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

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)