Czech Republic-based TES Vsetin Group designs and manufactures electric generators, motors, components and automation systems for renewable and non-renewable energy generation and industrial application. When we invested in 2011, 90-year old TES had a skilled workforce and a strong position in an attractive niche of the growing renewable energy market. With improved operating efficiency, a more focused product mix, and an increased exposure to hydro and wind technology, we believed the business had excellent potential for further international growth.
Since our investment, TES has changed markedly. The company has strengthened its management team and established a business development and key sales function. The team has reduced lead times by streamlining operations and manufacturing processes, and improving margins. Increased focus doubled sales in hydro generators in 2012. Lastly, the construction of a new prototype hall and production facilities means TES can now produce bigger machines and newer technology, significantly increasing capacity and addressable markets.
With a strong platform for growth and sales-effectiveness initiatives underway, TES is using Advent’s international network to advance its ambitious expansion program, with plans to open new offices in the US and Russia in 2013.