CapVest Enters Exclusive Talks to Acquire Majority Stake in European Energy Services Leader TSG
CapVest Partners LLP, a London- and New York-based private equity firm, and HLD, a European entrepreneurial investment group, have entered into exclusive negotiations over the proposed sale of a majority stake in TSG, a leading European provider of technical services for critical energy infrastructure. The potential transaction marks a significant step in TSG’s evolution as it continues to expand its role in the continent’s energy transition.
TSG’s Transformation into a Multi-Energy Leader
Headquartered in Paris, TSG operates in more than 30 countries and employs over 7,000 people across Europe and beyond. The company has long been recognized for its expertise in energy infrastructure, originally focusing on systems and services for fuel stations and private fleets. Since HLD acquired the business in 2020, TSG has undergone a major transformation, repositioning itself as a key player in the shift toward multi-energy solutions.
Today, the company offers a broad range of technical services across several energy segments, including high-voltage and low-voltage electricity systems, electric vehicle charging infrastructure, solar power, battery energy storage systems (BESS), biofuels, gas, and biogas. This diversification has allowed TSG to align its operations with the growing demand for sustainable and flexible energy solutions.
Under HLD’s ownership and the leadership of CEO Jean-Marc Bianchi and the management team, TSG has experienced strong growth. The company’s annual revenue has surpassed €1.4 billion, with approximately half generated from its “new energies” division—an indicator of how rapidly the business has shifted toward cleaner energy technologies.
Comprehensive Services Across the Energy Lifecycle
TSG’s core strength lies in its end-to-end technical capabilities. The company provides services that span the full lifecycle of energy infrastructure projects, including design, engineering, construction, testing, equipment supply, maintenance, and project management. Its multi-energy approach, deep technical expertise, and extensive geographic presence have enabled the group to build long-standing relationships with major energy infrastructure operators, many of which have been clients for decades.
The company’s growth has been driven by structural trends across the energy sector, particularly the increasing need for investment in critical infrastructure and the transition toward more sustainable, diversified energy systems. As governments and businesses across Europe accelerate electrification and adopt renewable and low-carbon energy sources, companies like TSG are positioned to play a central role in building and maintaining the necessary infrastructure.
CapVest’s Strategic Interest
CapVest is known for investing in companies that provide essential goods and services and for bringing deep sector expertise to support long-term growth. The firm sees TSG as well positioned to expand internationally and capture opportunities linked to the energy transition.
If the proposed acquisition proceeds, CapVest plans to support TSG’s next phase of development by accelerating organic growth and pursuing complementary acquisitions. Both HLD and TSG’s management team are expected to retain significant minority stakes in the company, signaling continued confidence in its strategy and long-term prospects.
Fred Raikes, Partner at CapVest, expressed optimism about the company’s future, noting that TSG’s skilled workforce, strong reputation for service quality, and the growing need for infrastructure modernization make it well positioned for further expansion. He emphasized CapVest’s commitment to working closely with management to build on the company’s achievements and deliver sustained growth.
Continued Support from HLD
HLD, which has been TSG’s principal shareholder since 2020, highlighted the company’s transformation during its ownership. According to Cédric Chateau, Partner and Chairman of the Investment Committee at HLD, TSG has evolved into a major player in Europe’s energy transition, thanks to the combined efforts of its management team and shareholders.
Chateau noted that the coming years present exciting opportunities for the company and confirmed that HLD intends to remain involved as a minority investor alongside CapVest and TSG’s leadership.
Management Welcomes New Partnership
TSG CEO Jean-Marc Bianchi welcomed the potential partnership with CapVest, describing the firm as an ideal investor to support the company’s ambitious growth plans. He pointed to CapVest’s collaborative approach with management teams and its focus on investing in people, innovation, and resources as closely aligned with TSG’s own strategy.
Bianchi also expressed appreciation for HLD’s role in the company’s transformation, noting that its continued presence as a minority shareholder reflects strong confidence in TSG’s future.
Transaction Process and Advisors
The proposed transaction remains subject to standard procedures, including consultations with employee representative bodies and regulatory approvals in the jurisdictions where TSG operates. Additional customary closing conditions will also apply. Financial terms of the deal have not been disclosed.
CapVest is being advised by Perella Weinberg Partners and Rothschild & Co., while HLD is working with Amala Partners and Citi as financial advisors.
Outlook
If completed, the deal would position TSG to accelerate its growth across Europe’s rapidly evolving energy landscape. With increasing investments in electrification, renewable energy, and low-carbon technologies, the company is expected to play a significant role in building and maintaining the infrastructure needed for the continent’s energy transition. Backed by CapVest’s capital and expertise, and with ongoing support from HLD and its management team, TSG appears poised for its next phase of expansion.
