Carlyle's Applus one step closer to IPO

The company is expected to list on the Madrid stock exchange.

In February 2013, the firm 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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