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Carlyle eyes 2014 IPO for Spanish testing company Applus

10 Jul 2013

Carlyle-backed energy inspection and testing business Applus could seek an IPO in Madrid or London next year, According to Reuters.

Carlyle is nearing the end of its investment period for Applus, having bought the Spanish-headquartered business in November 2007 in a deal which valued the company at €1.48bn.

Europe-focused private equity firm Investindustrial picked up a five per cent stake for €20m five months later, leaving Carlyle owning about 76 per cent and the remainder held by banks.

The company reported EBITDA of €171m last year, an increase of 22 percent on the previous year, Reuters reported.

Earlier this year Applus shelved its Iran operations following fears it had supplied services to an agency of the country’s government.

A disclosure in Carlyle’s quarterly results revealed Applus had recorded revenues of more than €86,000 since January providing services to customers “that could be affiliated with the Industrial Development and Renovation Organization” of Iran.

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