Carlyle considers SBO of Applus

BC Partners, Cinven and Advent International are circling the firm, according to the Financial Times. 

The company was understood to have appointed Morgan Stanley and UBS to run its IPO in December 2013, with the intention of listing on the Madrid Stock Exchange.

After a long spell of absence, private equity firms seem to be reconsidering the IPO as an exit route. As reported earlier this week, Spanish broadband operator Grupo Ono is also pursuing a flotation in Madrid. 

In February 2013, Applus expanded into China with the bolt-on of Chinese engineering firm EDI, continuing the growth strategy for the company, which has spanned eight countries.

The acquisitive growth strategy included the €105m acquisition of Velosi in 2010. In 2007, the firm earmarked €450m to fund strategic acquisitions.

In 2005, Sociedad de Promoción y Participación Empresarial Caja Madrid, the private equity arm of Caja Madrid, injected €133m into Applus in exchange for a 19% stake in the firm, a deal which saw Grupo Agbar and Unión Fenosa reduce their shareholding in the company.

Carlyle acquired Applus in 2007 in a €1.48bn buyout. Later that year, Investindustrial bought a 5% stake in the firm in a €20m deal. The company is the only minority investment in Investindustrial's portfolio.

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• Topics
• Southern Europe
• Spain
• Carlyle Group
• Cinven