Triton - Bureau Veritas Fuel & Coal Testing, Inspection and Certification Division

WA-01119

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: 1. Oil & Petrochemicals (**O&P**), comprising O&P Trade, O&P Upstream and on-site/outsourced laboratory services; 2. Specialties, comprising Oil Condition Monitoring, Marine Fuels and Renewable Fuels; and 3. Coal, comprising Coal Upstream, Coal Downstream and Coal Trade.