Our approach > Case studies > Apleona

Developing the leading European provider of integrated facility management

20%

Revenue CAGR

90%

Cash conversion

Acquisitions

Overview

Key facts

Sector

Business Services

Headquarters

Germany

Investment date

April 2021

Ownership

42.5%

Exit date

September 2025

Learn More

In April 2021, PAI completed the acquisition of Apleona, a leading European provider of integrated facility management (FM), offering high-quality, innovative services to customers across the continent. The company provides technical FM, building services and sustainability solutions to both regional and large, international customers.

With PAI’s support, Apleona accelerated its organic growth by leveraging a commercial excellence programme, strengthened the efficiency of its operations and expanded its platform through a series of strategic acquisitions. Apleona also underwent tech-driven transformation and digitalisation, and became a leader in decarbonisation and ESG-related FM services.

The success of this strategy led to Apleona becoming the pre-eminent leader in European technical FM, with an industry-leading financial profile and strong digital and ESG credentials. The sale of Apleona to Bain Capital completed in June 2025.

Real economy investment

A classic PAI investment in the real economy, PAI’s decision to acquire Apleona was based on its resilient business model and structural growth drivers, including increasing customer demand for outsourcing, integrated services, energy efficiency and decarbonisation.

In supporting Apleona, PAI leveraged its track record in Business Services, including its prior FM expertise in the transformations of Spie and M Group Services, as well as its continuous tracking of the asset over time and the development of a strong relationship with the Apleona CEO and management team.

Transforming Apleona

Under PAI’s ownership, the company grew significantly, from €2 billion revenue at entry to €4 billion for the first time in 2024. In addition, with PAI’s support, the company accelerated its digital transformation, standardising and automating processes to drive efficiency. This included investment in data and AI-based control systems for heating, ventilation and air conditioning (HVAC) and predictive maintenance of building technology.

As part of this strategy, Apleona acquired and successfully integrated 14 strategic acquisitions across Europe that enhanced its capabilities and scale, including the transformational acquisition of Gegenbauer in 2023. The company also scaled its Green Real Estate offering and made a number of key appointments across divisional management.

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.