TSG (TECHNICAL SERVICES GROUP) acquired by HLD
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 [members only] in 2019, is valued in this transaction at an EV/EBITDA multiple of 5x–12x, 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
€500M–1.5bn
Equity Value
[members only]
Multiples
EV / Revenue
below 1.5x
EV / EBITDA
5x–12x
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 | CAPVEST PARTNERS | TSG (TECHNICAL SERVICES GROUP) | FRANCE | Electrical |
| 02/2026 | TSG (TECHNICAL SERVICES GROUP) | TEPU HOLDING (PFANNER & FREI + RE.COM ELEKTROANLAGEN) | SWITZERLAND | Electrical |
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| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 01/2026 | HLD | ENTORIA | FRANCE | Brokerage |
| 02/2023 | HLD | INFODIS | FRANCE | Consulting & Integration |
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| 02/2018 | HLD | KILOUTOU | FRANCE | Equipment Rental |
REFERENCES
Valuation range: EV €500M–1.5bn
Revenue range: €450–900M
EBITDA range: €50–100M
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 TSG (TECHNICAL SERVICES GROUP) by HLD 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: hld