TDR Capital and I Squared Capital have successfully offered to acquire the Spanish certification company Applus Services S.A. Applus is a global leader in testing, inspection, and certification (TIC), reporting a 2023 revenue of €2.058 billion and employing over 26,000 staff across 70+ countries, with Spain accounting for 23% of total earnings. Their markets include the automotive industry, energy, and industrial sectors, and laboratories. The offer at €12.78 per share is confirmed by Spain’s stock market regulator CNMV. Amber Equity Company will now initiate an acceptance period for Applus Services shares. Mohammed el Gazzar of I Squared expressed delight at the acquisition result, highlighting the ability to develop world-class companies alongside TDR, reminiscent of their joint effort on Aggreko plc’s privatization. El Gazzar views Applus as an attractive infrastructure asset, looking forward to working with management for a smooth transition to private ownership. Gary Lindsay, Managing Partner at TDR Capital, emphasized the goal to invest in Applus as a company with long-term growth potential, notably in higher growth areas such as laboratories, renewable energy, and infrastructure. Transitioning Applus into private hands is seen as an opportunity to escape the constraints of public market pressures for a better outcome for stakeholders. I Squared Capital, a leading independent global infrastructure investor, manages over $38 billion and has a diverse portfolio across 71 countries. TDR Capital, a prominent European private equity firm, manages assets exceeding €15 billion, known for fostering growth and creating value in majority-owned portfolio companies.

Private Equity & Investment Services, Testing, Inspection, and Certification (TIC),Spain, Global