TESTNET ENGINEERING acquired by UL SOLUTIONS

The acquisition of VITAL S.p.A. marks a strategic expansion for the group’s operations in Southern Europe, specifically establishing a premier platform within the Italian C-parts market. This transaction incorporates a highly reputable distributor with a well-diversified industrial client base across the rail, machinery, and electrical sectors. The rationale for the move centers on building a significant regional footprint and increasing the overall service level for existing international customers operating in Italy. The integration of this family-led specialist provides a critical stepping stone for further consolidation in a highly fragmented market. By leveraging the target’s deep regional expertise and long-standing customer relationships, the organization aims to accelerate its growth journey and implement a broader buy-and-build strategy in the region. The partnership is designed to foster knowledge transfer between teams, enhancing the group’s technical presence and operational agility. This strategic move aligns with the long-term goal of market dominance through the acquisition of high-margin entities that complement the existing global supply chain infrastructure.

Riverspan Partners has finalized the acquisition of POLARIS Laboratories to support the organization’s next phase of technical innovation and geographic scaling. This transaction facilitates a strategic partnership with the existing management team, led by CEO Bryan Debshaw, and focuses on accelerating the group's growth trajectory within the predictive maintenance market. The strategic rationale for the acquisition centers on the development of cutting-edge solutions, including the launch of the proprietary HORIZON tools and the integration of advanced automation technologies across the laboratory network. By leveraging Riverspan’s industrial expertise, the organization aims to broaden its product offerings and expand its operational footprint beyond its current locations in North America, Europe, and Latin America. The partnership is designed to capitalize on the increasing demand for AI-enabled technical analysis in high-stakes industries such as mining and energy, where predictive insights are essential for reducing operational risks. This integration reinforces the group’s leadership in fluid analysis while providing the capital necessary to explore new market verticals and enhance its predictive software capabilities. The transaction, whose size is confidential, is reported to have been completed at a valuation of around 15 times EBITDA.

IK Partners, through its IK Small Cap III Fund, has signed an agreement to invest in Sansidor alongside existing shareholders HC Partners, the original founders, and the management team. This transaction marks a new phase of growth for the Group, which was originally created in 2018 through a series of acquisitions. The strategic rationale for the investment is to accelerate the Group’s active buy,and,build strategy within the highly fragmented European testing, inspection, and services market. Under the new ownership structure, the Group plans to further develop its internal M&A engine to drive market consolidation and increase cross,selling across its network of companies. A key component of the future strategy includes international expansion, with an initial geographic focus on entering the German market. The partnership seeks to build upon the resilient nature of the Group’s service offering, which benefits from strong regulatory tailwinds and a loyal customer base across more than nine thousand clients.

Astorg has established a dedicated continuation vehicle to acquire absolute majority control of Normec from its previous fund, marking a major secondary leveraged buyout. Following a highly competitive process managed by premier investment banks, Astorg successfully secured exclusivity to lead this new phase alongside a syndicate of major global secondary investors—including CVC, Pantheon, Lexington, and Eurazeo—and the deeply reinvested management team led by Joep Bruins. To adequately capitalize this massive operation, the deal structure incorporates a substantial senior debt package (565M€ Term Loan B) syndicated by a consortium of global banking institutions, providing the optimal leverage required to support Normec's ongoing aggressive expansion strategy into North American markets.

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.**

Admiral Acquisition Limited has entered into a definitive agreement to acquire Acuren from American Securities. This transaction marks the inaugural acquisition for the acquirer, effectively serving as its qualifying business combination to transition into an operating company. The deal allows the target to exit a successful period of private equity ownership and enter the public markets with a robust balance sheet and a focus on North American market leadership. The acquisition is strategically timed to capitalize on the increasing demand for asset integrity services driven by aging industrial infrastructure and tightening safety regulations across the United States and Canada. The transaction is subject to customary closing conditions and regulatory approvals, with the final transition expected to occur in the third quarter of 2024. This move provides the target with a permanent capital base to pursue its own buy,and,build strategy within the highly fragmented testing and inspection market.

SOCOTEC, a leading global provider of Testing, Inspection, Certification, and Compliance (TICC) services for the building and infrastructure sectors, has announced a significant expansion of its shareholder base. Bpifrance and Mubadala Investment Company have taken minority stakes in the group to support its new strategic cycle, "Ambitions 2028." They join historical shareholders COBEPA, which remains the majority owner, and CD&R, an investor since 2019.

Latour and Fimalac acquire 58% of the capital of the urban and rail transport engineering specialist, with a valuation of EUR860 million (at 100%) . RATP and SNCF will retain 40% of the capital.

Equistone Partners Europe sold its majority stake in Acces Industrie to the Delmas family group. This transaction supports the management team, led by Eric Lacombe and Pascal Meynard, in their long-term growth strategy. Since 2020, Equistone has helped the group grow from EUR91M to EUR140M in revenue, notably through international expansion (Spain).

The acquisition of ROBUR Industry Service Group marks a transformative expansion for the group’s operations in the German market, the largest industrial services landscape in Europe. This strategic move allows the organization to establish a dominant position in the German industrial services sector, a segment where it previously maintained a limited presence. The rationale focuses on enriching the existing service portfolio with advanced capabilities in automation, robotics, and electrification, directly addressing the growing demand for industrial decarbonization. Furthermore, the transaction provides an entry point into the high-growth wind energy maintenance market, reinforcing the group's standing as a key enabler of the energy transition.