MILLBROOK acquired by UTAC CERAM

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.

A group of financial investors led by SGCP and Geneo Capital took a majority stake in DSL to support its "buy-and-build" strategy and national expansion. The deal, valued at approx. EUR70M, highlights the premium attached to specialized rental players with high technical expertise compared to generalist rental companies.

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.

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.

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.

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.

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.

The strategy behind this acquisition focuses on the AGQ Labs' international expansion and technological development. Despite the global market volatility at the time of closing, the partnership with Portobello Capital represents a significant milestone for the founders, providing the backing of a major institutional investor through its inaugural minorities fund. The strategic rationale centers on leveraging the target's high-end laboratory infrastructure and sector expertise to capture further market share in the global food and environmental Testing, Inspection, and Certification (TIC) market. The capital injection is intended to support the organization’s expansion project, enhancing its international footprint and strengthening its positioning in the complex food workflow testing process. By maintaining the founders' leadership while integrating the strategic oversight of a private equity partner, the organization aims to professionalize its operations and scale its chemical engineering capabilities. This deal highlights the resilience of mission-critical laboratory services and the continued appetite for high-quality technical assets within the European investment landscape, facilitating a platform for long-term growth and technical innovation.

The global Cleantech leader has successfully finalized the acquisition of 100% of the share capital of the target, marking a significant expansion of its technical service capabilities in the Southeastern United States. This strategic transaction represents a definitive move to incorporate localized compressed air expertise into the group’s broader industrial service and support division. The strategic rationale for the move centers on the acquirer’s objective to broaden its technical operational depth to support the upcoming deployment of RNG and hydrogen systems in high-potential agricultural regions. By incorporating this technical specialist, the organization reinforces its ability to offer proprietary, software-enabled maintenance solutions that drive immediate earnings accretion. The partnership is designed to leverage the target’s established regional footprint and trained technician base to provide truly local support to dairy farmers, hog farmers, and municipalities.