TSG (TECHNICAL SERVICES GROUP)
Acquired by
CAPVEST PARTNERS
TSG (TECHNICAL SERVICES GROUP) acquired by CAPVEST PARTNERS
Target
TSG (TECHNICAL SERVICES GROUP)
Acquirer
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.
TSG (TECHNICAL SERVICES GROUP), which reported an EBITDA margin of LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount to the 11.3x average currently observed in the Business Services sector.
Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
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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
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with TSG (TECHNICAL SERVICES GROUP)
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 02/2026 | TSG (TECHNICAL SERVICES GROUP) | TEPU HOLDING (PFANNER & FREI + RE.COM ELEKTROANLAGEN) | SWITZERLAND | Electrical | 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. |
| 06/2020 | HLD | TSG (TECHNICAL SERVICES GROUP) | FRANCE | Electrical | HLD Europe acquired a majority stake (~60%) in TSG, the European leader in energy distribution services. The management team, led by CEO Jean-Marc Bianchi, reinvested heavily to retain a significant ~40% stake, ensuring strong alignment for the future transformation. This structure provided the flexibility to execute an aggressive buy-and-build strategy to shift the company's mix from fossil fuels to new energies. |
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