Investcorp has agreed to sell APCOA, a pan-European manager of parking services, to Eurazeo for €885m.
APCOA has operations in 13 countries, primarily in Germany, the UK and Scandinavia. The group manages 3,300 car parks and employs 2,900 people. It manages town centre car parks as well as shopping centre, airport and hospital parking. In 2006 APCOA had sales of €489m, according to a statement.
Thilo Sautter, head of the German private equity practice at Investcorp, said, ‘We are delighted with the sale of APCOA to Eurazeo, after having led the successful transformation of APCOA to the leading European car park operator. Eurazeo is an excellent shareholder for APCOA and will provide APCOA with the necessary resources to continue the international expansion and support the growth strategy initiated under Investcorp’s stewardship.’
Patrick Sayer, chairman of the Eurazeo executive board, said, ‘We are delighted to have reached an agreement to acquire APCOA, which demonstrates our ability to carry out large transactions outside France. This investment confirms our interest in the German market, where APCOA is the leading operator.’
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