OMERS Private Equity will re-invest in the proposed transaction, retaining a significant minority stake alongside EQT Infrastructure and management to support the Group as it continues to grow internationally
LONDON, 28 November– OMERS Private Equity, has entered into an agreement with EQT Infrastructure V, a fund controlled by purpose-driven global investment organization EQT, which grants exclusivity to EQT to acquire a majority stake in Trescal (the “Group”), the global leader in calibration services. As part of the proposed transaction, OMERS Private Equity will re-invest for a 25% holding in the Group. 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.
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 Q1 2023.
Established in 2004 and headquartered in France, Trescal is the global leader 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.
Jonathan Mussellwhite, Senior Managing Director and Head of OMERS European Private Equity, commented:
“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. I would like to personally thank the Trescal team, led by Guillaume Caroit and Olivier Delrieu, for their strong partnership and wish the new investors well as the Group enters its next stage of growth. We are proud that, thanks to OMERS re-investment in Trescal, we will continue to be a material shareholder in the Group and part of its further evolution.”
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.”
The investment in Trescal is illustrative of OMERS focus on investing in market leading businesses, where its unique, permanent and agile capital can partner with management to drive long-term sustainable growth. France is a key market, alongside the UK and Benelux, for OMERS Private Equity in Europe and one where OMERS continues to look for opportunities to deploy capital.
OMERS and Trescal were advised by DC Advisory, Paris.
About OMERS Private Equity:
OMERS Private Equity manages investments globally on behalf of OMERS, one of Canada’s largest defined benefit pension plans, with C$121 billion in net assets as of December 31, 2021, including approximately C$19.8 billion in net private equity investment asset exposure. With teams in London, New York, Toronto and Singapore, OMERS Private Equity invests across Business Services, Industrials, Healthcare and Technology, deploying an evergreen capital base to partner with strong management teams and transform good companies into industry leaders around the globe. For more information: http://www.omersprivateequity.com
Trescal is the global leader in calibration services. It offers an array of industries a single-source solution for calibration, measurement, repair, qualification, validation and asset management across the globe. Its technicians and experts carry out accredited and non-accredited services for all measured variables and measuring instruments in all technical domains. About 4,400 people work at Trescal around the world to perform 3.3 million operations per year, including 27,000 repairs across 150,000 types of instruments and 20,000 brands. To learn more visit trescal.com.
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