Deutsche Beteiligungs AG (DBAG) agreed to buy a majority stake in TNL Gruppe, the German firm that supplies environmental planning, permitting and construction services for energy and traffic infrastructure projects. The deal emerged through DBAG’s private‑equity network, linking the two parties without a public auction. Management, including founder Frank Bernshausen, will retain a sizable share in the company.

TNL reported revenues of roughly €30 million in 2025, signalling solid cash flow from contracts across Europe’s renewable‑energy pipelines and highway expansions. The infusion of DBAG capital is expected to fund further geographic expansion and bolster its capability to win larger, multi‑year public‑sector programmes. Existing investors will see their holdings diluted but stay aligned with the growth plan over the medium‑term.

For investors, DBAG’s move underscores private equity’s appetite for niche infrastructure services that benefit from tightening environmental regulations. By securing control of TNL’s project pipeline, DBAG positions itself to capture recurring fees and potential exit multiples as Europe ramps up green‑investment targets. The transaction values TNL at an in the undisclosed multiple of its 2025 earnings.