CapVest Acquires TSG in Energy Infrastructure Deal

CapVest Partners LLP has secured a majority stake in TSG, a significant player in European technical services for critical energy infrastructure. This strategic move underscores the private equity firm's commitment to the evolving energy sector, particularly as the continent navigates its transition towards more sustainable energy solutions.

Headquartered in Paris, TSG boasts a substantial pan-European presence, operating across more than 30 countries and employing over 7,000 professionals. While initially focused on fuel station and private fleet energy systems, the company has pivoted to become a key enabler of the energy transition. Its service portfolio now spans a diverse range of multi-energy technical solutions, including high and low voltage electrical systems, EV charging infrastructure, solar installations, battery energy storage systems (BESS), biofuels, and gas/biogas management. This diversification is reflected in its impressive annual revenues, which have reached approximately €1.5 billion, with new energy solutions contributing roughly half of this figure.

The company's expertise encompasses the full lifecycle of energy infrastructure projects, from design and engineering to build, testing, equipment supply, and ongoing maintenance. This comprehensive offering, coupled with deep technical knowledge and extensive geographical reach, has fostered long-standing, trusted relationships with major energy infrastructure operators across Europe. Many of these client partnerships have endured for several decades, a testament to TSG's reliability and service quality.

Recent performance for TSG has been robust, driven by powerful secular trends. The increasing demand for investment in essential energy infrastructure, alongside the global push for sustainable, multi-energy solutions, creates a fertile ground for the company's continued expansion. CapVest, known for its strategic investments in essential goods and services companies, is well-equipped to leverage its sector expertise to accelerate TSG's growth, both organically and through further strategic acquisitions.

Following the transaction's completion, HLD and members of TSG's management team will retain significant minority stakes. This shared commitment signals strong confidence in the company's future trajectory. Fred Raikes, Partner at CapVest, expressed enthusiasm for the partnership, highlighting TSG's skilled team, service reputation, and the ongoing need for infrastructure upgrades. He stated, "We believe TSG is well positioned to accelerate international growth in the coming years, capitalising on its outstanding and highly skilled team, reputation for excellent quality of service and ongoing requirement of infrastructure operators to maintain, upgrade and provide more sustainable energy infrastructure and solutions."

Jean-Marc Bianchi, Chairman & CEO of TSG, echoed this sentiment, emphasizing CapVest's proven track record in scaling portfolio companies. He noted, "CapVest has an excellent reputation for working closely with management in transforming the size and scale of its portfolio companies and are an ideal next partner to work with us to realise our ambitious plans for the company." The collaboration is expected to focus on significant investments in people, innovation, and capabilities, aligning with TSG's growth-oriented principles.