Private equity firm PAI Partners is to acquire facilities management company Apleona Group from investment firm EQT for €1.6 billion.
Apleona, which is headquartered in Neu-Isenburg, Germany, provides technical facility management services, and infrastructural and commercial facility management. EQT bought the company in 2016 when it was separated from listed German industrial services conglomerate Bilfinger.
Since then, Apleona has been transformed into a pure-play facility management provider, partly through the disposal of its construction activities in 2017 and UK real estate consultant GVA in 2018. Significant investment was also made to provide a digitalised operating platform.
Apleona has more than 20,000 employees and manages buildings in over 30 European countries.
PAI partner Ralph Heuwing said Apleona is an excellent fit “with PAI’s investment philosophy of acquiring industry leaders and capitalising on attractive market fundamentals as well as tangible consolidation opportunities. The platform prepared by EQT and Apleona CEO Jochen Keysberg has laid the foundation for efficiency, digital excellence and continued growth.”
The deal is subject to customary conditions and approvals and is expected to close early in the second quarter of 2021. Deutsche Bank was financial advisor to EQT.