At what enterprise value was TSG (TECHNICAL SERVICES GROUP) acquired in 2020?

During the acquisition of TSG (TECHNICAL SERVICES GROUP) by HLD in 2020, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 500M - 1.5b EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the Business Services industry currently tracks an average EBITDA multiple of 11.0x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of TSG (TECHNICAL SERVICES GROUP) when it was acquired by HLD?

The estimated EV/EBITDA multiple for TSG (TECHNICAL SERVICES GROUP) is in the range of 5x - 12x. For comparison, the Business Services sector currently shows an average EBITDA multiple of 11.0x. Join our community for free to access full valuation data and industry trends.

When was TSG (TECHNICAL SERVICES GROUP) acquired by HLD?

TSG (TECHNICAL SERVICES GROUP) was acquired by HLD in 2020.

What was the revenue of TSG (TECHNICAL SERVICES GROUP) at the time of the deal?

The revenue of TSG (TECHNICAL SERVICES GROUP) at the time of the deal is estimated to be in the range of 450M - 900M EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of TSG (TECHNICAL SERVICES GROUP) during the acquisition?

TSG (TECHNICAL SERVICES GROUP)'s EBITDA is estimated to be in the range of 50M - 100M EUR. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the TSG (TECHNICAL SERVICES GROUP) acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the TSG (TECHNICAL SERVICES GROUP) deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://capitalfinance.lesechos.fr/deals/lbo/hld-valorise-tsg-group-pres-de-500-m-1215289

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06/2020

TSG (TECHNICAL SERVICES GROUP) acquired by HLD

FRANCE Facility Management / Maintenance / Electrical EV 500M - 1.5b EUR

Context

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.

TSG (TECHNICAL SERVICES GROUP), which reported an EBITDA margin of LOGIN in 2019, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the Business Services sector (11.0x).

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.

-> 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.

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List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
02/2026	CAPVEST PARTNERS	TSG (TECHNICAL SERVICES GROUP)	FRANCE	Facility Management	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.
02/2026	TSG (TECHNICAL SERVICES GROUP)	TEPU HOLDING (PFANNER & FREI + RE.COM ELEKTROANLAGEN)	SWITZERLAND	Facility Management	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.

REFERENCES

Valuation range: EV 500M - 1.5b EUR

Revenue range: 450M - 900M EUR

EBITDA range: 50M - 100M EUR

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 HLD are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Target: tsg (technical services group)

Acquirer: hld