Alantra advises Tuckerman Capital on the sale of TRS Services to Battle Investment Group

Mar 2024

Sell-side advisory

Boston / New York – Alantra has advised New Hampshire-based private equity firm Tuckerman Capital on the sale of TRS Services (“TRS”), a provider of maintenance, repair and overhaul services of component parts for industrial gas turbine engines, to Battle Investment Group (“Battle Group”), an Atlanta-based private equity firm focused on the defense, government, aerospace, telecommunications, and critical infrastructure sectors.

Founded in 2001, Tuckerman Capital invests in high potential small and medium-sized businesses in markets with secular tailwinds that provide critical, high-value services and highly-engineered product solutions to commercial, industrial, and government customers.

Headquartered in Houston, Texas, TRS is a leading provider of repair services for heavy, light, and aeroderivative industrial turbines, serving OEMs, owner-operators, and service providers across the United States and internationally. TRS has successfully grown its library of proprietary repair solutions to support a broad range of industrial gas turbines. In addition to its robust engineering capabilities, TRS distinguishes itself in the turbine repair market through industry-leading turnaround times and exceptional quality standards. Alantra also advised Tuckerman on the successful sale of TRS Services’ sister company, TRS Ireland, to a strategic acquirer in 2020.

Alantra successfully conducted a robust sale process that garnered interest from a mix of strategic buyers, sponsor-backed strategics, and private equity groups. Battle Group emerged as the ideal owner for TRS due to extensive sector knowledge developed from prior industry and operational experience, including investments in other maintenance, repair and overhaul businesses, and the firm’s Strategic Partner network. The acquisition aligns with Battle Group’s focus on supporting the long-term expansion and success of enterprises and management teams operating in the North American defense, government, aerospace, telecommunications, and critical infrastructure sectors.

Nick Russell, Managing Partner at Tuckerman Capital, said: “Alantra has deep expertise in the gas turbine space and we are grateful for their advice and partnership as we have worked to build enterprise value across multiple turbine repair investments that have spanned the powergen and A&D markets. We believe Alantra has found the optimal next owner to support TRS Services’ continued growth.”

David Waldstein, Managing Director at Alantra, added: “It was a privilege to work with the Tuckerman and TRS team to find the right home for this unique, strong-performing company in the turbine component repair space. TRS is well-positioned to continue its impressive growth trajectory.”

Wade Aust, Managing Partner and Chairman Alantra US, said: “We are delighted to have advised Tuckerman on the sale of TRS to Battle Group. We have been advising on the TRS platform for a number of years, so we have had the opportunity to see the business building upon its unique capabilities and accelerating its growth.”