TDR Capital and I Squared Capital completed the acquisition of a 70.65% stake in Applus at a €1.65bn valuation.

Private equity firms TDR Capital and I Squared Capital completed the acquisition of a 70.65% stake in Applus, a Spanish industrial testing company, at a €1.65bn valuation. TDR Capital and I Squared Capital defeated Apollo Global in the bidding war for Applus. "We are delighted to have won out in what was a long and intensive process. I am grateful to TDR for their partnership throughout. I Squared and TDR have an extensive and successful history. We support management teams with capital and sector expertise to help them to develop world class businesses. Our recent track record of completing large transactions includes the successful take-private of Aggreko plc. The performance of Aggreko plc under our combined stewardship demonstrates our ability to work with management to achieve their strategic vision," Mohammed el Gazzar, I Squared Senior Partner.