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12/2020100%

Apleona acquired by PAI Partners

GERMANY Facility Management / Maintenance / HVAC EV €1–10bn

Context

By taking control of Apleona from the exiting Scandinavian private equity firm EQT, PAI Partners secures an integrated European facility management platform generating €1–10bn in turnover and €100–200M in EBITDA. Officially announced in December 2020 and closed in April 2021, this secondary leveraged buyout executes a complete transfer of ownership from EQT, which initially carved out the target from the listed German industrial conglomerate Bilfinger SE in 2016. Under the terms of the financial structuring, the transaction includes a specific earn-out mechanism that returns between 450 million and 470 million euros directly to Bilfinger SE. The incoming investor strategy centers on capitalizing on the target's pure-play technical capabilities to execute a massive consolidation strategy across the highly fragmented European facility management market. The transaction thesis explicitly plans to utilize the acquired entity as a central build-up platform, actively funding subsequent strategic acquisitions to expand its geographical and technological scale. Throughout the initial ownership period under EQT, the target underwent a strict operational refocusing, divesting its cyclical, low-margin construction segment in 2017 and its United Kingdom real estate advisory business in 2018. This structural streamlining allowed the asset to achieve a steady above-market growth rate, optimizing its margins by concentrating exclusively on recurrent service contracts. Supported financially by Deutsche Bank acting as the exclusive financial advisor to the sell-side, the transaction validates the successful transformation of the target's digitalized operating platform. Following the regulatory approvals and customary closing conditions, the new institutional backing accelerates the deployment of artificial intelligence-based decarbonization and environmental, social, and corporate governance solutions for major corporate clients.

It is worth noting that the fund EQT Partners took control of Apleona through an LBO in 2016.

-> Deep-dive in Business Services market trends

Target

Apleona operates, maintains, and modernizes technical real estate infrastructure from its international headquarters in Neu-Isenburg near Frankfurt am Main. The group coordinates technical facility management, commercial property administration, and interior fit-out operations across an extensive network spanning more than 30 countries, maintaining a core geographic density throughout Germany, Austria, and Switzerland. Operating with a workforce exceeding 40,000 employees, the organization manages diverse commercial, industrial, and institutional real estate portfolios, including mission-critical production sites, corporate campuses, and specialized logistics facilities. Apleona's operational model prioritizes hard services delivered primarily through proprietary technical labor rather than subcontracted personnel, covering specialized building services engineering, technical automation, and environmental retrofits. Commercial engagements cater to corporate clients active in healthcare, automotive manufacturing, chemicals, financial services, and telecommunications. Service delivery integrates proprietary digital tools and predictive engineering architectures to monitor heating, ventilation, and air conditioning systems, optimizing energy efficiency and reducing structural carbon emissions across complex building environments.

Ent. Value

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

below 1.5x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2019
€1–10bn
€100–200M
[members only]
2018
€1–10bn
€100–200M
[members only]

Other operations with Apleona

Other operations with Apleona
DateAcquirerTargetCountrySector
02/2025BAIN CAPITALAPLEONAGERMANYHVAC
06/2016EQT PARTNERSAPLEONAGERMANYHVAC

Other operations with PAI Partners

Other operations with PAI Partners
DateAcquirerTargetCountrySector
06/2026PAI PARTNERSARLETTIEFRANCESpecialized Retail
05/2026PAI PARTNERSMECAER AVIATION GROUPITALYEngines & Systems
10/2025PAI PARTNERSCYRUSFRANCEWealth & Asset Management
10/2025PAI PARTNERS / ADIAFRONERIUNITED KINGDOMFood Products
08/2025PAI PARTNERSINNOVAD GROUPBELGIUMAnimal Health
01/2025PAI PARTNERS / ADIAALVESTFRANCEAerospace, Naval & Defense
03/2024PAI PARTNERSBEAUTYNOVAITALYHygiene & Beauty Brands
07/2023PAI PARTNERSINFRA GROUPBELGIUMIT Services
06/2023PAI PARTNERSECF GROUPFRANCEHospitality Supplies
05/2023PAI PARTNERSLOOPING GROUPFRANCELeisure Facilities

Similar deals in Facility Management

Similar deals in Facility Management
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12/2020HORIZON CAPITALTOP SOURCE WORLDWIDEUNITED KINGDOMBPO & Outsourcing
12/2020HORIZON CAPITALPEO WORLDWIDEUNITED KINGDOMBPO & Outsourcing
11/2020LBO FRANCE / ANDERA PARTNERSPRENAX GROUPSWEDENBPO & Outsourcing
11/2020PRENAX GROUPLM INFORMATIONFINLANDBPO & Outsourcing
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09/2020PHOENIX EQUITY PARTNERSSPY ALARMSUNITED KINGDOMSecurity & Guarding
06/2020HLDTSG (TECHNICAL SERVICES GROUP)FRANCEElectrical
02/2020ARGOS WITYUSICURAITALYSecurity & Guarding

REFERENCES

Valuation range: EV €1–10bn

Revenue range: €1–10bn

EBITDA range: €100–200M

EV/Revenue range: below 1.5x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Apleona by PAI Partners are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Target: apleona

Acquirer: pai partners

FAQ

What transaction does this page cover?

This page covers PAI Partners’s acquisition of 100% of Apleona, a German company specialised in Maintenance, in 2020. This followed a prior holding cycle initiated by EQT Partners in June 2016, before ownership was subsequently transferred to Bain Capital in February 2025 (see dedicated deal pages for details).

How was the acquisition of Apleona by PAI Partners valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €1–10bn band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the below 1.5x range. Exact figures are available to members.

What were Apleona’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Apleona generated annual revenue estimated in the €1–10bn range and EBITDA in the €100–200M bracket (FY 2019). Detailed financial figures are available to members.

How does the valuation of Apleona compare to benchmarks in the Business Services sector?

With an estimated multiple range of 10x - 18x, the transaction stands directly in line with historical averages for the Business Services sector (10.6x in 2020).

What sources support the information on this transaction?

The details of this transaction are sourced directly from the official corporate announcement published on the parties’ institutional website, ensuring primary-source verification of the closing and perimeter.

What is mynth?

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