Carlyle sells remaining 13.9% Applus stake for €150m

The transaction saw the GP selling 18 million shares in the business at €7.85 apiece, compared with €14.50 at listing in 2014. The GP has now fully exited the business after a nine-year holding period.

Southeastern Asset Management acquired the stake and became the largest shareholder in the business with 14.7%. Other shareholders include Threadneedle, Harris Associates, Franklin Templeton and the Norwegian sovereign wealth fund.

Previous funding
In 2005, Bankia – formerly known as Caja Madrid – led a €133m funding round for Applus, acquiring a 19% stake in the business. Subsequently, Carlyle led a €1.48bn SBO in 2007, taking a controlling stake in Applus as Bankia fully exited the business. Investindustrial acquired a 5% stake in a €20m deal later in 2007.

In May 2014, Carlyle floated Applus on the Madrid stock exchange. The flotation raised proceeds of €300m and gave Applus a market capitalisation of €1.9bn. Carlyle, which owned a 68.3% stake in Applus prior to the IPO, retained a significant stake in the business.

In April 2015, Carlyle sold an 11.54% stake in the company for €165m. One year later, Carlyle sold a 10% stake for €111m, selling 13 million shares valued at €7.90 apiece.

Company
Founded in 1996 and headquartered in Barcelona, Applus offers testing, inspection and certification services for companies operating in several sectors. Its services enable enterprises to comply with health and safety as well as environmental and quality standards and regulations.

In 2015, the company posted a turnover of €1.7bn and employs 20,000 people.

People
Carlyle Group – Alex Wagenberg (managing director).
Applus – Fernando Basabe (CEO).

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