Carlyle sells 10% of Applus for €111m

The offering consisted of 13 million shares owned by Carlyle-backed holding company Azul. The shares were valued at 790 cents apiece. Since the IPO, Applus's stake has lost 40% of its value at listing.

Following the sale, Azul will reduce its stake in the business from 23.97% to 13.97%. According to press reports, Carlyle has agreed to a 90-day lockup period in the wake of its sell-down. The GP will maintain its 71% controlling stake in Azul Holding.

Credit Suisse acted as coordinator for the transaction.

Previous investment
In 2005, Bankia – formerly known as Caja Madrid – led a €133m funding round for Applus, acquiring a 19% stake in the business.

In 2007, Carlyle led a €1.48bn SBO, taking a controlling stake in Applus as Bankia fully exited the business.

Investindustrial entered the firm's shareholding later in 2007, taking a 5% stake in a €20m deal.

In May 2014, Applus floated 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. According to unquote" data, the transaction valued the business at 110 cents per share, while at the time of its IPO, the company priced its shares at 145 cents each.

Company
Founded in 1996 and headquartered in Barcelona, Applus provides testing, inspection and certification services to businesses in several sectors. Its valuations enable companies to ensure their assets and products comply with health and safety, environmental and quality standards and regulations.

The business emplys 20,000 people across 70 countries, generating €1.7bn of revenues and €211.9m EBITDA.

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

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