Gilbarco Veeder-Root Enters into Exclusive Discussions with TSG to Explore Strategic Alternatives for European Service Business
Gilbarco Veeder-Root has agreed with TSG, the European leader in technical services for mobility solutions, to proceed towards the potential divestment of Gilbarco Veeder-Root's service business across eight European countries for the continued benefit of their customers.
Currently, Gilbarco Veeder-Root is the only original equipment manufacturer in Europe with an in-house service team. TSG maintains all types of energy distribution infrastructures for mobility: fuel/biofuel service stations, electric vehicles charging network, LPG/LNG, and hydrogen. This strategic project for maintenance services aligns with Gilbarco Veeder-Root's goal to optimize its business portfolio and focus on its core competencies.
"Gilbarco Veeder-Root sees significant benefits from this potential transaction with strengthening our existing relationship with TSG," said Dave Coombe, President, Gilbarco Veeder-Root. "Implementation of the agreement would increase TSG's position in these countries and enhance Gilbarco Veeder-Root's relationship with a leading partner to support our customers across Europe and Africa."
"We see significant opportunities in this potential partnership which would enable us to expand our presence and operational capacity, particularly in Northern Europe. Through our premium maintenance services, we aim to enhance our operational reach and further develop our position across the European market," commented Jean-Marc Bianchi, CEO of TSG.
The eight countries included in this project are the United Kingdom, Denmark, Finland, Norway, Sweden, Estonia, Latvia and Lithuania. Should the discussions lead to the divestiture of the service business, Gilbarco Veeder-Root will leverage TSG's extensive experience and market presence in these regions to ensure a seamless transition and continued high-quality service for Gilbarco Veeder-Root's customers.
About Gilbarco Veeder-Root
Gilbarco Veeder-Root is the worldwide technology leader for retail and commercial fueling operations, offering the broadest range of integrated solutions from the forecourt to the convenience store and head office. For over 150 years, Gilbarco has earned the trust of its customers by providing long-term partnership, uncompromising support, and proven reliability. Major product lines include fuel dispensers, tank gauges and fleet management systems. For more information, please visit: www.gilbarco.com.
About TSG
TSG, the European leader in technical services for responsible mobility, is a key enabler of the energy transition for mobility. With an unequalled presence in 30 countries, TSG designs, builds and maintains all types of energy distribution infrastructures for mobility: fuel/biofuel service stations, electric vehicles charging network, LPG/LNG, and hydrogen. TSG offers a one-stop-shop (projects and maintenance services, digital payments and systems) for innovative energy and retail solutions. TSG serves all types of clients, in the public and private sectors from local authorities and retail to gas station networks and companies fleet installations.
TSG employs over 6,000 people and its annual revenue reached one billion euros at the end of April 2024. TSG's technicians are uniquely skilled, with recognized expertise in all new mobility energy solutions: electric vehicles, hydrogen, biofuels and natural gas as well as related systems and payment services.
TSG is a privately-held company, owned by its management and the entrepreneurial investment firm HLD.
For more information, please visit: www.tsg-solutions.com.
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Gilbarco Veeder-Root Media Contacts:
Corporate Communications:
Marty Hanna
Vice President, Communications
[email protected]
Investor Relations:
Ryan Edelman
Vice President, Investor Relations
[email protected]
TSG Media contacts:
CLAI
Stéphanie Barré-Lesauvage – + 33 6 42 58 95 25
Matthieu Meunier – +33 6 26 59 49 05
[email protected]