S&B Strategy advises DBAG on the acquisition of a majority stake in the TNL Group

Our team advised DBAG on its acquisition of a majority stake in the TNL Group. The transaction was signed in June 2026.

DBAG is a listed private equity firm that invests in well-positioned medium-sized companies with growth potential. The focus is on entrepreneurial investment solutions for medium-sized companies, particularly in situations involving growth, further development or succession planning. With more than 400 investments, around €2.7 billion in assets under management or under advisory, and more than 60 years’ experience, DBAG is one of the most established private equity firms in the German-speaking world.

TNL is a planning and consultancy firm founded in 1994, specialising in environmental planning, permit management and environmental supervision of construction projects. The company supports public and private clients with infrastructure and energy projects, particularly in the fields of renewable energy, electricity grid expansion and transport infrastructure. Its services include environmental studies and planning, technical support throughout the planning permission process, and environmental supervision during the construction phase. With around 250 staff across four offices, TNL has many years’ experience in supporting complex infrastructure projects.

By combining complementary expertise, a high-performing network is created with economies of scale and cross-selling potential. At the same time, the platform addresses key market drivers such as energy efficiency, sustainability and increasing technical complexity. The core market is currently still Germany, with prospects for international expansion.

S&B Strategy acted as commercial due diligence adviser to DBAG throughout the acquisition process. Completion of the transaction is subject to regulatory approvals.