Bain Capital acquires Apleona

April 2025 | DEALFRONT | PRIVATE EQUITY & VENTURE CAPITAL

Financier Worldwide Magazine

April 2025 Issue

On 14 February, Bain Capital, one of the world’s leading private investment firms, agreed to acquire Apleona, a leading European provider of integrated facility management (FM) based in Neu-Isenburg near Frankfurt, from PAI Partners, for a reported $4.2bn.

The investment was made by a consortium led by Bain Capital’s private equity (PE) team in Europe and will support Apleona’s continued growth and development into Europe’s leading integrated FM group.

Under PAI Partners’ ownership since 2021, Apleona has undergone significant transformation, achieving a milestone of €4bn in revenue in 2024. The company has expanded its footprint across Europe through 14 strategic acquisitions, including the purchase of Gegenbauer in 2023. It has also invested heavily in digital transformation, integrating data-driven and artificial intelligence (AI)-based technologies for building management, such as predictive maintenance systems and advanced heating, ventilation and air conditioning control solutions. In the UK, Apleona acquired Combined Technical Solutions Ltd in 2022 to enhance and expand its planned and reactive hard services maintenance capabilities.

Apleona has over 40,000 employees in more than 30 countries and manages and operates real estate from all asset classes, production facilities, and cross-regional and country portfolios. Its customers include market-leading companies from a wide range of industries, including technology, finance, healthcare, chemicals, automotive, utilities, and information and communications technology companies.

As an integrated facility manager with strong technical expertise and an international presence, Apleona provides high-quality, innovative services to regional and large, cross-border customers, addressing the increasing demand for environmental, social and governance (ESG) solutions and products that reduce energy consumption and CO2 emissions in buildings.

“Under Bain Capital’s ownership, Apleona will remain an independent company, supporting its position as a leader in integrated facility management with advanced self-delivered technical and digital expertise and sustainable solutions for the decarbonisation of buildings,” said Jochen Keysberg, chief executive of Apleona. “We would like to thank PAI for its strong support and partnership since 2021. We will continue to grow Apleona through acquisitions, expand our service offering and regional coverage in Europe, and leverage AI, digital solutions and automation for the benefit of our customers.”

“Apleona is one of Europe’s leading facility management companies and has undergone an impressive transformation in recent years,” said Michael Siefke, a partner and chair of Europe PE at Bain Capital. “For the last years, we have been actively looking to invest in companies decarbonizing buildings and are proud to partner with Apleona supporting the company in its next phase of growth and development. Apleona will continue to drive growth with the global resources of Bain Capital and the extensive experience of our industry team.”

“We are pleased to have successfully supported Apleona’s strong growth over the last four years and to have guided its transformation into the leading European provider of integrated facility management – a classic PAI investment in the Real Economy,” said Ralph Heuwing, partner and head of DACH at PAI Partners. “With a strong European platform, a comprehensive range of services and clear leadership in sustainability and decarbonisation, Apleona is well positioned to continue its success in the years to come.”

On 17 February, Mubadala Investment Company, an Abu Dhabi-based investment company, announced that it had agreed to acquire a minority stake in Apleona.

Bain Capital has 24 offices across four continents, more than 1850 employees, and approximately $185bn in assets under management. PAI Partners has more than €28bn of assets under management and, since 1994, has completed over 100 investments in 12 countries and realised more than €25bn in proceeds from over 60 exits.

Richard Summerfield