RELIABLE ANALYSIS acquired by APPLUS+ GROUP
Context
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.
RELIABLE ANALYSIS, which reported an EBITDA margin of [members only] in 2019, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the Business Services sector (11.4x).
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Target
Reliable Analysis is a specialized technology organization dedicated to the laboratory-based testing of materials, components, and electromagnetic compatibility (EMC). The entity’s business model focuses on high-precision validation for the automotive sector, with a specific expertise in electric vehicle (EV) powertrains and complex electronic systems. Its value proposition is anchored in technical operational depth, ensuring that high-specification components meet global safety and performance standards. Strategically, the firm operates in high-growth corridors, utilizing its specialized infrastructure in North America and China to support major global manufacturers. By integrating advanced electrical analysis with standardized chemical and material testing, the organization facilitates the rapid commercialization of next-generation mobility solutions. The entity emphasizes technical innovation to address the rising complexity of intelligent vehicles and sustainable energy storage systems.
Ent. Value
€50–150M
Equity Value
[members only]
Multiples
EV / Revenue
2x–6x
EV / EBITDA
[members only]
EV / EBIT
[members only]
Historical Financials (EUR)
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| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 11/2020 | APPLUS+ GROUP | BESIKTA BILPROVNING | SWEDEN | TIC (Testing, Inspection, Certification) |
| 11/2020 | OUEST CROISSANCE | VAC - HARDOUIN-LOC | FRANCE | Equipment Rental |
| 09/2020 | EURAZEO / FCDE (FONDS DE CONSOLIDATION ET DE DEVELOPPEMENT DES ENTREPRISES) | UTAC CERAM | FRANCE | TIC (Testing, Inspection, Certification) |
| 07/2020 | XEBEC | AIR FLOW | UNITED STATES | Industrial & Technical Distribution |
| 07/2020 | PORTOBELLO CAPITAL | AGQ LABS | SPAIN | TIC (Testing, Inspection, Certification) |
| 06/2020 | ASTORG | NORMEC | NETHERLANDS | TIC (Testing, Inspection, Certification) |
| 04/2020 | CINVEN / ASTORG | LGC GROUP | UNITED KINGDOM | TIC (Testing, Inspection, Certification) |
| 02/2020 | KILOUTOU | LOCAMODUL | FRANCE | Equipment Rental |
| 01/2020 | BOELS RENTAL | CRAMO | FINLAND | Equipment Rental |
| 12/2019 | CLAYTON, DUBILIER & RICE (CD&R) | SOCOTEC | FRANCE | TIC (Testing, Inspection, Certification) |
Other operations with APPLUS+ GROUP
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 02/2026 | APPLUS+ GROUP | APEM GROUP | UNITED KINGDOM | Engineering & Consulting |
| 05/2024 | TDR CAPITAL / I SQUARED CAPITAL | APPLUS+ GROUP | SPAIN | TIC (Testing, Inspection, Certification) |
| 12/2020 | APPLUS+ GROUP | QPS EVALUATION SERVICES | CANADA | TIC (Testing, Inspection, Certification) |
| 11/2020 | APPLUS+ GROUP | BESIKTA BILPROVNING | SWEDEN | TIC (Testing, Inspection, Certification) |
REFERENCES
Valuation range: EV €50–150M
Revenue range: €10–30M
EV/Revenue range: 2x - 6x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of RELIABLE ANALYSIS by APPLUS+ GROUP 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.
Acquirer: applus+ group