Applus is a global leader in testing, inspection and certification (“TIC”) services, operating across more than 65 countries with over 25,000 employees. Headquartered in Spain, the company provides a comprehensive range of assurance and consulting services across multiple end-markets including energy, power, industrials, automotive and aerospace.
Initial investment
2024
Sector
Business services
Initial transaction size
€2.6bn
TDR had been tracking the TIC sector for a number of years as part of its broader focus on business services, recognising its resilience, low cyclicality and long-term structural growth.
Applus represented an opportunity to acquire a well-diversified global business serving blue-chip clients in end-markets underpinned by regulation, safety and quality assurance. We felt that there was also significant scope to drive operational improvements in the business.
The fragmented nature of the TIC market also presented an opportunity for further market consolidation.
We partnered with I Squared Capital to acquire a controlling stake in Applus through a public-to-private transaction that completed in June 2024.
The senior leadership team has been strengthened and under their direction, a comprehensive operational excellence programme has been launched, focused on simplifying the overall global organisation and streamlining operations.
We have enhanced our focus on M&A, with Applus being well positioned as a global leader to acquire businesses particularly in the high-growth environmental testing and consulting space.