APPLUS+ GROUP
Acquired by
TDR CAPITAL & I SQUARED CAPITAL
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.**
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.
Ent. Value
LOGIN
Equity Value
LOGIN
Multiples
EV / Revenue
LOGIN
EV / EBITDA
LOGIN
EV / EBIT
LOGIN
Historical Financials (EUR)
Other operations with APPLUS+ GROUP
| 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. 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. |
| 12/2020 | 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. 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. |
| 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. The strategic rationale focuses on capturing the benefits of a fully liberalized market characterized by high levels of recurrent revenue and stable cash flows. The partnership allows for the exchange of best practices in consumer marketing and technical operations between the two organizations, enhancing overall service delivery. Furthermore, the acquisition provides the group with a robust platform to pursue targeted investments in high-growth locations and to leverage technical synergies across its automotive division. This integration is designed to reinforce the group’s global leadership in the automotive inspection sector while ensuring long-term visibility in a market with structural growth drivers and mandatory compliance requirements. The deal aligns with the broader industrial trend of international TIC leaders acquiring dominant local players to achieve regional scale and operational optimization. |
| 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. This strategic transaction represents a definitive move to gain immediate entry into the Chinese automotive market, currently the largest and fastest-growing EV ecosystem globally. The strategic rationale for the move centers on the acquirer's objective to integrate specialized electromagnetic compatibility (EMC) and powertrain testing capabilities into its global Laboratories division. |
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: 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