AXA Private Equity enters into exclusivity with 3i and TCR Capital to acquire 
Paris, June 17, 2013. AXA Private Equity, the leading European diversified  
private equity firm, has entered into an agreement with 3i and TCR Capital, 
which grants exclusivity to AXA Private Equity to acquire a majority stake of 
82% in Trescal, the leading international specialist for calibration services. 
The proposed transaction, which values the company at approximately €250 
million, is fully supported by Trescal’s  management team, headed by its CEO 
Olivier Delrieu. It is intended that management and employees will own the 
remaining 18% of the company’s share capital. 
The proposed transaction remains subject to the signing of a definitive 
agreement and customary approval by the antitrust authorities.  
Headquartered in Paris (France), Trescal operates across 150 sites in 16 
countries, including France, the UK, the US, Italy and Germany. Trescal has 
over 1,500 employees across the world and serves more than 25,000 customers 
over a range of sectors,  including defence, aerospace, telecommunications, 
transportation and automotive. The company’s metrology services include 
calibration, repair and maintenance of test and measurement equipment. Trescal 
also offers customised calibration management software solutions, metrology and 
technical  support.  
3i invested in Trescal in 2010 alongside TCR Capital, which took a minority 
stake. During 3i and TCR Capital’s partnership with  Trescal, the company 
entered a new phasein its development, accelerated growth and strengthened its 
market position through organic growth and industry consolidation. 
-       The company completed four significant acquisitions; notably that of 
Dynamic Technology Inc., establishing Trescal in the US, immediately after 3i’s 
acquisition. Subsequently, the company accelerated its international expansion 
plans with the acquisitions  of Antech Engineering in the UK, Stork Intermes in 
the Netherlands and Isocal GmbH in Austria. Trescal also set up a greenfield 
operation in Singapore. 
-       As a result of these transactions, turnover at Trescal grew from €110 
million to €157 million between 2010 and 2012.  
In November 2012, business consulting firm Frost & Sullivan awarded Trescal the 
2012 European Calibration Services Market Penetration  Award. 
Thibault Basquin, Managing Director at AXA Private Equity, said: “We identified 
Trescal as an attractive investment platform some  months ago following a 
period of concentrated focus on the testing inspection and certification 
industry. We have been impressed by the quality, commitment and successful 
track-record of the management team, headed by Oliver Delrieu.” 
Yann Bak, Director at AXA Private Equity, added:  “Our intention is to assist 
and support Trescal in its ambitious buy-and-build  strategy and therefore 
accelerate its diversification into complementary geographies and markets.” 
Xavier de Prévoisin, Director at 3i and Rémi Carnimolla, co-Managing Director 
France at 3i, commented: “Over the last three years, we have worked in 
partnership with Trescal’s high-calibre management team to successfully grow 
and strengthen the company’s market position, thanks to our global network and 
transatlantic investment experience. It is always  very satisfying to 
demonstrate that a French champion can successfully expand in all continents 
and especially in the US. The management team remains ambitious and we look 
forward to seeing the company’s continued success.” 
Olivier Delrieu, CEO of Trescal, said: “We are very happy to welcome AXA 
Private Equity as a majority shareholder of Trescal.  The firm has demonstrated 
a strong knowledge of our business and a real interest in our future 
development. I am convinced that AXA Private Equity, with its proven track 
record of providing committed support to its portfolio companies, is the right 
partner  to help us grow organically and externally through acquisitions.” 
Bank of Ireland, HSBC and Natixis will act as mandated lead arrangers and 
bookrunners to arrange and underwrite senior credit  facilities for the 
proposed acquisition. 
AXA Private Equity is a world leader in private equity, with assets of $32 
billion managed or advised in Europe, North America and Asia. The company  
offers its investors a wide choice of funds covering the full range of asset 
classes: Funds of Funds (primary, early secondary and secondary), Direct Funds 
including Infrastructure, Small and Mid-Market Enterprise Capital, Innovation & 
Growth, Co-Investment  and Private Debt. 
With offices in Beijing, Frankfurt, Jersey, London, Luxembourg, Milan, New 
York, Paris, Singapore, and Zurich, AXA Private Equity is committed to 
supporting  companies in their long term growth by providing access to its 
international network. AXA Private Equity sets great store by the regularity 
and quality of its reporting on the performance of its funds and the 
performance of the companies in its portfolio,  as a service to its investors. 
AXA Private Equity, Global Investments the European way 
3i is a leading international investor focused on mid-market private equity, 
infrastructure and debt management across Europe, Asia and the Americas.
For further information, please visit: 
Trescal, international specialist in calibration provides a broad range of 
services for the test and measuring equipment market. Trescal is represented  
in 16 countries: Austria, Belgium, Czech Republic, Denmark, France, Germany, 
Italy, Singapore, Spain, Sweden, Switzerland, the Netherlands, United Kingdom, 
United States, Romania and Tunisia.  Supplementing the standard technical 
services (verification, calibration  and repair of T&M instruments), Trescal 
offers its expertise for the implementation and acquisition of measurement 
systems, customised equipment pool management software solutions, metrology and 
technical support, and training. 
TCR Capital is an independent private equity company with €350 million under 
management, operating in French lower mid-market buy-outs.  TCR Capital is 
specialized in LBO operations for companies,  leaders on their market and with  
a very high growth potential. TCR Capital  is the partnership of managing teams 
with great operating success and entrepreneurial culture. TCR Capital has a 
“real-time” fast-track localdecisionand is actively involved with its 
concentrated portfolio companies. 
press contacts 
axa private equity 
Image 7
Estelle Guillot-Tantay
Tel: +33 1 53 70 74 93   
Flore Larger
Tel: +33 1 53 70 74 91 
HeadLand Consultancy 
Daniel Kahn
Tel: +44 207 3675 247 
Tom James
Tel: +44 207 3675 240 
Catherine Bourdoncle (Communications Manager)
Tel: +33 4 42 46 99 66 
3i group
3i Group plc                                                                     
Kablé Communication Finance
Kathryn van der Kroft                                                           
  Anna Casal
Tel: +44 20 7975 3021                                                           
 Tel: + 33 1 44 50 54 76                                          
tcr capital
Catherine Senechal
Tel: +33 1 53 81 77 81 
parties involved 
AXA Private Equity
§  AXA Private Equity: Thibault Basquin, Yann Bak, Arnaud Tardan, Edouard Level
§  M&A advisor: Canaccord Genuity (Nadim Barouki, Nicolas Royer, Nicolas 
Kassab, Myriam Hosri)
§  Legal advisor: Latham & Watkins (Corporate: Thomas Forschbach, Gaëtan 
Gianasso, Anne-Sophie Silvera-Darmon – Financing: Xavier Farde, Lionel Dechmann 
– Tax structuring: Olivia Rauch-Ravise, Mathieu Denieau – Anti-trust: Frédéric 
§  Buyer due-diligence:
-       Market & Strategy: AT Kearney (Jean Boschat, Charles David)
-       Financial: 8 Advisory (Pascal Raidron, Stéphane Vanbergue, Cyrille 
-       Legal: Latham & Watkins (Anne-Sophie Silvera-Darmon), Loyens & Loeff
-       Tax: Arsène (David Chaumontet, Charlotte Perreau)
-       Insurance: Marsh (Humbert d’Autichamp) 
3i and TCR Capital
§  3i: Xavier de Prévoisin, Rémi Carnimolla, Anne Leforestier
§  TCR Capital: David Robin
§  Legal advisor: Clifford Chance (Marianne Pezant, Gilles Lebreton) 
§  M&A  advisor: Canaccord Genuity (Nadim Barouki, Nicolas Royer, Nicolas 
Kassab, Myriam Hosri)
§  Legal advisors: STC Partners (Delphine Bariani), Delaby & Dorison (Emmanuel 
§  Bank of Ireland: Olivier Meary, Raphaël Charon, Maxime Alban
§  HSBC: Pierre Schweisthal, Grégoire Langhade, Sylvain Treilles
§  Natixis: Arnaud Brogi, Laure Anselmini, Paul Sabatié-Garat 
§  Legal advisor: Gide Loyrette Nouel (Eric Cartier-Millon)
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