Inside the Deal
A Finance Monthly “Inside the Deal” feature
Sector: Management Consulting / Automotive & Industrial
Transaction Type: Majority acquisition with phased full takeover
Deal Status: Completed
Completion Date: January 2026
Reading Time: 5 minutes
Inside the Deal is Finance Monthly’s transaction feature combining independent deal coverage with in-depth advisor insight into how complex deals are structured and executed.
Deal Overview
EFESO Management Consultants has acquired a majority stake in Tsetinis Consulting, an Austria-headquartered consulting firm specialising in end-to-end performance improvement for automotive and manufacturing clients.
Founded in Austria, Tsetinis serves industrial clients worldwide and is recognised for its proprietary improvement approach integrating product performance, sustainability objectives, and business outcomes. The firm has built a strong reputation in the automotive and manufacturing sectors by combining established best-practice methodologies with a sustained focus on innovation and long-term operational impact.
Under the transaction, Tsetinis will become part of EFESO, a leading international pure-player consulting group focused on industrial operations strategy and performance improvement, operating across more than 35 offices globally. The acquisition is structured as a majority stake with a phased path toward full ownership, allowing the businesses to continue cooperating operationally during the transition period.
EFESO, headquartered in Paris and majority-owned by Eurazeo, works closely with clients to accelerate transformation toward future-proof operations. Each year, the group delivers more than 1,000 projects worldwide, supporting organisations in achieving measurable performance improvements alongside lasting, sustainable change.
EFESO was advised on the transaction by Bird & Bird, with Austrian legal advice provided by Graf Patsch Taucher Rechtsanwälte GmbH. ZF Friedrichshafen was advised by KPMG Law, while Houlihan Lokey acted as exclusive financial advisor to Tsetinis Consulting.
Transaction Context
The acquisition involved a compressed timetable, multiple jurisdictions, and competing bidders, requiring parallel due diligence and documentation across Austria, Germany, France, and the United States. The transaction structure was designed to support phased ownership while preserving operational continuity during integration.
Inside the Deal: Advisor Interview
Bernd Taucher
Partner, Graf Patsch Taucher Rechtsanwälte GmbH
Role: Austrian Legal Advisor to EFESO
Bernd Taucher, Partner at Graf Patsch Taucher Rechtsanwälte GmbH
Can you tell us more about your involvement in this acquisition?
I have known Stefan Münch from Bird & Bird in Munich for quite a while, but we had never had the opportunity to work together on a larger M&A transaction before. EFESO has been a client of Bird & Bird France’s partner Bertrand Levy, who introduced the German Bird & Bird corporate practice to EFESO.
Since Tsetinis Consulting is incorporated in Austria and also has German and US subsidiaries, Austrian counsel was required for the transaction. That is how we became involved, and we worked closely with the Bird & Bird teams to successfully run the transaction together.
What specialised skills and experience did you and your colleagues draw upon as part of your work?
I am an M&A, private equity, and corporate finance lawyer and was originally trained for many years at one of Austria’s leading corporate law firms. Graf Patsch Taucher has operated as a boutique firm for nearly 20 years, and we have developed a strong track record in international corporate and transactional matters.
Our clients include companies such as HEAD, SIMMO AG, Canopy Growth, APS Group, Emeren Group, Swiss Health & Nutrition AG, and Borealis, all of whom we have advised on corporate finance and M&A projects. We are also very active in the start-up and growth company sector, advising businesses such as FL3XX and EFS Consulting on convertible loans, private equity investments, and M&A transactions.
We work in lean teams, which allows for direct partner involvement at every stage of a transaction — something our clients value highly.
What are the most important factors to keep in mind when advising on an acquisition of this nature?
In my view, two things are crucial. First, communication. Good lawyers solve problems, but excellent lawyers ask the right questions before doing so.
Often, we become involved after a letter of intent has already been signed and a transaction structure proposed. By fully understanding the client’s commercial objectives, we can assess whether that structure truly serves their interests or whether adjustments are needed.
Once a structure is agreed, it is equally important to understand the counterparty’s interests. M&A projects always involve parties with differing priorities, but the goal is to reach a solution that works commercially and legally for both sides. We aim to be firm on substance while maintaining constructive communication with the counterparty and their advisors.
Did you encounter any challenges during the transaction?
Every transaction has its challenges, and in this case the most significant was timing. The proposed timeline was extremely tight, and there were other bidders involved in the process.
We had to conduct a focused but thorough due diligence while simultaneously negotiating and drafting the share purchase agreement, shareholders’ agreement, updated articles of association, and various ancillary documents, including filings for public registers and powers of attorney.
The only way to manage that was through intense coordination, long working hours, and absolute focus across all teams involved.
How does this transaction reflect your firm’s wider practice?
The EFESO–Tsetinis transaction fits our profile perfectly. More than 70% of my corporate work is international, and this deal involved coordination between Austrian, German, French, Belgian, Dutch, and US stakeholders.
Our client was headquartered in Paris, and we worked closely with EFESO’s senior management and advisors across multiple jurisdictions. This kind of cross-border coordination is exactly where we add value.
Do you have any final reflections on the deal?
I am very grateful for the opportunity to work with such experienced and well-organised teams on both sides of the transaction. That includes EFESO and its shareholder Eurazeo, as well as the seller, ZF Friedrichshafen AG.
It was a demanding process, but also a very rewarding one, and a pleasure to bring the transaction to a successful close together.
About Inside the Deal
Inside the Deal is Finance Monthly’s transaction-focused interview series, combining independent deal reporting with advisor insight to explain how complex transactions are structured, negotiated, and completed.
