Approved · Waiver · decided in 28 days, 9 Sept 2026
Triton-backed Power BidCo entities propose to acquire Bureau Veritas' global Fuel & Coal Testing, Inspection and Certification division via a 100% share acquisition. The division, sold by Bureau Veritas subsidiaries, provides scientific testing and analysis services across Oil & Petrochemicals, Specialties, and Coal.
Power BidCo Netherlands B.V., Power BidCo UK Limited and Power BidCo US LLC (together, the Power BidCos ), each an indirectly wholly controlled special purpose vehicle of Triton Fund 6 GP SARL, propose to acquire 100% of each of IOL Investments B.V., Inspectorate International Ltd and Bureau Veritas Commodities & Trade Inc (together, the Bureau Veritas Fuel & Coal Testing, Inspection and Certification Division ) from three subsidiaries of Bureau Veritas S.A., namely Bureau Veritas Nederland Holding B.V., Bureau Veritas Commodity Services Limited and Bureau Veritas Holdings Inc. (together, Bureau Veritas ) (the Acquisition ). The Power BidCos are indirectly controlled by Triton Fund 6 GP SARL ( Triton Fund 6 GP ) in its capacity as general partner of Triton Fund 6 SCSp (which, together with a number of other limited partnerships, form part of Triton Fund 6). Triton Fund 6 is one of several investment funds (the Triton Funds ) managed and advised by entities being part of the Triton group (collectively, Triton ). The Triton Funds, including Triton Fund 6, are dedicated to investing in medium-sized companies headquartered in Central and Northern Europe, with a particular focus on three core sectors: Industrial Tech, Business Services, and Healthcare. The target entities comprise Bureau Veritas' global Fuel & Coal Testing, Inspection and Certification division which operates across three principal product lines: Oil & Petrochemicals ( O&P ), comprising O&P Trade, O&P Upstream and on-site/outsourced laboratory services; Specialties, comprising Oil Condition Monitoring, Marine Fuels and Renewable Fuels; and Coal, comprising Coal Upstream, Coal Downstream and Coal Trade.