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Travers Smith advises TA Associates on sale and reinvestment into thinkproject

Overview

Travers Smith LLP, alongside Hengeler Mueller, has advised longstanding client TA Associates on the sale of a majority stake in thinkproject, a leading construction software company, to EQT.

TA Associates will retain a minority stake in thinkproject going forward. The company's founder, Thomas Bachmaier and the management team, led by CEO Gareth Burton and CFO Ralf Gruesshaber, will also reinvest significantly into the new structure.

Founded in 2000 and headquartered in Munich, thinkproject serves more than 250,000 users in over 60 countries. Its cloud-delivered, integrated digital solutions help customers be more efficient, cost-effective and simplify their digital transformation across the construction lifecycle. Thinkproject's software is used by 2,750 customers across international private and public asset owners, project developers, and general contractors.

Morgan Seigler, Managing Director at TA Associates: “Since our investment four years ago, the thinkproject management team has demonstrated an exceptional commitment to the company’s strategic growth initiatives and customers. We believe that these efforts have helped thinkproject transform into Europe’s leading SaaS provider of construction intelligence solutions for the AECO industry. We are thrilled to welcome EQT as our new partner, and we look forward to working with them alongside the thinkproject management team during the company’s next phase of growth.

The transaction is subject to customary closing conditions and regulatory approvals and is expected to close by year end.

The Travers Smith team was led by Private Equity & Financial Sponsors Partner and Co-Head of Corporate Paul Dolman and also included Senior Associate Matt Powrie, Associate Hattie Langworth and Trainee Jack Meegan.

The Hengeler Mueller team was led by Emanuel Strehle and Andreas Hoger (Partners). Arma Partners served as financial advisers to thinkproject.

Milbank acted as legal advisers to EQT.

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