We have been following the TIC sector for a number of years as part of our broader business services sector focus given its attractive fundamentals, low cyclicality and robust secular growth which has been driven by increased regulatory requirements and the growing outsourcing trend across end clients. Following significant diligence of the sector, Applus was identified as a compelling opportunity given its globally diversified customer base and attractive underlying end market exposure.
In April 2024, we made a successful offer to acquire the business which was approved by the board and the Spanish regulator, CNMV, and the transaction was completed in June 2024.
