DBAG ECF IV Acquires Majority Stake in TNL Group Through an MBO

Frank­furt am Main — Deut­sche Betei­li­gungs AG (DBAG) is inves­t­ing in the TNL Group (TNL), a leading specia­list in envi­ron­men­tal plan­ning and permit­ting consul­ting in the energy and trans­por­ta­tion infra­struc­ture sectors. DBAG ECF IV, a fund advi­sed by DBAG, is acqui­ring a majo­rity stake in TNL as part of a manage­ment buyout. The tran­sac­tion was initia­ted bila­te­rally through DBAG’s network and once again unders­cores the quality and relia­bi­lity of its access to attrac­tive mid-market tran­sac­tions. — RSM Ebner Stolz provi­ded finan­cial due dili­gence support to DBAG ECF IV, a fund advi­sed by Deut­sche Betei­li­gungs AG (DBAG), in connec­tion with its acqui­si­tion of a majo­rity stake in the TNL Group (TNL).

TNL foun­der and co-CEO Frank Berns­hau­sen, along with other members of manage­ment, will sell back a signi­fi­cant portion of their shares. The tran­sac­tion is subject to regu­la­tory appr­ovals. The parties have agreed not to disc­lose the purchase price. 

DBAG, listed on the SDAX, is a private equity firm head­quar­te­red in Frank­furt am Main that focu­ses on invest­ments in well-posi­­tio­­ned medium-sized compa­nies. — www.dbag.de

TNL is a specia­li­zed provi­der of envi­ron­men­tal plan­ning, permit­ting, and cons­truc­tion services for complex infra­struc­ture projects. Foun­ded in 1994, the company supports chal­len­ging cons­truc­tion projects such as wind and solar farms, high- and extra-high-voltage power lines, and trans­por­ta­tion infra­struc­ture projects. TNL supports its clients throug­hout the entire project life­cy­cle: from preli­mi­nary envi­ron­men­tal assess­ments through regu­la­tory permit­ting proces­ses to subse­quent cons­truc­tion super­vi­sion and imple­men­ta­tion. The group employs appro­xi­m­ately 250 people across four loca­ti­ons and gene­ra­ted total reve­nue of appro­xi­m­ately EUR 30 million in 2025.

Market charac­te­ri­zed by struc­tu­ral growth

The invest­ment follows DBAG’s stra­tegy of making targe­ted invest­ments in compa­nies that operate in struc­tu­rally attrac­tive markets. The expan­sion of trans­port infra­struc­ture, the energy tran­si­tion and the expan­sion of the German trans­mis­sion grids as part of the Network Deve­lo­p­ment Plan (NDP) are driving a sustained high demand for quali­fied envi­ron­men­tal plan­ning services. This dyna­mic is also reflec­ted in TNL’s deve­lo­p­ment: the company’s core market has grown at an annua­li­zed double-digit percen­tage rate since 2020. 

Tom Alzin, Spokesper­son for the Execu­tive Board of Deut­sche Betei­li­gungs AG, says: “TNL is a true hidden cham­pion in a non-cycli­­cal growth market. The company provi­des indis­pensable plan­ning services for projects that are abso­lut­ely essen­tial to the success of the energy transition.”