In this Research Note, we examine Apleona, a leading German real estate technical services provider and facility manager, based on their recent activities, 2023 projected revenues, M&A strategy, and target markets.

Based in Neu-Isenburg near Frankfurt am Main, Apleona successfully closed the merger with Gegenbauer, another German facility and real estate service provider as of July 3, 2023, creating a European industry leader with 40,000 employees in more than 30 countries and revenue of EUR 3.5 billion. Its core business is integrated facility management with a strong focus on technical building management and the markets of Germany, Austria and Switzerland.

Apleona Investments

In October 2023, Apleona completed a strategic investment in Eastway, an Irish specialist in data-driven, predictive maintenance and AI-based monitoring of assets in building operations. Founded in 2001 and headquartered in Limerick, Ireland, the technology specialist advises customers on condition-based and predictive maintenance solutions for critical assets such as HVAC units, compressors, chillers or pumps.

These solutions combine 24/7 sensor-based online monitoring and expert advice with building services engineers and specialists. Their recommendations and decisions are supported by data collected from machine learning diagnostics. The solutions are OEM (original equipment manufacturer) independent.

Apleona Recent Acquisitions

In March 2022, Apleona acquired Siemens Gebäudemanagement & Services (SGS), a technical facility management company based in Vienna, with sites throughout Austria.

In addition to Siemens, its customers include renowned logistics, real estate and industrial companies as well as public sector institutions. With a total of around 260 employees, the company generates sales of around EUR 75 million.

In October 2022, Apleona acquired three companies:

FM Solutions Sp z o.o., a technical facilities management services provider in Poland. Founded in 2014, FM Solutions has grown into the dominant provider of technical maintenance, repairs and installation services across key southern regions of Poland - with a presence in Krakow, Katowice and Wroclaw. FM Solutions offers its customers a portfolio of technical services including HVAC, Fire & Security and BMS. The company employs over 300 staff including 200 qualified technical specialists and 40 specialist service mobile engineers.

Combined Technical Solutions Limited (CTS), a UK-based multi-technical facilities management services provider. CTS was established in 1999 and has over 180 employees. The company provides a complete range of M&E services to a series of flagship and Tier 1 corporate buildings in London and Manchester. Its client portfolio includes blue-chip financial and legal services firms, as well as iconic London buildings.

Acacia Facilities Holdings Limited and its subsidiary Acacia Facilities Management Limited. Acacia is headquartered in Dublin and is one of the two largest owner-managed integrated facility management providers in Ireland. They have approximately 230 employees across Ireland. Acacia is particularly well known for managing a number of the European headquarters of many major blue-chip companies based in Dublin.

In order to better serve the high demand for integrated building services in Europe, the Apleona CEO raised the prospect of further acquisitions to expand the European platform in July 2023.

Since then, the acquisition of a UK technical maintenance specialist, JCW Group, based in Royston, Cambridgeshire was closed in September 2023.

We expect further targeted Apleona investments in expertise, specialists and shareholdings of green or proptech companies and building engineering firms in Europe.

This article was written by Daphne Tomlinson, Senior Research Associate at Memoori.