The Specialist Group to be acquired by Oaktree and TSG Management

TSG, the leading staffing provider of technical specialists for the energy transition in Western Europe, to be acquired by Oaktree and TSG Management

8 June 2022 – Moerdijk – The Specialist Group (“TSG”), Parcom and funds managed by Oaktree Capital Management, L.P. (“Oaktree”) today announced that TSG founder Francois Claeijs and Parcom have reached an agreement to sell their stake in TSG to Oaktree and TSG management.

Headquartered in Moerdijk, Netherlands, TSG is a leading staffing provider of technical engineering specialists for attractive, structurally growing end markets such as power, chemicals, infrastructure, renewables and life sciences. TSG also serves as a key partner to its clients and asset owners, supporting them on their energy transition agenda, a segment underpinned by persistent tailwinds. Parcom acquired STAR Group, TSG’s flagship label, in 2011, and has supported the Company’s expansion strategy  through the acquisitions of Sentijn in 2018 and Or-Quest in 2020.

The proposed transaction will support TSG as it accelerates its next phase of growth. As an Oaktree portfolio company, TSG will benefit from Oaktree’s expertise in energy transition and from the exposure to the wider portfolio of Brookfield, one of the world’s largest infrastructure and renewable asset owners and developers.

Sil Hoeve, Chief Executive Officer at The Specialist Group, says: “In Oaktree we found a partner that can help us accelerate our strategy, adding scale, diversification and complementary offerings to the existing platform of TSG. We are grateful for the support and opportunities that Parcom has provided to TSG over the past years and we look forward to working with Francesco and the Oaktree team in the years to come.”

Anouar Noudari, Board Member at The Specialist Group, says: “Throughout our ownership period, TSG has been on a steady growth trajectory. Sil and the TSG team have done an outstanding job leading the transition from a world class niche staffing business in the Oil & Gas industry to a highly scalable, multi brand specialist staffing platform for engineers driving the energy transition.”

Francesco Giuliani, Managing Director in Oaktree’s Power Opportunities Group, says: “Building on TSG’s established platform and track-record of successful acquisitions, we see a clear path to take TSG to the next phase of growth both organically and through additional acquisitions with a focus on energy transition. Working closely with Sil and the broader team, our goal is to create a European leader in white collar technical engineering recruitment services with a focus on enabling the energy transition for key companies across various target industries.”

The transaction is subject to customary closing conditions and is expected to close in Q3 2022.

About The Specialist Group

The Specialist Group is a platform that deploys technical specialists on a secondment and project basis. TSG serves >350 clients across technical end-markets such as power, chemicals, infrastructure, renewables and life sciences with a focus on enabling the energy transition. The Company operates via five labels (STAR Group, Sentijn, Or-Quest, Fellow and ECC Solutions) and provides regional coverage across the Netherlands, Belgium and Germany, focussing on both young professionals and experienced candidates. For additional information, please visit TSG’s website at https://www.thespecialistgroup.com/.

About Parcom

Parcom, founded in 1982, is a Dutch investment company that helps entrepreneurs and management teams achieve their ambitions and supports them in phases of sustainable growth or transformation. Parcom combines thorough and sound analysis with pragmatic and creative solutions. Parcom believes that people make the difference and works 'hands-by' alongside the management teams of its partner companies. The Parcom team currently invests out of Fund VI with total committed capital of €775m. For additional information, please visit Parcom’s website at https://www.parcom.com/.

About Oaktree

Oaktree is a leader among global investment managers specializing in alternative investments, with $164 billion in assets under management as of 31 March 2022. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 1,000 employees and offices in 20 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/.