CapVest Partners, an investment firm based in Dublin, London and New York, has announced the closing of its acquisition of a majority stake in TSG Solutions, the European leader in technical services for critical energy infrastructure, after receiving all required clearances. TSG’s management team and existing shareholder HLD are reinvesting alongside CapVest and retain significant minority stakes in the business.
Analysis by the experts at Auris Finance, advisors in mergers, acquisitions and financial engineering.
The deal was preceded in February 2026 by the entry into exclusive talks between the two parties, valued by the market at around 1.8 billion euros including debt, a figure that gives a sense of the ground covered by TSG since HLD’s buyout in 2020, but which neither CapVest nor HLD have confirmed at this stage.
Five years of transformation under HLD’s ownership
Headquartered in Paris, TSG operates in around thirty countries across Europe and Africa, employs more than 7,000 people and generates annual revenue of more than 1.4 billion euros. The company designs, builds and maintains critical energy infrastructure, from high, medium and low-voltage electricity to electric vehicle charging, along with solar, battery storage, biofuels and gas.
This scope is the result of a complete strategic shift. Originally focused on infrastructure for petrol stations and private fleets, TSG has repositioned its business towards new energy solutions, which today account for close to half of its revenue. The shift has been driven by a pace of acquisitions rarely seen in the sector: nearly fifty deals in less than four years, across around twenty countries, turning TSG into a fully-fledged consolidation platform rather than a pure technical services provider.
The build-up continues, regardless of the change of ownership
Momentum has not slowed in the run-up to the sale. In recent months, TSG has integrated Powertek Utilities in the UK, active in connections and modernisation of the electricity grid; TEPU Holding AG in Switzerland, positioned in complex electrical infrastructure for data centres; and Processkontroll Green Technology in the Nordic countries, specialised in compressed and liquefied gas. The company says it is actively evaluating several other targets across Europe and plans to step up this programme under CapVest’s ownership.
A rollover that locks in strategic continuity
The choice of HLD and the management team to reinvest rather than exit fully is not incidental. It allows CapVest to build on a leadership team already accustomed to intensive acquisition-driven growth, while giving the existing shareholders the ability to keep capturing part of the value created in the next phase of development. This shared-ownership structure, common in the sale of high-growth companies, reduces execution risk for the new majority shareholder while keeping all parties’ interests aligned.
An investment thesis driven by the electrification of infrastructure
The deal illustrates private equity’s growing appetite for assets tied to the energy transition. The electrification of end uses and the massive modernisation needs of Europe’s electricity grids point to structural long-term growth, which TSG’s geographic coverage and the breadth of its technical expertise are well positioned to capture. For CapVest, the deal is less a straightforward investment than the acquisition of a consolidation platform in a European energy technical services market that remains fragmented.
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