M&A Deal Summary

TDR Capital and I Squared Capital Acquire Applus+

On June 14, 2024, private equity firm TDR Capital and infrastructure investor I Squared Capital acquired business services company Applus+ for 1.7B EUR

Acquisition Highlights
  • This is TDR Capital’s 5th and I Squared Capital’s 4th transaction in the Business Services sector.
  • This is TDR Capital’s 5th and I Squared Capital’s 3rd largest (disclosed) transaction.
  • This is TDR Capital’s 1st and I Squared Capital’s 1st transaction in Spain.

M&A Deal Summary

Date 2024-06-14
Target Applus+
Sector Business Services
Buyer(s) TDR Capital
I Squared Capital
Deal Type Going Private
Deal Value 1.7B EUR

Target

Applus+

Madrid, Spain
Applus+ is a global certification company specializing in testing, inspection, certification, and technological services. Applus+ was incorporated in 1996 and is based in Madrid, Spain.

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Buyer(S) 2

Buyer

TDR Capital

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2002
PE ASSETS 15.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

TDR Capital is a private equity firm that targets large companies valued from €300 million to €1.5 billion. TDR has a particular interest in under-managed, under-invested or misunderstood companies which may be transformed through greater strategic and operational focus. TDR is sector agnostic, however the Firm has a preference for opportunities in the leisure/hospitality, financial services, and business services sectors. TDR Capital was formed in 2002 and is based in London.


DEAL STATS #
Overall 31 of 32
Sector (Business Services) 5 of 5
Type (Going Private) 8 of 8
Country (Spain) 1 of 1
Year (2024) 2 of 3
Size (of disclosed) 5 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-28 Jollyes

Waltham Abbey, United Kingdom

Jollyes is a large UK pet retailer. Jollyes has a growing portfolio of over 70 retail park superstores and concessions in garden centres across the UK. Jollyes focuses on providing its loyal and growing customer base with pet products and services that combine great quality and value. Jollyes has recently expanded its offering to customers to include grooming and veterinary services in store. Jollyes was founded in 1935 and is based in Waltham Abbey, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-06-26 Acqua & Sapone

Milan, Italy

Acqua & Sapone is a non-food discount retail brand, sells a wide range of household and personal care products at value prices through a network of over 700 retail locations. Acqua & Sapone is based in Milan, Italy.

Buy -
DESCRIPTION

I Squared Capital is a global infrastructure investment manager focusing on energy, utilities, and transportation assets in North America, Europe, and select high growth economies. I Squared Capital was established in 2012 and is headquartered in New York City.


DEAL STATS #
Overall 48 of 50
Sector (Business Services) 4 of 5
Type (Going Private) 3 of 3
Country (Spain) 1 of 1
Year (2024) 3 of 5
Size (of disclosed) 3 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-15 WOW Logistics

Neenah, Wisconsin, United States

WOW Logistics is a supply chain service provider in the country with solutions in five core business areas: supply chain consulting, operations, real estate development, inventory financing, and technology solutions. The company is a private purchaser of dairy products through its WOW COMMODITY PURCHASE PROGRAM. It maintains a total of 223 million cubic feet of warehouse space throughout 25 distribution centers, including 47 million cubic feet of temperature-controlled space. WOW Logistics is based in Neenah, Wisconsin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-30 Priority Power

Arlington, Texas, United States

Priority Power is an independent energy management and consulting services firm to large commercial and industrial customers. PPM develops and implement strategies that mitigate risk and overcome сhallenges associated with managing energy data, supply, demand and delivery infrastructure. Priority Power was founded in 2001 and is based in Arlington, Texas.

Buy -