Bain Capital completed the acquisition of German facility management company Apleona from PAI Partners in a deal valued at approximately €4bn ($4.2bn).

The transaction marks one of the most significant private equity deals in the European facility management sector in recent years.

Apleona, formerly part of German industrial conglomerate Bilfinger SE, provides facility management services across commercial, industrial, and public sectors. The company employs more than 43,000 people across 30 countries. PAI acquired Apleona from EQT AB for €1.6bn in 2020 and has since expanded the business, positioning it as a leader in integrated facility services.

The deal follows PAI’s decision to explore strategic options for Apleona in 2023. After an initial sale attempt fell short of valuation expectations, the firm paused its divestment efforts. However, improving market conditions allowed PAI to revive discussions, culminating in the agreement with Bain.

Bain Capital’s investment aims to further strengthen Apleona’s market position and expand its footprint across Europe. The firm plans to support Apleona’s continued digitalization, operational efficiencies, and international growth strategy.

This acquisition comes amid a broader trend of private equity firms reigniting deal activity in the European corporate services sector. As firms like Advent International also reconsider stalled sales, Bain’s acquisition signals renewed investor confidence in infrastructure-related services.

The transaction underscores Bain’s strategic focus on asset-heavy industries with resilient demand and stable cash flows. With Apleona’s established reputation and growing service portfolio, the investment is poised to generate significant long-term value under Bain’s ownership.