CapVest Partners LLP (“CapVest”) has formally completed its acquisition of a majority stake in TSG Solutions (“TSG”), a prominent European technical services provider for critical energy infrastructure. The closing of the transaction follows the receipt of all required regulatory approvals.
Headquartered in Paris, France, TSG operates in 30 countries, employing a workforce of over 7,000 professionals and generating annual revenues exceeding €1.4 billion. The company engineers, builds, and maintains essential energy networks across a multi-energy ecosystem, including High Voltage (HV), Medium Voltage (MV), and Low Voltage (LV) electrical systems, EV charging networks, solar installations, Battery Energy Storage Systems (BESS), biofuels, and biogas infrastructure.
TSG’s multi-energy technical capabilities and extensive pan-European reach reinforce long-standing relationships with leading energy infrastructure operators. These operational strengths position the business to capitalize on sustained structural growth in electrification and the increasing capital investments needed to modernize Europe’s critical power grid.
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M&A Expansion and Strategic Growth Roadmap
Targeted acquisitions remain a core pillar of TSG’s long-term expansion strategy. Building on an aggressive track record of completing nearly 50 acquisitions across 20 countries in under four years, TSG will continue evaluating complementary deals to expand its technical portfolio, energy offerings, and geographic coverage.
The business has maintained strong operational momentum since the deal was first announced, finalizing several key strategic acquisitions:
Powertek Utilities (UK): Specialized in electric grid connections and infrastructure upgrades.
TEPU Holding AG (Switzerland): Focused on complex electrical services for data center infrastructure.
Processkontroll Green Technology (Nordics): Experts in compressed and liquid gas infrastructure.
TSG is actively pursuing additional acquisition targets across Europe and expects to accelerate its M&A program under CapVest’s ownership.
Private Equity Partnership and Reinvestment
CapVest brings a proven track record of partnering with ambitious enterprises providing essential services, scaling portfolio companies through integrated organic and buy-and-build strategies. Demonstrating strong conviction in TSG’s growth trajectory, members of the company’s executive management team and former majority owner HLD have reinvested alongside CapVest, retaining significant minority equity stakes.
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.”