Spain's Applus+ shareholders weigh sale of vehicle inspection unit, sources say

Morgan Stanley

Yesterday 15:50

By Amy-Jo Crowley and Elvira Pollina
LONDON, Oct 21 (Reuters) - The private equity owners of Spanish testing, inspection and certification company Applus+ are exploring options for its vehicle inspection unit, including a potential sale that could value the business at around €1 billion ($1.1 billion), two people familiar with the matter told Reuters.
A sale would mark the first monetisation by TDR Capital and I Squared Capital since they took Applus+ private in a €2.6 billion deal in 2024. Buyout firms are increasingly pursuing carve-outs and partial exits amid a subdued market for larger asset sales.    
TDR and I Squared are working with RBC Capital Markets and Morgan Stanley on the process, the people said
The vehicle inspection unit operates programmes on behalf of public authorities and regulators in 13 countries and could be valued at about €1 billion, they said
Deliberations are at an early stage and the owners could launch a formal auction in the coming months, the people said
Spokespeople for TDR, I Squared and Morgan Stanley declined to comment. Applus+ and RBC did not immediately respond to requests for comment 
Headquartered in Madrid, Applus+ reported revenue of €2.3 billion in 2025, up 5.9% from a year earlier
The company provides testing, inspection and certification services to the energy, power, industrial, automotive and aerospace sectors. It operates in more than 58 countries and employs about 29,000 people
($1 = 0.8908 euros)

 (Reporting by Amy-Jo Crowley in London and Elvira Pollina in Milan. Editing by Mark Potter)
 ((amy-jo.crowley@thomsonreuters.com))