Herbert Smith Freehills has advised Australian private equity fund manager Allegro Funds on the sale of TSC Group to GDF Suez, a listed French multinational energy services company.

TSC Group is a group of industrial services businesses comprised of Trilogy Building Services and Spectrum Fire & Security in Australia and Cowley Services in New Zealand. With multiple offices in Australia and New Zealand, the group provides a range of technical maintenance services and fit outs for commercial and industrial HVAC (heating, ventilation and air conditioning), refrigeration, fire safety and security.

Allegro Funds partnered with management to acquire the TSC Group businesses in September 2012. A strategic joint venture was subsequently formed in December 2013 between TSC Group and GDF Suez in Australia and New Zealand, allowing TSC Group to offer a range of additional energy services to its customers.

The sale of TSC Group to GDF Suez is reflective of the significant success that Allegro Funds has brought to the TSC Group businesses over the last three years.

The Herbert Smith Freehills team was led by partner Mark Currell, who was supported by senior associate Jacob Kahwaji.

Mark Currell said, “We have taken the journey with Allegro Funds since its original investment in TSC Group in 2012, and it is satisfying to see the realisation of that investment. We are delighted to have assisted Allegro Funds in its negotiations with GDF Suez to complete this complex cross border transaction”.