TowerBrook Capital Partners has made its first European investment from a $1.3bn (€1.1bn) newly raised fund after agreeing to buy 67% of GSE, a French engineering company.

The buy-out firm would not provide financial details for the transaction but GSE generated €450m ($541.2m) in turnover last year and deals in the sector are normally valued at a 0.5 multiple of turnover, giving an implied value of around €230m.