APPLUS+ GROUP acquired by 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.**
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 in 2023, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Business Services sector (11.4x).
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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
Equity Value
Multiples
EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (EUR)
Other operations with APPLUS+ GROUP
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 02/2026 | APPLUS+ GROUP | APEM GROUP | UNITED KINGDOM | Consulting & Audit |
| 12/2020 | APPLUS+ GROUP | QPS EVALUATION SERVICES | CANADA | TIC (Testing, Inspection, Certification) |
| 11/2020 | APPLUS+ GROUP | BESIKTA BILPROVNING | SWEDEN | TIC (Testing, Inspection, Certification) |
| 09/2020 | APPLUS+ GROUP | RELIABLE ANALYSIS | CHINA | TIC (Testing, Inspection, Certification) |
REFERENCES
Valuation range: EV 1b - 4b EUR
Revenue range: 1b - 3b EUR
EBITDA range: 250M - 500M EUR
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: applus+ group
Acquirer: i squared capital / tdr capital