At what enterprise value was APAVE GROUPE acquired in 2021?

During the acquisition of APAVE GROUPE by PAI PARTNERS in 2021, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 500M - 1.5b EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the Business Services industry currently tracks an average EBITDA multiple of 11.1x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of APAVE GROUPE when it was acquired by PAI PARTNERS?

The estimated EV/EBITDA multiple for APAVE GROUPE is in the range of 5x - 12x. For comparison, the Business Services sector currently shows an average EBITDA multiple of 11.1x. Join our community for free to access full valuation data and industry trends.

When was APAVE GROUPE acquired by PAI PARTNERS?

APAVE GROUPE was acquired by PAI PARTNERS in 2021.

What was the revenue of APAVE GROUPE at the time of the deal?

The revenue of APAVE GROUPE at the time of the deal is estimated to be in the range of 500M - 1b EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of APAVE GROUPE during the acquisition?

APAVE GROUPE's EBITDA is estimated to be in the range of 50M - 100M EUR. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the APAVE GROUPE acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the APAVE GROUPE deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.apave.com/fr-FR/Actualites/Communiques-de-presse/Apave-finalise-l-entree-de-PAI-Partners-dans-son-capital

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Home Database Business ServicesAPAVE GROUPE

07/2021

APAVE GROUPE

Acquired by

PAI PARTNERS

FRANCE Industrial Services / TIC (Testing, Inspection, Certification) EV 500M - 1.5b EUR

APAVE GROUPE acquired by PAI PARTNERS

FRANCE Industrial Services / TIC (Testing, Inspection, Certification) EV 500M - 1.5b EUR

Context

PAI Partners has finalized a strategic minority investment in Apave Group, marking the first time the organization has opened its capital to an outside institutional partner. GAPAVE, the historical association governing the group, remains the primary shareholder as it transitions toward a foundation structure. This transaction was notably concluded without immediate debt leverage at entry, reflecting a high-equity commitment to support long-term development. The investment thesis for the partnership is the acceleration of Apave’s 2025 development plan, aiming to position the entity among the top five global players in the TIC sector. Key growth axes include a proactive internationalization strategy and the reinforcement of activities in non-regulatory inspection and high-margin certification services. The capital injection provides a significant investment envelope intended for strategic build-ups, with several international targets already identified. Furthermore, the collaboration will leverage PAI’s operational expertise to modernize the group’s digital tools, information systems, and CSR initiatives. This transformation is designed to pivot Apave from a French-centric regulatory body into a diversified, technology-driven global powerhouse serving the industrial, energy, and infrastructure markets.

APAVE GROUPE, which reported an EBITDA margin of LOGIN in 2020, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the Business Services sector (11.1x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

Apave Group is a premier international organization specializing in technical, environmental, human, and digital risk management. With over 150 years of engineering heritage, the entity operates a decentralized network of agencies, training sites, and testing centers globally. Its business model centers on mission-critical inspection and certification services, ensuring the safety and regulatory compliance of industrial equipment, infrastructure, and energy systems for nearly 300,000 clients. The firm’s value proposition relies on independent technical expertise across sectors such as transportation, construction, and power generation. Strategically, the organization focuses on navigating the transitions associated with digitalization and decarbonization, maintaining a dominant market share in French regulatory inspections. Historically founded in 1867, the group leverages its vast workforce of over 12,000 professionals to deliver high-value-added compliance and professional training solutions, positioning it as a key enabler of industrial and energy resilience.

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Other operations with APAVE GROUPE

Date	Acquirer	Target	Country	Sector	Deal Context
05/2026	APAVE GROUPE	DEKRA RAIL	NETHERLANDS	Industrial Services	The acquisition of Dekra Rail by Apave's subsidiary Certifer marks a significant step in Apave's growth strategy in the rail sector. This external growth operation allows Apave to consolidate its expertise in the transportation and mobility sector, a key axis of development for the company. By integrating Dekra Rail's laboratory testing, material inspection, and certification services, Certifer enriches its portfolio of services and reinforces its position in the rail industry. The acquisition enables Apave to respond to the challenges of interoperability, digitalization, and decarbonization, supporting the development of sustainable mobility. Through this acquisition, Apave aims to become a leader in the rail sector, providing a comprehensive range of services, from conception to maintenance, and strengthening its position as a trusted third-party provider. The investment thesis relies on the strategic rationale of expanding Apave's market footprint in the rail sector, leveraging Dekra Rail's recognized expertise and strong reputation in the industry.
05/2026	APAVE GROUPE	GEI GROUP	SINGAPORE	Industrial Services	Apave Group has announced an agreement to acquire GEI Group, a Singapore-based leader in industrial inspection and testing services. This transaction represents Apave's 32nd acquisition in less than six years and is a key strategic move aligned with its 'AMPLIFY 2030' strategic plan, which aims to establish the company as a global leader in the Testing, Inspection, and Certification (TIC) sector. The acquisition is designed to significantly strengthen Apave's geographical footprint in Southeast Asia, a region targeted for high growth. By integrating GEI, Apave will immediately bolster its existing regional platform, adding skilled personnel and expanding its operational capabilities. The deal will also enhance Apave’s service portfolio by incorporating GEI's specialized expertise in advanced non-destructive testing and calibration/metrology. This synergy is expected to improve Apave's ability to identify and control risks and manage asset life performance for its industrial clients. The combination aims to generate significant commercial opportunities by merging Apave's global reputation with GEI's strong regional presence and customer relationships. The founder of GEI will remain with the combined entity to lead Apave's activities in the region, ensuring continuity and driving future growth. The transaction was initiated by the target and is being self-financed from Apave's balance sheet.

REFERENCES

Valuation range: EV 500M - 1.5b EUR

Revenue range: 500M - 1b EUR

EBITDA range: 50M - 100M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of APAVE GROUPE by PAI PARTNERS are reserved for mynth community members. Register for free to unlock full data.

Authors: mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Press release: view release

Target: apave groupe

Acquirer: pai partners