A uniquely positioned asset within a resilient sector benefiting from secular tailwinds
Leading global TIC services business

Applus is a global leader in the testing, inspection, and certification services (“TIC”) sector, operating in over 70 countries with more than 26,000 employees.

Headquartered in Spain, Applus offers a comprehensive range of services across multiple end-markets including energy, power, industrial, automotive and aerospace. The company provides solutions from asset integrity management to statutory compliance-based inspections, with customer spend underpinned by regulation, safety and complexity.

  • At a glance
  • Status: Unrealised
  • Deal Type: Public to Private
  • Sector: Business Services
  • Initial Investment Date: June 2024
  • Website:


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.

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