Prior notification of a concentration (Case M.11340 – I SQUARED CAPITAL / TDR CAPITAL / APPLUS) – Candidate case for simplified procedure
Date: 2023-11-16
Institutions: Directorate-General for Competition, European Commission
Subjects: catering industry, economic concentration, energy industry, health care, investment company, life assurance, merger control, motor fuel, motor vehicle industry, service, telecommunications








C_202301007EN.000101.fmx.xml












Official Journal of the European Union


EN
Series C













C/2023/1007


16.11.2023






Prior notification of a concentration
(Case M.11340 – I SQUARED CAPITAL / TDR CAPITAL / APPLUS)
Candidate case for simplified procedure
(Text with EEA relevance)
(C/2023/1007)


1.   
On 8 November 2023, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1).
This notification concerns the following undertakings:






—


I Squared Capital Advisors LLC (‘I Squared Capital’, United States),










—


TDR Capital LLP (‘TDR Capital’, United Kingdom),










—


Applus Services S.A. (‘Applus’, Spain).




I Squared Capital and TDR Capital will acquire within the meaning of Article 3(1)(b) and Article 3(4) of the Merger Regulation joint control of the whole of Applus.
The concentration is accomplished by way of public bid announced on 14 September 2023.


2.   
The business activities of the undertakings concerned are the following:






—


I Squared Capital is an independently managed global infrastructure investment manager focusing on sectors such as energy, utilities, telecom, healthcare, and transport in North America, Europe, and certain other high-growth economies around the world,










—


TDR Capital is a private equity firm focusing on invests in a variety of sectors including in motor fuels, retail, health clubs, car washes, vacant property services, UK social housing refurbishment services, pubs and restaurants, debt purchasing, coastal transport, life insurance and UK retirement income products.






3.   

The business activities of Applus are the following: Applus is listed in the Spanish Stock Exchanges, and is active in the testing, inspection and certification sector, operating through four main divisions: (i) automotive: vehicle inspection services, (ii) energy and industry: inspection, testing, engineering and technical consulting for renewables, infrastructures, conventional power, and oil and gas, (iii) IDIADA: design, testing, engineering and certification of automobile vehicles, (iv) laboratories: structural and materials testing, and engineering, certification and calibration services.



4.   
On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved.
Pursuant to the Commission Notice on a simplified treatment for certain concentrations under Council Regulation (EC) No 139/2004 on the control of concentrations between undertakings (2) it should be noted that this case is a candidate for treatment under the procedure set out in the Notice.


5.   
The Commission invites interested third parties to submit their possible observations on the proposed operation to the Commission.
Observations must reach the Commission not later than 10 days following the date of this publication. The following reference should always be specified:
M.11340 – I SQUARED CAPITAL / TDR CAPITAL / APPLUS
Observations can be sent to the Commission by email or by post. Please use the contact details below:
Email: COMP-MERGER-REGISTRY@ec.europa.eu
Postal address:





European Commission




Directorate-General for Competition




Merger Registry




1049 Bruxelles/Brussel




BELGIQUE/BELGIË







(1)  
            OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’).

(2)  
            OJ C 160, 5.5.2023, p. 1.


ELI: http://data.europa.eu/eli/C/2023/1007/oj
ISSN 1977-091X (electronic edition)