mynth
06/2016100%LBO

Apleona acquired by EQT Partners

GERMANY Facility Management / Maintenance / HVAC EV €1–10bn

Context

By acquiring the Building and Facility segment from Bilfinger, EQT VII captures a formidable platform in the European outsourced real estate services market. Announced in June 2016 from Munich, this definitive carve-out agreement orchestrates the complete separation of the specialized property services division from its historical parent group. To facilitate this corporate extraction, the financial architecture of the transaction incorporates a primary cash component alongside a deferred purchase price mechanism that accrues annual interest upon maturity. Furthermore, the negotiated terms grant the selling entity a structured earn-out instrument, strategically securing the seller's participation in the future exit proceeds realized by the incoming private equity sponsor. Guided by investment advisors Dr. Andreas Aschenbrenner and Marcus Brennecke, the strategic rationale behind this leveraged buyout hinges on capturing the accelerating structural shift toward outsourced real estate services across the continent. The acquiring fund plans to execute a vigorous consolidation strategy, intending to deploy supplementary capital for targeted bolt-on acquisitions to expand the target's geographic reach. The integration blueprint aims to unify the fragmented European property services sector under a single integrated offering, directly leveraging the buyer's extensive historical track record in scaling global facility management enterprises. Operations will continue to be steered by the target's existing executive leadership, ensuring strict continuity in client service during the transition phase. The execution of this transatlantic investment is subject to standard regulatory antitrust clearances. Advisory consortiums have structured the deal to seamlessly transfer all associated operational assets into the buyer's newly formed holding structure.

Apleona, which reported an EBITDA margin of [members only] in 2016, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, to compare with the average currently observed in the Business Services sector (11.5x in 2026).

-> Deep-dive in Business Services market trends

Target

Apleona operates, maintains, and modernizes technical real estate infrastructure from its international headquarters in Neu-Isenburg near Frankfurt am Main. The group coordinates technical facility management, commercial property administration, and interior fit-out operations across an extensive network spanning more than 30 countries, maintaining a core geographic density throughout Germany, Austria, and Switzerland. Operating with a workforce exceeding 40,000 employees, the organization manages diverse commercial, industrial, and institutional real estate portfolios, including mission-critical production sites, corporate campuses, and specialized logistics facilities. Apleona's operational model prioritizes hard services delivered primarily through proprietary technical labor rather than subcontracted personnel, covering specialized building services engineering, technical automation, and environmental retrofits. Commercial engagements cater to corporate clients active in healthcare, automotive manufacturing, chemicals, financial services, and telecommunications. Service delivery integrates proprietary digital tools and predictive engineering architectures to monitor heating, ventilation, and air conditioning systems, optimizing energy efficiency and reducing structural carbon emissions across complex building environments.

Ent. Value

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2016
[members only]
€100–200M
[members only]
2015
[members only]
€100–200M
[members only]

Other operations with Apleona

Other operations with Apleona
DateAcquirerTargetCountrySector
02/2025BAIN CAPITALAPLEONAGERMANYHVAC
12/2020PAI PARTNERSAPLEONAGERMANYHVAC

Other operations with EQT Partners

Other operations with EQT Partners
DateAcquirerTargetCountrySector
10/2026EQT PARTNERSQIAGENGERMANYDiagnostic Equipment
10/2026EQT PARTNERSCLEANAWAYAUSTRALIACollection & Recycling
09/2026EQT PARTNERSMCGILL AND PARTNERSUNITED KINGDOMStrategy & Management
07/2026EQT PARTNERSORIKANAUSTRALIAIoT & Connected Objects
07/2026EQT PARTNERSCOPIA POWERUNITED STATESSolar / PV
06/2026EQT PARTNERSINTERTEKUNITED KINGDOMTIC (Testing, Inspection, Certification)
03/2026EQT PARTNERSKELDA HOLDINGSUNITED KINGDOMWater
07/2025EQT PARTNERSADEVINTA SPAINSPAINE-commerce & Marketplaces
03/2025EQT PARTNERSFORTNOXSWEDENERP, HR & Finance
04/2024EQT PARTNERSUNIVERSIDAD EUROPEASPAINEducation Providers

Similar deals in Facility Management

Similar deals in Facility Management
DateAcquirerTargetCountrySector
05/2017L SQUARED CAPITAL PARTNERS / LONGVIEW ASSET MANAGEMENTELEVATED FACILITY SERVICESUNITED STATESMaintenance
04/2017AMPLEXORSAJANUNITED STATESDocument Management
04/2017DAVIESCYNERGIE UKUNITED KINGDOMBPO & Outsourcing
06/2016DENTRESSANGLETESSIFRANCEDocument Management
02/2016RHONE CAPITALGARDAWORLD SECURITYCANADASecurity & Guarding
01/2016NAXICAP PARTNERSACOLADFRANCEDocument Management
03/2015CALCIUM CAPITALGROUPE CAP VERTFRANCELandscaping
06/2014PAI PARTNERSVPS HOLDINGSUNITED KINGDOMSecurity & Guarding
11/2012APAX PARTNERSGARDAWORLD SECURITYCANADASecurity & Guarding
10/2011LATOUR CAPITALPROXISERVEFRANCEHVAC

REFERENCES

Valuation range: EV €1–10bn

EBITDA range: €100–200M

EV/EBITDA range: 10x - 18x

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

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Target: apleona

Acquirer: eqt partners

FAQ

What transaction does this page cover?

This page covers EQT Partners’s acquisition of 100% of Apleona, a German company specialised in Maintenance, in 2016, structured as a leveraged buyout (LBO). Ownership has since evolved, leading to a subsequent transaction with PAI Partners in December 2020 (see the dedicated deal page for details).

How was the acquisition of Apleona by EQT Partners valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €1–10bn band and its EV/EBITDA multiple within the 10x - 18x range. Exact figures are available to members.

What was Apleona’s EBITDA at the time of the deal?

At the time of the transaction, Apleona’s EBITDA was estimated within the €100–200M bracket (FY 2016). Detailed financial figures are available to members.

How does the valuation of Apleona compare to benchmarks in the Business Services sector?

With an estimated valuation multiple in the range of 10x - 18x in 2016, the transaction reflects historical valuation standards. By way of comparison, in 2026 companies in the Business Services sector are valued at a multiple of 11.5x EBITDA.

What sources support the information on this transaction?

Information on this transaction is sourced from the official corporate announcement published by the parties, corroborated by a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

What is mynth?

mynth is the first free M&A database dedicated to Small & Mid-Cap transactions. We centralize Enterprise Values, revenue multiples, EBITDA multiples and transaction financials that are typically locked behind five-figure subscriptions on platforms like Capital IQ or Mergermarket. On mynth, searching and browsing deals is completely free. Our mission is simple: make professional-grade valuation intelligence accessible to every M&A advisor, independent consultant, Private Equity professional and student, without the burden of expensive annual licenses.