At what enterprise value was APPLUS+ GROUP acquired in 2024?

During the acquisition of APPLUS+ GROUP by TDR CAPITAL / I SQUARED CAPITAL in 2024, 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 1b - 4b 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 APPLUS+ GROUP when it was acquired by TDR CAPITAL / I SQUARED CAPITAL?

The estimated EV/EBITDA multiple for APPLUS+ GROUP 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 APPLUS+ GROUP acquired by TDR CAPITAL / I SQUARED CAPITAL?

APPLUS+ GROUP was acquired by TDR CAPITAL / I SQUARED CAPITAL in 2024.

What was the revenue of APPLUS+ GROUP at the time of the deal?

The revenue of APPLUS+ GROUP at the time of the deal is estimated to be in the range of 1b - 3b EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of APPLUS+ GROUP during the acquisition?

APPLUS+ GROUP's EBITDA is estimated to be in the range of 250M - 500M 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 APPLUS+ GROUP 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 APPLUS+ GROUP 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.tdrcapital.com/tdr-capital-v-acquires-applus/

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Home Database Business ServicesAPPLUS+ GROUP

05/2024

APPLUS+ GROUP acquired by TDR CAPITAL / I SQUARED CAPITAL

SPAIN Industrial Services / TIC (Testing, Inspection, Certification) EV 1b - 4b EUR

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.**

Previously, the company had pursued a consolidation strategy by acquiring Reliable Analysis (2020) and Besikta Bilprovning (2020) and Qps Evaluation Services (2020).

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 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.

-> Deep-dive in Business Services market trends

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.

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Other operations with APPLUS+ GROUP

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
02/2026	APPLUS+ GROUP	APEM GROUP	UNITED KINGDOM	Professional Services	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
12/2020	APPLUS+ GROUP	QPS EVALUATION SERVICES	CANADA	Industrial Services	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
11/2020	APPLUS+ GROUP	BESIKTA BILPROVNING	SWEDEN	Industrial Services	The transaction is driven by the strategic objective of consolidating Applus+’s leadership position within the Nordic statutory vehicle inspection market. By acquiring a leading Swedish operator, the acquirer significantly expands its regional footprint, building upon its established operations in Denmark and Finland
09/2020	APPLUS+ GROUP	RELIABLE ANALYSIS	CHINA	Industrial Services	Applus+ has successfully finalized the acquisition of 100% of the share capital of a laboratory-based testing specialist, marking a significant reinforcement of its leadership in the electric vehicle (EV) testing segment

REFERENCES

Valuation range: EV 1b - 4b EUR

Revenue range: 1b - 3b EUR

EBITDA range: 250M - 500M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of APPLUS+ GROUP by TDR CAPITAL / I SQUARED CAPITAL are reserved for mynth community members. Register for free to unlock full data.

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

Target: applus+ group

Acquirer: i squared capital / tdr capital