Mike Smith joins Applus+ Board as Chairman

20/12/2024

20 December 2024 – Applus Services S.A. (“Applus+”), one of the world's leading testing, inspection and certification (TIC) companies, is pleased to announce the appointment of Mike Smith as Chairman of the Applus+ Group, effective immediately. 

Mike joins the Board following the successful completion of the majority acquisition and de-listing of Applus+ by Amber EquityCo S.L.U. (“Amber”), a vehicle formed and jointly controlled by funds managed by TDR Capital LLP (“TDR”) and investment funds advised by I Squared Capital (“I Squared”).

Mike has a strong track record of leading international organisations through transformational change. Previously he was Chairman of Modulaire Group, heading up its sale to Brookfield in 2021 for €4.3 billion. Prior to this, he was Chairman of International Car Wash Group (ICWG), overseeing the successful exit of ICWG by TDR Capital to Roark Capital in 2017. 

Mike takes on his responsibilities as Chairman of Applus+ in addition to his role on the Board of Aggreko, a global leader in mobile and modular energy solutions, which he joined in October 2021. Over the last three years as Chairman of Aggreko, Mike has driven a strategic repositioning of the business that has delivered significant growth in core markets, streamlined the operating footprint of the company while completing seven complimentary bolt-on acquisitions. Aggreko is now well-positioned to capitalise on the macro trends driving energy demand.

TDR and I Squared both have deep experience investing in the broader business services sector. Applus+ was identified as a compelling opportunity given its globally diversified customer base and attractive underlying end-market exposure.

Mike Smith, Chairman of Applus+, said: “It is an exciting time to be joining the Applus+ Board. Despite already being a global leader in TIC with operations in over 70 countries, there is huge potential for further growth as demand for Applus+’ services, ranging from services provided to the power & energy ecosystem, environmental services, as well as continued need for services and inspections for the industrial and automotive sectors globally. I’m looking forward to working closely with the Applus+ team and our partners as we keep developing innovative solutions that meet the changing needs of our clients around the world.” 

Mohamed El Gazzar, Senior Partner, I Squared Capital, said: “There is a significant opportunity to accelerate Applus+' development as a global leader in the TIC industry. Applus+ has a strong position across highly attractive segments and the backing of I Squared and TDR will provide it with the capital and sector expertise to maximize this opportunity. We are delighted that Mike will be leading the board of Applus+, he has a proven track record for generating value and we are confident he will help us deliver on our shared vision for the business.”

Gary Lindsay, Managing Partner, TDR Capital LLP, said: “Mike has a stellar track record in driving transformational change and growth in businesses and we are looking forward to working with him again to enhance Applus+’ position as a world-leading industrial testing, inspection and certification company. It is a business that we have high conviction in within an industry that has attractive fundamentals and a high degree of resilience, particularly in the context of increasing regulatory requirements and the trend for outsourcing.” 

Mike succeeds Chris Cole, who has resigned from the Applus+ Board. Cole had been Chairman since 2014, overseeing Applus+’ journey to becoming one of the world’s most successful industrial TIC companies, developing a market-leading platform at global scale. 


Contact

I Squared Capital
Dominic.McMullan@isquaredcapital.com 
+1 (786) 794-2861

TDR Capital 
Claire.Rumbellow@tdrcapital.com
+44 7909 266 737

About Applus+

Applus+ is a global leader in testing, inspection and certification. The company provides solutions for clients across a range of industries to ensure that their assets and products comply with regulations and environmental regulations, quality, health and safety. Applus+ operates in over 70 countries and employs more than 26,000 people. 

About TDR Capital

TDR Capital LLP is a leading European private equity firm with over €15 billion of assets under management. Founded in 2002, TDR typically acquires majority stakes in strong, market-leading European companies with the potential for robust growth and resilience throughout economic cycles. 
The firm has managed five European mid-market buyout funds. The team of 59 professionals currently manages assets across four European mid-market buyout funds from its headquarters in London. To date, the firm has made 27 platform investments, and its portfolio companies employ over 270,000 people around the world.

TDR takes a long-term approach to investment and, in addition to capital invested, also provides expert resource to help drive sustainable value creation and positive, transformational change within the businesses it owns. For more information, visit tdrcapital.com.

About I Squared Capital

I Squared is a leading independent global infrastructure investor with over $40 billion in assets under management. We are known for the development of investment platforms in infrastructure projects where we start small and grow big. We use global insights and deep local intelligence to solve complex problems, foster smarter businesses, serve local communities, and invest in a more sustainable future to provide essential services to millions of people around the world. We are a team of over 280 people, headquartered in Miami with offices in Abu Dhabi, London, Munich, New Delhi, São Paulo, Singapore, Sydney and Taipei. We operate a diverse portfolio of 89 companies in more than 70 countries with over 66,000 employees in a variety of sectors including utilities, energy, digital infrastructure, transport, environmental infrastructure, and social infrastructure. You can find out more by visiting: www.isquaredcapital.com.
 

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