TDR Capital and I Squared Capital successful in bid for Applus Services S.A.


TDR Capital and I Squared Capital are pleased to announce their successful offer for the Spanish certification company, Applus Services S.A.

Applus is one of the world’s leading testing, inspection and certification (TIC) companies. Applus reported revenue of €2,058 million in 2023 and employs over 26,000 people in more than 70 countries. Revenue generated from the home country of Spain accounted for 23% of the total. Applus addresses three deep and broad markets: automotive; energy and industry; laboratories.

The winning offer of EUR 12.78 per share was confirmed by Spanish markets regulator, CNMV. The successful bidding entity, Amber Equity Company, will now enter an acceptance period for Applus Services S.A.

Commenting on this successful outcome of the auction process, Mohammed el Gazzar, Senior Partner, I Squared, said: “We are delighted to have won out in what was a long and intensive process. I am grateful to TDR for their partnership throughout. I Squared and TDR have an extensive and successful history. We support management teams with capital and sector expertise to help them to develop world class businesses. Our recent track record of completing large transactions includes the successful take-private of Aggreko plc. The performance of Aggreko plc under our combined stewardship demonstrates our ability to work with management to achieve their strategic vision.”

el Gazzar continued: “For I Squared, Applus is an extremely attractive infrastructure-related asset. We are looking forward to working with the leadership team in the coming weeks and months to ensure a smooth transition to private ownership.”

Gary Lindsay, Managing Partner, TDR Capital, said: “TDR focuses on investing our capital and know-how in businesses with long-term secular growth opportunities like Applus. The company has built a great business around automotive testing and inspection and has successfully moved its focus to higher growth opportunities: labs, renewables, power and infra segments. This transaction positions Applus for the changing dynamics – regulatory scrutiny, the shift to more sustainable transport and electrification.”

“We see an opportunity to accelerate Applus’s development as a global leader in the TIC industry with strong positions across its highly attractive segments. This is an excellent outcome for the public market investors who backed Applus. We now believe that the business should be better for all stakeholders without the constraints and short-term focus imposed by the public market.”