WestBridge completes sale of APEM Group for 11.5x money multiple
Capital Law has supported WestBridge, working alongside Kirkland & Ellis, on its circa £335m exit from APEM Group, the global environmental consultancy, by way of sale to Applus+ Group. Headquartered in Spain, Applus+ are a worldwide leader in the testing, inspection and certification sectors. The sale marks the third exit from WestBridge Fund II and delivers a 11.5x multiple to investors.
Capital Law advised WestBridge on its original investment in APEM Group as part of a 2019 management buyout, which has seen the business become a global market leader. Over the past seven years, APEM Group has combined strong organic growth with a number of strategic acquisitions across the UK and internationally. During this period, revenues at APEM Group grew from £10m to over £100m, while EBITDA increased over tenfold. Capital Law has worked with the business throughout this time and has advised on all of APEM Group’s acquisitions in the UK, supporting the Group’s rapid expansion and strategic development throughout WestBridge’s investment period.
The sale to Applus+ Group will see APEM Group form a new global Environmental Services division within the wider Applus+ organisation, bringing together APEM Group’s scientific expertise with Applus+’s global customer base.
WestBridge were supported by our Corporate and Private Equity team, led by Tom Kelleher and supported by Sarah Hale, Hakeem Din, Nicole Crumbie and Athos Economides, as well as other specialists across the firm including our Commercial, Debt Finance, Employment and Real Estate teams.
Peter Barkley, Partner at WestBridge, said:
Capital have been a fantastic long-term partner to WestBridge and APEM throughout our seven year investment period. The team has been invaluable in supporting across the 6 UK and Irish acquisitions we completed during our hold period and in the preparation and execution of our exit.
Leah McGimpsey, CEO at APEM Group, said:
Capital Law have been a great partner to APEM Group over the last 7 years. We have worked closely with Tom and the team on the deals that brought new consultancies into our Group and expanded our existing capabilities. It has been a pleasure to have had Capital Law by our side as we have transformed over this time and as we join Applus+. I’d like to offer a tremendous thank you to all of the team for their expertise and dedication in helping our Group drive impact globally.
Tom Kelleher, Partner in Capital Law’s Corporate and Private Equity team, said:
We congratulate the WestBridge and APEM Group teams on the successful sale of the business to Applus+ Group. This is a monumental milestone for all involved after years of growth and achievement. It’s been a real pleasure supporting the APEM Group management team since 2019, and the transaction reflects the strength of the business, the dedication of its team, and the value created under WestBridge’s investment. We wish APEM Group and the team continued success in their next chapter as part of the Applus+ organisation.
