The company is a leading European manufacturer of generators mainly for small hydroelectric plants and supplies parts and component subassemblies (such as parts of generators for wind generating stations) to leading energy and electrical engineering companies worldwide.
In a written statement, Penta described the deal as one of its most successful investments in its history. The sales agreement is still subject to approval from Czech and German regulators.
TES Group is made up of manufacturing wing TES Vsetín, which supplies electric machine parts and component subassemblies to conventional and renewable energy and electrical engineering companies, and MEZservis, which provides engineering and maintenance services.
"The TES Group has undergone a very positive development in recent years. We have accomplished our goal of increasing the company's value significantly. The TES Group has become a leading European player in its line of business and is expanding to new markets successfully," said Václav Brož, Penta's investment manager.
"Since our goals have been accomplished, we decided to begin the sale process and benefit from our investment. I would like to congratulate Advent International for an important acquisition and wish them luck in developing TES and MEZservis further," Brož said.
The terms of the agreement have not been released.
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