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An article by NKP | M&A Insights - updated: 26 February 2026
For the purpose of this analysis, Testing, Inspection, Certification & Compliance (TICC) platforms refer to businesses that provide ongoing, standards-based verification, compliance, and assurance services embedded in regulatory, safety, or quality-critical workflows.
This includes providers offering:
The defining characteristic across these platforms is that services are embedded in recurring, compliance-driven or safety-critical workflows, rather than delivered as one-off advisory or project-based engagements.
This analysis does not include:
TICC platforms have attracted sustained buyer interest due to a combination of regulatory complexity, safety requirements, accreditation barriers, and recurring compliance obligations.
Across industries ranging from energy and infrastructure to food, pharmaceuticals, and advanced manufacturing, regulatory oversight and quality assurance requirements have increased steadily. The cost and operational burden of maintaining accredited in-house capabilities often support long-term outsourcing to specialist providers.
From a buyer and investor perspective, this typically translates into:
Failure risk in safety-critical or regulated environments further increases switching costs, reinforcing revenue durability for well-positioned platforms.
While often grouped under a single “TIC” label, the sector spans multiple sub-segments with materially different operating models and valuation characteristics.
At one end of the spectrum are industrial inspection and asset integrity platforms, delivering field-based verification, non-destructive testing, and reliability services tied to operational uptime and safety compliance. These businesses often benefit from recurring maintenance cycles, route density advantages, and high safety criticality.
Laboratory-based testing platforms, including environmental, food, materials, and life sciences testing providers, operate asset-intensive networks of accredited laboratories. Barriers to entry are typically linked to accreditation, technical expertise, regulatory approvals, and customer audit requirements. Margin profiles and scalability can differ meaningfully depending on end-market exposure and laboratory specialisation.
Certification and conformity assessment providers operate within standards-based frameworks, issuing certifications tied to regulatory, safety, or quality standards. Revenue visibility is often supported by periodic audits and renewal cycles, though competitive dynamics can vary by standard and geography.
In addition, certain platforms have expanded into sustainability assurance, cybersecurity verification, or other emerging compliance domains. While growth rates in these segments may be higher, valuation outcomes depend heavily on whether services are embedded within regulated assurance frameworks or resemble advisory models.
Understanding where a company sits within this spectrum is critical to interpreting valuation outcomes.
Transaction details, valuation metrics, and supporting context are available to NKP subscribers.
~10x
EV/EBITDA (2025-12R)
Headquartered in Rotherham, South Yorkshire (UK), ICA Group is a construction-sector inspection, building control and compliance consultancy platform focused on safeguarding quality and regulatory compliance on live projects. The group provides services such as quality/site inspection (“clerk of works” style), building control, gas & electrical auditing, and building regulation / fire safety consultancy, targeting workflows that are compliance-led and difficult for clients to defer without increasing delivery and liability risk.
In February 2026, German-headquartered Certania Group announced its acquisition of Ica Group from CEPS, at an enterprise value of GBP 30.5m, while the UK firm had been marketed off 2025 adj. EBITDA of approximately GBP 3m, the transaction thus representing an EV/EBITDA (2025R ~ FY0) of 10x.
11.2x
EV/EBITDA (2026-12E)
Applied Technical Services (“ATS”) (headquartered in Marietta, Georgia) is a North America-focused provider of specialised testing, inspection, calibration and forensics services, supporting quality, safety and reliability requirements across a range of industrial end-markets. ATS has been built into a scaled platform through an active buy-and-build programme under Odyssey Investment Partners (reportedly ~40 acquisitions since 2020), broadening both its service breadth and end-market exposure. It is relevant in a TICC valuation context because SGS is explicitly using the acquisition to materially strengthen and scale its North American footprint while adding capability in high-value, technical inspection/testing and related compliance services.
According to the official findings from the time, the transaction valued ATS at an enterprise value of USD 1.325 billion, corresponding to a forward EV/EBITDA (2026E ~ FY1) of 11.2x before synergies.
~28.6x
EV/EBITDA (2024-12E)
Headquartered in the Netherlands (group base referenced in Woerden / Krimpen aan den IJssel), Sansidor is a testing, inspection and related services (TIS/TIC) platform built as a network of specialist operating companies focused on safety, health and sustainability in buildings and technical installations - i.e., recurring, compliance-led activities that customers cannot easily defer. Its service scope spans fire safety, water quality, air quality, infection prevention, electrical inspections/thermography, and HVAC/burner system inspections, positioning it squarely in “built-environment compliance” rather than classic product certification.
In July 2024, IK Partners announced it was acquiring Sansidor from its founding owners. According to our analysis of the statutory accounts for SG TopCo SRL, the acquisition amounted to an enterprise value of approximately EUR 180m. For 2024, the target reported unadjusted EBITDA of EUR 6.3m, the transaction thus corresponding to an EV/EBITDA (2024-12E ~ FY1) of 28.6x.
18.1x
EV/EBITDA (2024-06R)
Normec Group (“Normec”) (headquartered in Amsterdam, the Netherlands) is a pan-European testing, inspection, certification and compliance (TICC) platform with core exposure to foodcare, life safety, healthcare, and sustainability-related assurance services, delivered through an accredited network across six European countries and a workforce of 5,000+ employees. Normec is relevant in a TICC valuation context because Astorg’s 2024 roll into the “Normec Continuation Fund” (a €1.4bn continuation vehicle backed by lead secondary investors including CVC Secondary Partners, Pantheon, Lexington Partners and Eurazeo) was explicitly positioned to provide additional time and capital to continue scaling the platform’s buy-and-build strategy - with Astorg noting that since its 2020 entry, Normec has more than quadrupled in size and completed 40+ acquisitions - and to support the next phase of expansion (including exploring US opportunities).
According to Normec Group’s own press release for the acquisition by the continuation vehicle, the company was valued at “over EUR 2 billion”, which we understand related to the implied enterprise value. According to an analysis published by S&P Global in relation to their rating of Normec’s debt, the company reached adj. EBITDA (incl. Full year effects of acquisitions) for financial year 2024 of EUR 110m. The transaction thus represented an EV/EBITDA (FY0) of 18.1x.
~6.4x
EV/EBITDA (2024-12E)
Headquartered in Madrid, Spain, Applus+ is a global testing, inspection and certification (TIC) group providing mission-critical assurance services across regulated and safety-sensitive environments. Operationally, it combines (i) industrial inspection and NDT capabilities supporting asset integrity in sectors such as oil & gas (inspection, NDT, certification and technical assistance), (ii) a sizeable laboratories/testing and certification footprint (product testing, certification and market access), and (iii) a large automotive services business (including vehicle inspection-related activities in multiple markets).
In June 2024, the PE funds TDR Capital and I Squared Capital announced their acquisition and take-private of Applus+ at an enterprise value of EUR 2.5 billion. The company was at the time expected to generate 2024 adjusted EBITDA of around EUR 389m, the transaction thus reflecting an EV/EBITDA (2024E ~ FY1) of 6.4x.
~9.7x
EV/EBITDA (2024-12E)
Headquartered in Tomball, Texas (USA), Acuren is a large-scale industrial inspection, nondestructive testing (NDT/NDE), and engineering services provider focused on critical asset integrity for energy and industrial customers across North America. Its offering set is built around field inspection and advanced NDT, complemented by rope access (to perform inspection/repair work in hard-to-reach environments) and engineering + laboratory testing capabilities used for fitness-for-service, failure analysis, and materials testing.
In May 2024, American Securities announced it had agreed to sell Acuren to Admiral Acquisition Limited, a SPAC, for an enterprise value of USD 1,850m. Acuren had been marketed off adjusted 2024 EBITDA of USD 190m, the acquisition thus representing an EV/EBITDA (2024E ~ FY1) of 9.7x.
20.8x
EV/EBITDA (2022-12E)
Phenna Group is a buy-and-build TICC platform built around a portfolio of specialist testing, inspection, certification and compliance businesses serving regulated, mission-critical workflows (i.e., services customers can’t easily defer without introducing safety / regulatory risk). In platform terms, the core model is to acquire niche, accredited operators, keep strong local management/brands, and compound growth through cross-sell, capability expansion, and ongoing bolt-on M&A.
In 2022, Inflexion sold its minority stake in TICC services firm Phenna Group to Oakley Capital at an implied enterprise value of GBP 1,248m according to our analysis of the statutory accounts for TIC Bidco Limited (the acquisition vehicle used by Oakley Capital). Phenna Group had been marketed off 2022E adj. EBITDA of GBP ~60m according to our proprietary sources, the 2022 deal thus reflecting an EV/EBITDA (FY1) of 20.8x.
~27.3x
EV/EBITDA (2021-12R)
Alcumus was, at the time of Apax’s investment, a technology-led risk management and compliance platform spanning EHS, ESG and supply-chain compliance - positioned to help enterprises and their contractor/supplier networks anticipate, manage and evidence compliance risks across people, operations and sustainability requirements.
In February 2022, Apax Funds announced its acquisition of Alcumus (UK) at an implied EV of GBP 657.2m - according to our analysis of the statutory accounts of Dragon UK HoldCo - or 33.5x (2021R ~ FY0) EBITDA of GBP 24.1m.
~27x
EV/EBITDA (2021-12R)
Element Materials Technology was, at the time of Temasek’s acquisition, a scaled, global, lab-led TIC (testing, inspection & certification) provider focused on materials testing, product qualification and compliance assurance in end-markets where failure is unacceptable and regulatory / customer standards drive recurring demand. Element positioned itself as a “certainty” partner to companies operating in highly regulated industries, supporting products from development and qualification through ongoing compliance testing.
In January 2022, Temasek announced its acquisition of Element Materials Technology (UK) at an implied EV of USD 5,994m - according to our analysis of the statutory accounts of EM Topco Limited - or 27x (2021R ~ FY0) adjusted EBITDA of USD 221m.
10.7x
EV/EBITDA (2021-12E)
GBA Group (“GBA”) (headquartered in Hamburg, Germany) is a leading independent TICC provider of bio-analytical laboratory services in the DACH region, with a meaningful footprint in Belgium and Poland. GBA’s core testing competences are concentrated in resilient, regulation-driven domains such as food & beverage, pharmaceutical and environmental analytics, delivered through an accredited laboratory network. It is relevant in a TICC valuation context because Ardian acquired a majority stake (alongside management and re-investment from the prior owner) as a classic scaled lab-services platform where valuation outcomes are typically underpinned by accreditation barriers, recurring compliance demand, and the ability to consolidate fragmented specialist testing capacity under a broader network model.
According to our analysis of the statutory accounts for GBA Holding GmbH in Hamburg, the April 2021 transaction valued GBA at an enterprise value of EUR 560m. For the full fiscal year of 2021, the group had adjusted EBITDA of around EUR 52m, the investment thus corresponding to an EV/EBITDA (FY1) of 10.7x.
~12x
EV/EBITDA (2020-06R)
Headquartered in Millbrook, Bedfordshire (UK), Millbrook was, at the time of UTAC CERAM’s acquisition, a vehicle testing, validation and engineering services specialist built around one of Europe’s best-known proving-ground assets, supporting OEMs and suppliers with development and approval testing across powertrain, durability, safety and emerging mobility technologies. It operated as a scaled, sponsor-owned platform with £83m revenue (2019) and a long operating history (founded 1970).
In December 2020 Utac Ceram, a French firm backed by Eurazeo, announced its acquisition of UK-based Millbrook from Spectris Plc at an enterprise value of GBP 133m according to the official filings at the time. For the 12 months ending June 30, 2020, Millbrook delivered adjusted EBITDA of GBP 11.1m, the transaction thus corresponding to an EV/EBITDA (2020-06R ~ FY0) of 12x.
13.8x
EV/EBITDA (2020-06R)
Normec Group (“Normec”) (headquartered in Amsterdam, the Netherlands) is a pan-European testing, inspection and certification (TIC/TICC) platform focused primarily on the foodcare and life, safety & environment markets, delivering accredited services that support ongoing quality, safety and compliance requirements. Normec is relevant in a TICC valuation context because Astorg’s 2020 acquisition (from Summit Partners) was explicitly framed around backing a buy-and-build consolidation strategy in a highly fragmented market—Normec had already completed 20+ specialist acquisitions by that point, positioning it as a scalable platform where value creation is driven by accredited capability expansion, geographic density, and cross-selling across regulated end-markets.
According to sources familiar with the deal at the time, when Astorg acquired Normec Group from Summit Partners (announced June 2020), the transaction valued Normec at an enterprise value of around EUR 360m. Normec reported EBITDA of EUR 26m for the financial year ending 30 June, 2020, the investment thus reflecting an EV/EBITDA (FY0) of 13.8x.
12.7x
EV/EBITDA (2019-12E)
SOCOTEC (France – headquartered in Paris) is a leading European testing, inspection and certification / risk-management platform focused on the integrity, safety and performance of buildings, infrastructure and industrial assets across their lifecycle. The company is majority-owned by Cobepa, and in 2019 a CD&R-managed fund agreed to acquire a significant minority stake (often reported at c. one-third) as part of a shareholder reshuffle, positioning SOCOTEC as a scaled, regulation-embedded platform in a fragmented market. It is relevant in a TICC valuation context because SOCOTEC sits in the “hard” end of TICC-mission-critical inspection and assurance tied to regulated construction and infrastructure workflows, where valuation outcomes are typically underpinned by recurring compliance demand, accredited capability depth, and continued consolidation runway under sponsor ownership.
In December 2019, it was announced that Clayton, Dubilier, & Rice (CD&R) was to acquire a 33% minority stake in Socotec, valuing the French firm at an enterprise value of around EUR 1.8 billion (the EV was from reporting by the Wall Street Journal). The company had reportedly been marketed off 2019 adjusted EBITDA of EUR 142m, the investment thus representing an EV/EBITDA (2019E) of 12.7x.
~21.8x
EV/EBITDA (2018-12E)
Headquartered in Austin, Texas (USA), Alchemy Systems was, at the time of Intertek’s acquisition, a technology-enabled “people assurance” / compliance training platform focused on frontline workforces in environments where safety, quality and regulatory adherence are operationally critical (notably food & beverage manufacturing, broader industrial/manufacturing and distribution). Intertek described Alchemy as a high-growth, high-margin, capital-light provider whose platform strengthened Intertek’s global Assurance proposition by addressing risk through workforce capability and compliance execution (i.e., preventing incidents and audit failures at the point of work).
In August 2018 Intertek Group Plc announced it was acquiring Alchemy Systems at an enterprise value of USD 480m paid in cash. Alchemy was marketed off USD 22m in adjusted EBITDA for 2018, the transaction thus representing an EV/EBITDA (2018-12E ~ FY1) of 21.8x.
~24.6x
EV/EBITDA (2017-12R)
Headquartered in Basingstoke, United Kingdom, Supplier Assessment Services (SAS) was a technology-enabled compliance and supply-chain risk platform helping organisations pre-qualify, accredit and continuously monitor suppliers and contractors - particularly in UK sectors with high safety and regulatory exposure (e.g., construction and facilities management).
In June 2018 the US private equity firm Warburg Pincus announced its acquisition of the Supplier Assessment Services of Capita Plc at an enterprise value of GBP 160m, according to the official filings at the time. For 2017, the business unit had generated an EBITDA of around GBP 6.5m, the transaction thus reflecting an EV/EBITDA (2017~FY0) of 24.6x.
Across the transactions analysed, EV/EBITDA outcomes span approximately 6x to high-20x, with most sponsor-backed platform deals clustering in the 10x–20x range.
However, dispersion is structural rather than cyclical.
Broadly:
The key takeaway is that TICC is not a homogeneous valuation category. “TIC” as a label explains little in isolation.
Ultimately, valuation in TICC is less a function of sector label and more a function of where a platform sits along the spectrum from asset-intensive industrial services to embedded, recurring compliance ecosystems.
Valuation dispersion in TICC is driven less by the “testing/inspection” label itself and more by a combination of structural, commercial and technical factors.
Key drivers typically include:
1. End-market criticality
Exposure to:
2. Degree of regulatory embeddedness
Revenue tied to:
3. Recurring revenue visibility
Platforms with:
4. Asset intensity & scalability
5. Buy-and-build credibility
Platforms with:
6. Geographic footprint & accreditation depth
Cross-border accreditation and technical approvals create defensibility that is difficult to replicate organically.
The buyer universe in TICC is dominated by financial sponsors, with selective participation from global strategics (SGS, Intertek, Bureau Veritas, Applus+, etc.).
Continuation funds (e.g., Normec) highlight the durability of the consolidation thesis in scaled platforms
Despite broader M&A volatility, buyer interest in TICC platforms has remained resilient.
However:
Unlike discretionary B2B services, compliance-linked TICC demand has proven comparatively stable across cycles.
In reality, accredited capabilities and regulatory approvals create defensible niches.
Scaled consolidators with recurring compliance exposure have transacted at materially higher levels.
Buyers focus on earnings defensibility, accreditation depth, and M&A integration capability.
Even software-enabled platforms are underwritten primarily on cash flow durability, not SaaS-style growth optics.
NKP’s focus is editorial coverage for professional investors and advisors. We do not provide bespoke valuation opinions or comp analyses on request.
We work directly with company owners or sell-side advisors where there is a clear rationale for coverage that would be relevant to our subscriber base - typically to ensure accurate context and positioning.
If you believe your company or situation fits that category, you are welcome to reach out in confidence - we will treat it confidentially, and with no obligations implied.
Valuation references in this analysis are indicative and reflect NKP | M&A Insights’ assessment of historical transactions based on publicly available information at the time of writing, including statutory accounts, regulatory filings, credit rating agency reports, sponsor materials and company press releases.
Where enterprise values are not explicitly disclosed, they are derived from disclosed consideration, debt assumptions, or implied values in transaction vehicles (e.g. BidCo / TopCo entities), cross-checked against available filings.
EBITDA figures reflect the metric referenced at the time of marketing where identifiable (e.g. adjusted EBITDA), or NKP’s assessment based on the most recent published annual accounts.
For clarity:
Where forward EBITDA was used in marketing materials, multiples are presented on an FY1 basis. Where historical accounts were the primary reference, multiples are presented on an FY0 basis. The basis applied is specified in each transaction summary.
In certain cases, EBITDA may reflect normalisation adjustments or full-year effects of completed acquisitions where such information was clearly disclosed. These adjustments reflect NKP’s assessment and may differ from buyer-underwritten figures.
Where precise figures are unavailable, ranges or approximations are used based on best available sources. All valuation references should therefore be interpreted as directional indicators rather than definitive transaction terms.
Supporting detail and transaction backup materials are available to NKP subscribers.
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