Investec Advisory advised the shareholders of TSA Industries on a secondary LBO backed by Turenne Groupe

About the deal

TSA Industries is a leading specialist in small custom-made and technical stainless-steel equipment for the food processing, catering, and several other niche sectors. TSA Industries has a well-recognised expertise in the design, manufacturing, and distribution of stainless-steel industrial equipment across more than 20 countries. With two production sites in France and one in Slovakia, TSA Industries employs more than 200 people.

Since 2017, with the support of French Food Capital, Capital Grand Est, and Caisse d’Epargne Grand Est Europe – and under the leadership of Marc Adjiman, executive chairman since 2019 – the company has strengthened its organisation and consolidated its market-leading position. Today, TSA Industries is accelerating its expansion into new geographies and markets, notably through external growth.

Through this transaction, TSA Industries is entering a new phase of development with the majority investment by Turenne Groupe via its Nov Relance Impact and SLP Sélection & Opportunités funds, alongside Caisse d’Epargne Grand Est Europe, which is renewing its commitment. The management team is increasing its stake, with several key executives joining Marc Adjiman, who is reinvesting in the transaction.

By partnering with Turenne Groupe, TSA Industries aims to roll out an employee shareholding plan and further strengthen its ESG strategy, in line with its DNA and core values.

Our role

Investec Advisory acted as exclusive advisor to the shareholders throughout the sale process, including:

• Defining the transaction strategy,
• Identifying potential acquirers,
• Preparing marketing materials,
• Coordinating vendor due diligence workstreams, and managing the due diligence process,
• Coaching the management team,
• Organising an auction process,
• Negotiating the terms of the transaction.