EQT Infrastructure V to Acquire a Majority Stake in Calibration Company Trescal
Posted on 11/28/2022
OMERS Private Equity manages investments globally on behalf of OMERS. OMERS Private Equity entered into an agreement with EQT Infrastructure V, which grants exclusivity to EQT to acquire a majority stake in Trescal, a global company engaged in calibration services. As part of the proposed transaction, OMERS Private Equity will re-invest for a 25% holding in Trescal. This will continue OMERS Private Equity’s support of Trescal and its current management team led by Guillaume Caroit, CEO. Financial terms of the transaction were not disclosed. Some news sources say the transaction is set to value Trescal at around €1.4 billion including debt.
The proposed transaction remains subject to several conditions including completion of consultations and customary approvals by the antitrust and other regulatory authorities and signing of a definitive agreement. The transaction is expected to close in first quarter of 2023. With the acquisition of Trescal, EQT Infrastructure V is expected to be 80% to 85% invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication), subject to customary regulatory approvals.
Established in 2004 and headquartered in France, Trescal is a global company engaged in calibration services offering a comprehensive range of solutions supported by measurement, repair, qualification, validation and asset management. Since OMERS Private Equity’s initial investment in 2018, Trescal has doubled in size, diversified into new high growth market segments such as life sciences, and expanded its geographic footprint into seven new markets including South Korea and Australia. Alongside delivering strong organic growth, Trescal completed 47 acquisitions, successfully integrating these businesses into the global Group and further building on its leading market position across key geographies including France, the UK, U.S., Spain, and the Benelux region. Trescal employs 4,400 people and has an annual turnover of around EUR 450 million.
OMERS and Trescal were advised by DC Advisory, Paris.
Keywords: Ontario Municipal Employees Retirement System, EQT AB, EQT Partners AB.