Towerbrook sells Groupe GSE to trade in €127m deal

Groupe GSE has been controlled by private equity firm Towerbrook Capital for 13 years; the GP held a stake alongside the management team.

Goldbeck has wholly acquired the asset, according to a statement by the firm. The construction company is based in Bielefeld and generated €2.7bn in sales in 2018. It operates nine production sites, has 40 locations in Germany and central Europe, and employs 6,500 people.

Previous funding
TowerBrook acquired a 67% stake in GSE in 2006. Up until then, CIPM, the industrial holding company led by Philippe Kessler, owned a 97% stake in the business. Following TowerBrook's acquisition, CIPM retained an 8% stake, while the company's management team and employees held the remaining 25% interest.

The deal was sourced on a proprietary basis and marked London- and New York-based TowerBrook's first European deal through TowerBrook Investors LP II. The fund closed on $1.3bn in 2006.

Societe Generale and Barclays underwrote a debt package to support the financing of the buyout. The senior debt and mezzanine were equivalent to 50% of the acquisition price.

Company
GSE is a corporate real-estate specialist that manages the design, construction and renovation of industrial projects and buildings for SMEs.

The company generated revenues of €570m last year, which was a 30% increase on 2017, according to a statement by the company. Founded in 1976 and based in Avignon, GSE employs 410 people in eight European countries and in China.

People
Groupe GSE – Roland Paul (CEO).

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