EQT Infrastructure is in talks to buy global calibration services firm Trescal from OMERS, which intends to remain a minority shareholder.
The EQT Infrastructure V fund has entered into exclusive negotiations to acquire the majority stake in Trescal, a company worth around €1.4bn.
IPE Real Assets understands EQT Infrastructure’s latest global infrastructure fund will hold a 75% stake in Trescal.
As part of the proposed deal, expected to close in the first quarter of next year, the private-equity arm of OMERS will re-invest for a 25% stake in Trescal. OMERS Private Equity first invested in Trescal in 2018.
Trescal, established in 2004 and headquartered in France, provides essential and regulated calibration services for testing and measurement equipment in a diverse range of critical end-markets such as transport, healthcare, telecom and other sectors. The company has a global network of more than 380 facilities spanning 29 countries.
EQT Infrastructure said it will support the continued development of Trescal and its growth plans in current and new markets.
The acquisition of Trescal is EQT Infrastructure’s third investment in France after the European operator of nursing home facilities Colisee, and French water services company Saur.
Once the Trescal deal is completed, the €15.7bn EQT Infrastructure V fund is expected to be 80-85% invested, the manager said.
Christoph Balzer, a partner within EQT Infrastructure’s advisory team, said: “EQT Infrastructure has followed Trescal for a long time. We are deeply impressed by the management team’s achievements in creating a global leader in calibration laboratories with a differentiated one-stop-shop offering to serve its customer’s requirements.
“We believe EQT’s track record of building global companies, industrial DNA, and value-add approach strongly positions us to support the company in its next phase of growth.”
Thomas Rajzbaum, a managing director and head of EQT’s French infrastructure advisory team, said: “Trescal provides mission-critical services to its industrial customers in essential end-markets that are experiencing increasingly stringent requirements.
“We look forward to further strengthening Trescal’s market position through increased investment in the breadth of its laboratories’ capabilities and footprint, commercial excellence, sustainability and cutting-edge digitisation.”
Guillaume Caroit, CEO of Trescal, said: “We at Trescal are very keen to welcome EQT as our new owner and look forward to benefiting from the capabilities and experience EQT offers. We are confident that together with EQT Infrastructure we have the right partner to drive the next phase of our global growth, further cement our leading market position, and continue to best serve our clients.”
Jonathan Mussellwhite, a senior managing director and head of OMERS European Private Equity, said: “Our partnership with Trescal underscores OMERS Private Equity’s ability to support strategic, ambitious growth plans across our sector-leading portfolio companies.
“Throughout our tenure, Trescal delivered sustainable growth as well as solid profitability under the leadership of a seasoned management team.”
Guillaume Caroit, CEO, Trescal, said: “OMERS Private Equity has greatly contributed to our success over the last five years, due to their ‘partnership first’ approach.
“Thanks to our steady collaboration with OMERS, we are today well positioned to deliver on future plans for geographic expansion and segment diversification.”
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