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Completion of Velosi Acquisition - 08 Jul 2011
APPLUS+ AND THE CARLYLE GROUP SUCCESSFULLY
COMPLETE THE ACQUISITION OF VELOSI
In 2011 The Group will generate revenues in excess of €1 billion, with 66% of of its turnover coming from its activities outside of Spain.
The recommended cash offer, launched in December on the Alternative Investment Market (AIM) in London, has culminated in the acquisition of the company, which will become a new division of the Spanish multinational.
BARCELONA, MARCH 29TH, 2011. Applus+, global company in the inspection, testing and quality assurance sector, and one of the ten largest firms in the conformity assessment sector worldwide; and the global alternative asset manager The Carlyle Group, have completed the acquisition of Velosi. The takeover bid on Velosi made in December for the leading provider of inspection, quality assurance, certification and testing services to the oil and gas industries, which up until now was listed on the Alternative Investment Market (AIM) in London, has been subscribed by 95% of its shareholders.
With a presence in Asia, the Middle East, Africa, Europe and North America, Velosi is a leading provider of inspection, quality assurance, certification and testing services to the oil and gas industries. As a result of this acquisition, Applus+ will have reinforced its presence in emerging markets and broadened its service portfolio to the energy industry. Applus+\'s new division operates worldwide through a network of 70 branch offices in 40 countries.
For Fernando Basabe, CEO of Applus+, «the acquisition of Velosi, the largest undertaken since The Carlyle Group became the company\'s main shareholder in 2007, is a very important milestone for us, as Velosi operates in high growth markets, where up until now Applus+ only had a small presence». Following the acquisition, the enlarged Applus+ Group will generate revenues in excess of €1 billion in 2011, with over two thirds of its activity outside Spain. As a result, the addition of Velosi will consolidate the Applus+ Group as one of the largest multinationals in the field of safety and quality, and help it become the unchallenged leader in Spain in its field of activity.
Basabe highlighted that \"in such a difficult year as 2010 for our business in Spain, our international activity has allowed us to consolidate revenue growth of 10%, reaching €900M\". With a workforce of 11,500 before the integration of Velosi, which will become 14,000 after it, spread over 60 countries, Applus+ now operates in the fields of vehicle technical inspection, engineering services for the automotive industry, non-destructive testing, industrial inspection, and testing and certification services. In 2010 the company generated 60% of its income outside Spain.
Applus+ recently appointed its up until then CEO, Joaquim Coello, as Chairman, bringing Fernando Basabe in as its top executive. Basabe comes from the Swiss multinational SGS.
Applus+, a global company in the field of inspection, testing and quality assurance, is one of the ten largest companies in the conformity assessment sector worldwide and the largest Spanish multinational in the field. It is a global leader in the fields of vehicle inspection and non-destructive testing and is among the top companies in Europe in the inspection, technical assistance and testing sectors.
The company, whose Chairman is Joaquim Coello and whose CEO is Fernando Basabe, has a workforce of 11,500 people. Applus+, part of the company portfolio of The Carlyle Group since 2007, has operations on all five continents and provides services to more than 14 industrial sectors.
For more information:
Christian De Angelis / Mireia Sáenz
Tel. +34 93 307 73 72 / +34 654 98 34 84
christian.deangelis@portaveu.com |
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