Private Equity Exit: The APP Group exits to Bureau Veritas

Five V Capital is proud to announce our exit of The APP Group to Bureau Veritas, the global leader in testing, inspection and certification. The APP Group will join Bureau Veritas’ global network of over 1,500 offices and 84,000 employees, building on their growth ambitions across the property and infrastructure sectors. This transaction marks a significant milestone for The APP Group following a successful four-year partnership that facilitated significant growth, business transformation and acquisitions

The APP Group is a trusted and reliable partner for Australia’s most complex property and infrastructure projects. They operate as an integrated service model across the full asset capital investment lifecycle, providing market leading expertise and advice across key sectors including Transport, Property, Social Infrastructure, Energy & Utilities, Modern Methods of Construction and Defence & Security.

In 2021 Five V Capital acquired a majority interest in The APP Group, partnering with its management team led by CEO Adam Castro to embark on the next stage of growth. Since then, The APP Group has rapidly scaled to become a 500+nationwide team, with flagship project engagements including the North East Link, West Gate Tunnel, Cross River Rail and Sydney Metro.

The new partnership with Bureau Veritas will see The APP Group positioned to facilitate further expansion in its Building and Infrastructure capabilities across Australia and the wider Asia Pacific region.

Adam Castro, Chief Executive Officer of The APP Group said: “The APP Group is an Australian Property and Infrastructure leader and joining forces with a world leader in Bureau Veritas allows for continued growth, whilst leveraging a global network of services, systems and resource capability to support our clients and new market opportunities.”

Adam added, “This strategic union will not only support our expansion vision across the Asia Pacific region but also enhance our service delivery offering and experience to our clients, consolidating our position as a partner of choice. We look forward to being part of the Bureau Veritas Group and unlocking new opportunities for our people, clients, partners and the broader communities in which we operate.”

Angus Whitehead, Managing Director, Five V Capital, shared: “This transaction signifies another important milestone in The APP Group’s journey. We are proud to have served as custodians of the business over the past four years, witnessing its remarkable transformation as it pursued an ambitious growth agenda. We are grateful for the opportunity to have partnered with Adam Castro and APP’s dedicated team of over 500 professionals and look forward to watching APP’s continued growth as part of the Bureau Veritas Group.”

The transaction is subject to the Foreign Investment Review Board (FIRB) approval and is expected to complete in late 2024.

Congratulations to the APP management team and thank you to all our advisors that supported the transaction: MA Financial (M&A),Clifford Chance (Legal) and PwC (Finance and Tax). We look forward to The APP Group’s future and its continued success.

Five V deal team: Srdjan Dangubic, Angus Whitehead, Elliott Whelan

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