Bureau Veritas has entered into exclusive negotiations with Triton Partners for the proposed sale of its Oil & Petrochemicals and Coal testing and inspection business. The planned divestment aligns with the Group’s LEAP | 28 strategy, supporting its ongoing portfolio optimization and long-term strategic objectives.
The proposed transaction would include the Oil & Petrochemicals and Coal testing and inspection activities. In 2025, this business generated approximately EUR 450 million in revenue operating a global network across multiple countries, with a significant footprint of operational sites and employees.
This business grew at a lower rate than the Group and is margin dilutive. It is included within Bureau Veritas’ “Optimize value and impact” portfolio and reported under the Agri-Food & Commodities division. The transaction supports the strategic objective to increase exposure to higher growth and margin businesses.
A key milestone in LEAP | 28 portfolio rotation
This transaction represents a significant milestone in Bureau Veritas’ portfolio transformation. Following completion and taking into account other recent acquisitions year-to-date, the Group will have executed approximately 20% portfolio rotation since the launch of LEAP | 28.
“This divestment is fully aligned with our LEAP | 28 strategy and our commitment to actively manage our portfolio,” said Hinda Gharbi, Chief Executive Officer of Bureau Veritas. “The Oil & Petrochemicals and Coal business operates in established and mature markets, and is led by a global team. Under the leadership of Triton Partners, we are confident that this business will continue to develop successfully. This transaction will create shareholders value as Bureau Veritas accelerates its planned portfolio pivots towards higher growth and higher margin activities."
The transaction, based on an enterprise value of EUR 470 million, implies an EV/EBIT multiple of 11.1x on 2025 results post IFRS16. The disposal will have a positive impact on the Group’s organic growth profile, adjusted operating margin and return on capital employed. The deal is anticipated to be broadly neutral to earnings after closing.
Bureau Veritas intends to redeploy the proceeds towards higher-growth and higher-margin businesses, in line with LEAP I 28 portfolio ambitions.
Transaction terms and timetable
This contemplated transaction, currently under negotiation, will be subject to information and consultation procedures with the relevant employee representative bodies, and could be finalized by the end of Q1 2027, subject to the fulfillment of customary conditions precedent.
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