CapVest Completes Acquisition of TSG

TSG to accelerate its growth as a leading multi-energy infrastructure services provider across Europe; management and HLD reinvesting alongside CapVest as significant minority shareholders

CapVest Partners LLP (“CapVest”), a leading New York and London based investment firm, today announces that it has completed its acquisition of a majority stake in TSG Solutions (“TSG”), a European leader in technical services for critical energy infrastructure, following receipt of all necessary approvals.

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TSG

Headquartered in Paris, France, TSG operates across 30 countries with over 7,000 employees and annual revenues of more than €1.4 billion. The company designs, builds and maintains critical energy infrastructure across Power (HV, MV & LV electrical), Charge, Solar, Battery Energy Storage Systems (BESS), Biofuels and Gas & Biogas. TSG’s multi-energy capabilities, deep technical expertise and extensive geographical coverage underpin longstanding relationships with a diverse base of leading energy infrastructure operators, and position the company to capture structural growth in electrification and the rising investment required in Europe’s critical energy infrastructure.

Acquisitions will remain an important part of TSG's growth strategy. TSG will continue to evaluate complementary acquisitions that broaden the range of technical services and energies it offers its customers and extend its geographic coverage, building on close to 50 acquisitions completed in under four years across 20 countries. The company has maintained strong momentum since the transaction was announced, with recent acquisitions including Powertek Utilities in the UK (electric grid connections and upgrades), TEPU Holding AG in Switzerland (electrical services with a focus on complex data centre infrastructure) and Processkontroll Green Technology in the Nordics (compressed and liquid gas infrastructure). TSG is actively evaluating, and in discussions with, a number of further acquisition opportunities across Europe, and expects to accelerate this programme under CapVest’s ownership.

As a leading private equity investor, CapVest is known for partnering with ambitious companies supplying essential goods and services and for transforming the size and scale of its portfolio companies through a combination of organic and acquisition-led growth. Members of the management team and HLD have reinvested alongside CapVest and retain significant minority stakes in TSG, underscoring their confidence in the company’s future trajectory.

Fred Raikes, Partner at CapVest, said: “We are delighted to complete this investment and begin our partnership with Jean-Marc Bianchi and his outstanding team. TSG occupies an important position in Europe’s energy infrastructure, serving customers across both traditional fuel and new energies, and we see a significant opportunity to accelerate its growth organically and through complementary acquisitions. We look forward to supporting the team as they build on their exceptional track record.”

Jean-Marc Bianchi, Chairman & CEO of TSG, said: “The completion of this transaction marks the beginning of an exciting new chapter for TSG. CapVest's philosophy of significant investment in people, innovation and capabilities, and its focus on both organic and acquisition-led growth, strongly reflects our own principles and ambitions. I would like to thank all of our employees, whose skill and commitment are the foundation of everything we have achieved, and HLD for their support throughout the first phase of our growth and transformation journey. We now look forward to pursuing the next chapter of that journey with CapVest’s full backing.”

Cédric Chateau, Partner and Chairman of the Investment Committee of HLD, said: “TSG has experienced an incredible acceleration over the past five years under our ownership alongside management, expanding rapidly across electric mobility, gas, solar and energy storage. The growth potential ahead is still significant and the company is now firmly established and ready to scale further. We are delighted to expand this journey alongside the management and CapVest.”

About TSG

TSG Solutions (“TSG”) is a European technical services company that designs, builds, installs, and maintains energy distribution infrastructure for mobility, commercial and industrial, data centre and power utility companies (including both DNOs and DSOs). TSG operates in 30 countries across Europe and Africa, employs over 7,000 people and generates annual revenue of more than €1.4 billion. TSG operates one of the largest sales, installation and maintenance networks in its industry across Europe and Africa.

TSG provides end-to-end lifecycle services including design, engineering, installation, commissioning, and 24/7 maintenance across both conventional and new energy infrastructure. Its core activities include:

• Power and grid infrastructure: medium- and high-voltage grid connections, transformers, substations, and electrical contracting for commercial and industrial sites (including logistics centres), retail sites, data centres and utility companies (DNO and DSO).
• Battery energy storage (BESS): design, installation, and servicing of battery energy storage systems.
• EV charging: installation and maintenance of electric vehicle charging infrastructure, from depot charging for electric bus, truck and logistic fleets to public fast charging hubs, for energy retailers, fleet operators and charge point operators.
• Solar: turnkey photovoltaic design, installation, and maintenance for commercial and industrial sites.
• Fuel and gas infrastructure: supply, installation and maintenance of fuel dispensers, metrology and calibration services, storage tanks and piping, and forecourt maintenance for service station networks and fleet depots, across all fuel types including CNG, LNG, biofuel, hydrogen and traditional fuels.
• Retail and payment systems: point-of-sale, payment, and car wash equipment sales and servicing for fuel retail sites.

TSG serves all types of customers, in both the public and private sectors, from local authorities and businesses to service station networks and corporate fleets to energy network operators. TSG’s technicians have unique skills, with recognised expertise in all energy solutions: power (covering BESS, HV and LV electrical activities), electric vehicles charging (including covering Commercial EV Fleets, Electric Bus, Electric Truck), hydrogen, biofuels, natural gas and solar energy, as well as associated payment systems and services.

https://www.tsg-solutions.com/

About CapVest

CapVest is a leading private equity investor with offices in Dublin, London and New York that partners with ambitious companies supplying essential goods and services to transform their businesses. As an active and patient investor, CapVest has established a strong record of success in delivering attractive returns by working closely with management in transforming the size and scale of its portfolio companies through a combination of organic and acquisition led growth.

CapVest seeks to invest in highly resilient industries where the demand driver for the product or service is non-discretionary. Its core sectors include essential services, healthcare and consumer staples.

https://www.capvest.com/

About HLD

Founded in 2010 by a group of entrepreneurs, HLD Europe is a European investment group established in Luxembourg, France, the Netherlands and Italy, dedicated to supporting management teams to build leading companies in their field. With more than €4bn in assets under management, HLD Europe supports 22 companies. HLD first invested in TSG in 2020 and remains a significant minority shareholder of the company.

https://groupehld.com/fr

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