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Industrial group sold to French energy company

Industrial group sold to French energy company

Mark Currell Herbert Smith Freehills

Two firms have advised on the sale of Australasia-based TSC Group to a French multinational energy services company.

Firms: Herbert Smith Freehills (Allegro Funds); Minter Ellison (GDF Suez)

Deal: Australian private equity fund manager Allegro Funds sold TSC Group to GDF Suez.

Value: Undisclosed

Area: M&A

Key Players: The Herbert Smith Freehills team was led by partner Mark Currell, supported by senior associate Jacob Kahwaji.

Deal Significance: TSC Group comprises Triology Building Services, Spectrum Fire & Security and Cowley Services. 

The company offers technical maintenance services and fit-outs for commercial and industrial HVAC, refrigeration, fire safety and security at offices across Australia and New Zealand.

Allegro acquired TSC Group in September 2012. In December 2013, TSC Group struck up a JV with GDF Suez to add a range of additional energy services to its offering.

Mr Currell, who worked on the original 2012 transaction, described the latest acquisition as the “realisation of that investment” for Allegro Funds.

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