TDR Capital and I Squared Capital have officially achieved a major triumph with their successful bid for Applus Services S.A., according to an announcement made on April 30, 2024. Applus, the Spanish giant in the testing, inspection, and certification sector, boasts revenues of €2,058 million from the previous year and maintains a workforce exceeding 26,000 across over 70 nations. The acceptance phase will commence following the confirmation of a winning offer at EUR 12.78 per share by Spain’s market regulator, CNMV, with Amber Equity Company as the bidding entity. Senior Partner of I Squared, Mohammed el Gazzar, expressed satisfaction over the culmination of the strenuous bidding process, acknowledging TDR Capital’s alliance. Both firms have a track record of nurturing companies like the recently privatized Aggreko plc. I Squared envisages Applus as a valuable infrastructure-related asset, with intentions of aiding its leadership into private ownership. Meanwhile, TDR Capital’s Gary Lindsay is keen on leveraging Applus’s existing market leadership in automotive testing to capitalize on emerging business possibilities in labs, renewables, and infrastructure, aiming to foster global prominence and shareholder value. Both investors anticipate enhancing Applus’s growth trajectory, favoring long-term development over the myopic focus of public market operations.

I Squared Capital is a renowned global infrastructure investment firm, managing over $38 billion in assets, famed for crafting successful investment platforms and improving service offerings internationally through a team of over 270 members. With TDR Capital, holding over €15 billion, their collaboration in Applus’s acquisition reinforces both entities’ commitment to long-term strategic growth. This move signals not only the financial prowess and strategic vision of both firms but also highlights Applus’s strong positioning in a multifaceted market with a sustainable future at its core.

Private Equity, Testing, Inspection, and Certification (TIC), Infrastructure Investments,Spain, Global