DELTA SERVICE LOCATION acquired by SOCIETE GENERALE CAPITAL PARTENAIRES

Apax Partners and Bpifrance have entered into an exclusive agreement to acquire a majority stake in BTP Consultants Group, marking a pivotal primary LBO and management transmission. The transaction facilitates the handover from the founder to a new leadership team, which is reinvesting significantly alongside the institutional shareholders. This transition includes an expansion of the employee shareholding base, increasing the number of management-shareholders from six to over twenty. The transaction is driven by the strategic objective of transitioning the group into a national leader through a combined strategy of organic growth and targeted external consolidation. Key development axes include the reinforcement of high-potential segments such as energy renovation, energy diagnostics, and BIM-integrated project management. With the support of its new partners, the organization aims to pursue a proactive build-up strategy to enter new geographic regions and acquire complementary technical expertises, specifically in carbon performance and civil engineering inspection. The operation is supported by a unitranche debt facility designed to provide the group with the financial flexibility required to meet its ambitious scaling objectives while maintaining a focus on technical excellence and customer-centric innovation.

Clayton, Dubilier & Rice has completed the acquisition of Wolseley UK from its former parent company, Ferguson plc (LSE: FERG). This strategic carve-out allows Ferguson to focus exclusively on its North American operations while providing Wolseley with the dedicated capital and operating capabilities needed to accelerate its growth in the UK market. The investment marks CD&R’s 12th industrial distribution investment in a decade, signaling a strong belief in Wolseley’s platform as an "inflection point" for operating improvements and future inorganic expansion. Under the new ownership, the company is led by CEO Simon Oakland and Chairman Bruno Deschamps (former COO of Ecolab), focusing on building an entrepreneurial culture and pursuing a "buy and build" strategy to consolidate the UK's plumbing and heating distribution landscape.

Kiloutou acquired Salmat Nord to strengthen its historical stronghold in the Hauts-de-France region. This "bolt-on" transaction allowed Kiloutou to integrate a high-quality local fleet and a loyal customer base, optimizing its logistics and network density in a key industrial and construction hub.

Utac Ceram acquired 100% of Millbrook from the British group Spectris. This transformative transaction, signed shortly after the acquirer's secondary LBO, allowed the group to double its size in terms of both revenue and headcount. The strategic rationale is centered on creating the most comprehensive vehicle testing and validation offering in the European market by combining the acquirer's autonomous vehicle expertise with the target's electric vehicle testing capabilities. Geographically, the merger provides a balanced footprint for both hot and cold weather testing and strengthens the group's position with international manufacturers, particularly through shared teams in China and the United States. Financing for the operation was secured as part of the group's recent leveraged buyout.

SGS SA has completed the acquisition of the Analytics & Services (A&S) unit from SYNLAB Group. The transaction, initially announced in November 2020, represents a strategic carve-out that allows SYNLAB to divest its non-core laboratory activities and fully concentrate on its primary medical diagnostic services. For SGS, the acquisition significantly strengthens its footprint in North-Western Europe, specifically consolidating its market position in Germany and the Benelux region while establishing a new presence in the Nordic countries. The strategic rationale centers on the integration of A&S’s 37 specialized laboratories into the SGS global network, enhancing the group’s portfolio in environmental, food, and life sciences testing. Following the closing, the unit was rebranded as SGS Analytics. This combination provides A&S with the necessary scale to pursue future growth under the ownership of a dedicated TIC industry leader.

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.

The founding Verite family reorganized the capital of VAC by bringing in two financial partners, Ouest Croissance and Trocadero CP. The objective was to support VAC's national deployment (new branches in Lyon, Nantes, Toulouse) and professionalize its environmental strategy (ISO certifications).

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.

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.

Eurazeo PME acquired a majority stake in Utac Ceram from FCDE in a secondary LBO transaction. The deal involved an equity investment of EUR80 million from the lead acquirer, while the historical shareholder, FCDE, reinvested alongside the CCFA to maintain minority interests. The transaction was supported by a unitranche debt facility provided by an international private debt specialist. The investment strategy is designed to decouple the target's governance from historical industrial ties and fuel a new phase of international expansion. Specifically, the partnership aims to fund the acquisition of complementary technical skills and competitors outside of France, capitalizing on the rapid growth of electric, hybrid, and autonomous vehicle technologies.