LONDON, April 30, 2024 /PRNewswire/ -- TDR Capital and I
Squared Capital are pleased to announce their successful offer for
the Spanish certification company, Applus Services S.A.
Applus is one of the world's leading testing, inspection and
certification (TIC) companies. Applus reported revenue of €2,058
million in 2023 and employs over 26,000 people in more than 70
countries. Revenue generated from the home country of Spain accounted for 23% of the total. Applus
addresses three deep and broad markets: automotive; energy and
industry; laboratories.
The winning offer of EUR 12.78 per
share was confirmed by Spanish markets regulator, CNMV. The
successful bidding entity, Amber Equity Company, will now enter an
acceptance period for Applus Services S.A.
Commenting on this successful outcome of the auction process,
Mohammed el Gazzar, Senior Partner, I Squared, said: "We are
delighted to have won out in what was a long and intensive process.
I am grateful to TDR for their partnership throughout. I Squared
and TDR have an extensive and successful history. We support
management teams with capital and sector expertise to help them to
develop world class businesses. Our recent track record of
completing large transactions includes the successful take-private
of Aggreko plc. The performance of Aggreko plc under our
combined stewardship demonstrates our ability to work with
management to achieve their strategic vision."
el Gazzar continued: "For I Squared, Applus is an extremely
attractive infrastructure-related asset. We are looking forward to
working with the leadership team in the coming weeks and months to
ensure a smooth transition to private ownership."
Gary Lindsay, Managing Partner,
TDR Capital, said: "TDR focuses on investing our capital and
know-how in businesses with long-term secular growth opportunities
like Applus. The company has built a great business around
automotive testing and inspection and has successfully moved its
focus to higher growth opportunities: labs, renewables, power and
infra segments. This transaction positions Applus for the changing
dynamics – regulatory scrutiny, the shift to more sustainable
transport and electrification."
"We see an opportunity to accelerate Applus's development as a
global leader in the TIC industry with strong positions across its
highly attractive segments. This is an excellent outcome for the
public market investors who backed Applus. We now believe that the
business should be better for all stakeholders without the
constraints and short-term focus imposed by the public market."
About I Squared Capital
I Squared is a leading independent global infrastructure
investor with over $38 billion in
assets under management. We are known for the development of
investment platforms in infrastructure projects where we start
small and grow big. We use global insights and deep local
intelligence to solve complex problems, foster smarter businesses,
serve local communities, and invest in a more sustainable future to
provide essential services to millions of people around the world.
We are a team of over 270 people, headquartered in Miami with offices in London, Munich, New
Delhi, São Paulo, Singapore, Sydney, Taipei, and Abu
Dhabi. We operate a diverse portfolio of 83 companies in 71
countries with over 66,000 employees. You can find out more by
visiting: www.isquaredcapital.com.
About TDR Capital
TDR is a leading private equity firm with over €15 billion of
assets under management and typically holds controlling interests
in strong, market leading European-headquartered companies. TDR has
a strong track-record of working collaboratively with portfolio
company management teams to deliver on a shared vision for growth
and value creation, leveraging its investment, operational and data
science expertise. TDR Capital takes a long-term approach,
typically holding investments well beyond the industry average.
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