HLD. The transaction values the company at EUR1.8 billion. HLD, which acquired the business in 2020, will retain a 30% minority stake to benefit from future growth. The management team is also reinvesting significantly. The deal structure involves a "portable" debt package of EUR750 million (Term Loan B) which remains in place, speeding up execution. PAI Partners and CVC were also bidders in the process.
It is worth noting that the fund Hld took control of Tsg through an LBO in 2020.
TSG (TECHNICAL SERVICES GROUP), which reported an EBITDA margin of [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, representing a discount to the average currently observed in the Business Services sector (11.4x).
-> Deep-dive in Business Services market trends
Target
TSG is the European leader in technical services for mobility energy solutions. Historically focused on equipping and maintaining gas stations (fuel distribution), the group successfully pivoted toward "new energies." It now designs, installs, and maintains infrastructures for electric vehicle (EV) charging, hydrogen, and solar energy.
Ent. Value
€1–10bn
Equity Value
[members only]
Multiples
EV / Revenue
1x–3x
EV / EBITDA
10x–18x
EV / EBIT
[members only]
Historical Financials (EUR)
Other operations with TSG (TECHNICAL SERVICES GROUP)
Other operations with TSG (TECHNICAL SERVICES GROUP)
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 02/2026 | TSG (TECHNICAL SERVICES GROUP) | TEPU HOLDING (PFANNER & FREI + RE.COM ELEKTROANLAGEN) | SWITZERLAND | Electrical |
| 06/2020 | HLD | TSG (TECHNICAL SERVICES GROUP) | FRANCE | Electrical |
Similar deals in Facility Management
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 03/2026 | ARCUS INFRASTRUCTURE PARTNERS | WIRELESS CCTV | UNITED KINGDOM | Security & Guarding |
| 03/2026 | Tiger Infrastructure Partners | Orbis Protect | UNITED KINGDOM | Security & Guarding |
| 02/2026 | TSG (TECHNICAL SERVICES GROUP) | TEPU HOLDING (PFANNER & FREI + RE.COM ELEKTROANLAGEN) | SWITZERLAND | Electrical |
| 01/2026 | EUROFEU | PIGHI | ITALY | Security & Guarding |
| 01/2026 | HALMA | SAFETEC | ITALY | Security & Guarding |
| 01/2026 | INFLEXION | RANGER FIRE AND SECURITY | UNITED KINGDOM | Security & Guarding |
| 12/2025 | CAPZA | MYRIUM | FRANCE | Maintenance |
| 12/2025 | BAIN CAPITAL / MUBADALA | Service Logic | UNITED STATES | HVAC |
| 10/2025 | TURENNE CAPITAL | M-ENERGIES | FRANCE | HVAC |
| 10/2025 | ANDERA PARTNERS | XELIANS | FRANCE | Document Management |
REFERENCES
Valuation range: EV €1–10bn
Revenue range: €1–10bn
EBITDA range: €100–200M
EV/Revenue range: 1x - 3x
EV/EBITDA range: 10x - 18x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of TSG (TECHNICAL SERVICES GROUP) by CAPVEST PARTNERS 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: tsg (technical services group)
Acquirer: capvest partners