GSK Stockmann advised Deutsche Beteiligungs AG (DBAG) on its acquisition of a majority stake in the TNL Group (TNL). TNL specialises in environmental planning and permitting consulting in the field of energy and transport infrastructure. DBAG ECF IV, a fund advised by DBAG, is acquiring a majority stake in TNL as part of a management buy-out. The transaction is subject to regulatory approvals.
A multidisciplinary GSK Stockmann team led by Berlin-based partner Robert Korndörfer provided comprehensive advice on the transaction. The firm’s in-depth knowledge of the energy industry, coupled with its many years of experience in the German SME sector, played a crucial role. For DBAG, this investment represents a significant expansion of its portfolio, adding another resilient business model that is highly relevant to the current political issues of green energy and transport transition. A key consideration in structuring the transaction was the possibility of TNL management reinvesting in the company. Both parties have agreed not to disclose the purchase price.
TNL is a specialised provider of environmental planning, permitting and construction services for complex infrastructure projects. Founded in 1994 by Frank Bernshausen, the company started out as a surveyors’ office. Today, it supports challenging construction projects, such as wind and solar parks, high-voltage and extra-high-voltage power lines and transport infrastructure projects. TNL employs around 250 people across four sites and generated total revenue of approximately EUR 30 million in 2025. As the new majority shareholder, DBAG intends to systematically build on the company’s recent growth trajectory.
DBAG Deal Team: Christoph Großekämper, Alexander Jeanneaux, Maura Kolbe, Marisa Menzel
DBAG Legal: Carolin Keferstein
Advisers of Deutsche Beteiligungs AG at GSK Stockmann:
Robert Korndörfer (lead), Daniel Fehling und Clara López Hernando (both PE/M&A), Dr Oda Wedemeyer and Nicolas Störmann (both Construction & Architectural Law), Nicole Deparade and Katrin Zukovskaja (both Employment/ Compensation & Benefits), Dominik Berka (Tax), Maik Schäffer (M&A/Corporate), Dr Martin Hossenfelder and Dr Maximilian Schnebbe (both IP/Data Protection), Dr Jenny Mehlitz and Fabian Schiefner (both Public Procurement), Caglayan Birkan and Ensar Bingöl (both Tenancy Law).
