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M&A

APPLUS+ GROUP

Acquired by

TDR CAPITAL / I SQUARED CAPITAL

SPAIN Industrial Services EV [1b EUR - 100b EUR] 05/2024

Target

APPLUS+ GROUP

Acquirer

TDR CAPITAL / I SQUARED CAPITAL

Context

The consortium Amber Equity Company, formed by TDR Capital and I Squared Capital, has successfully completed the acquisition of a majority stake in Applus Services S.A. following a competitive public takeover process. The strategic rationale for the deal is to transition Applus to private ownership, removing the constraints and short-term focus of public markets to accelerate its development. The acquirers plan to capitalize on the increasing regulatory scrutiny and the global shift toward electrification and sustainable infrastructure, areas where Applus holds dominant market positions. The deal was advised by Linklaters and represents a significant move in the consolidation of the global TIC industry, positioning Applus as a core private platform for further international growth.**

APPLUS+ GROUP, which reported an EBITDA margin of LOGIN in 2023, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount to the 10.9x average currently observed in the Business Services sector.

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

A global leader in the Testing, Inspection, and Certification (TIC) sector, headquartered in Madrid. Applus+ operates in more than 70 countries with a focus on enhancing safety and sustainability. This acquisition serves as the foundation for its newly established global Environmental Services business unit. The group is leveraging its massive global customer base to cross-sell APEM's specialized environmental expertise, particularly in high-growth areas like offshore wind and aquatic ecology.

Ent. Value

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Equity Value

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Multiples Analysis

EV / Revenue

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EV / EBITDA

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EV / EBIT

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Historical Financials (EUR)

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2023
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Other operations with APPLUS+ GROUP

DateAcquirerTargetCountrySectorDeal Context
02/2026APPLUS+ GROUPAPEM GROUPUNITED KINGDOMConsulting & Audit

Applus+ Group acquired 100% of APEM Group. The transaction marks a transformative shift for APEM, which will now lead the Environmental Services division for the entire Applus+ organization. The deal was financed by Applus+ through a EUR350 million incremental term loan. The strategic rationale focuses on the "sustainability mega-trend," combining APEM's scientific depth with Applus+'s industrial scale to capture global demand for environmental compliance and renewable energy advisory.

12/2020APPLUS+ GROUPQPS EVALUATION SERVICESCANADATIC (Testing, Inspection, Certification)

Applus+ has acquired 100% of the share capital of QPS Evaluation Services Inc. from its founding partners. The three senior managers of QPS, including the President, have committed to remaining with the business for several years to ensure a smooth integration. The strategic rationale for the acquisition is to significantly increase the global reach of the Applus+ Laboratories division, particularly in the North American and E&E certification markets. By combining QPS’s recognized certification marks with Applus+'s existing electromagnetic compatibility and wireless communication testing capabilities, the group aims to create a comprehensive global solution for manufacturers. The deal allows Applus+ to capitalize on the rapid growth in E&E product regulations and provides QPS with the scale needed for global expansion. This acquisition follows a three-year partnership between the two companies and aligns with Applus+'s strategy of targeting high-margin, technically specialized assets within the TIC sector.

mynth data is contributed by M&A / PE professionals and systematically cross-verified against private deal documents and official releases. All source materials are destroyed post-validation to guarantee data anonymity and compliance.