Paris, 26 April 2007 – Funds managed by Apax Partners SA* have agreed to sell Parkeon, the world leader in on-street parking systems, to funds managed by Barclays Private Equity, for a total consideration of approximately €260 million. The transaction remains subject to approval by antitrust authorities.
Parkeon is the former parking and ticketing division of Schlumberger (e-city). The LBO conducted in 2003 by Apax Partners alongside management, led to the emergence of an independent, solid and highly profitable company. Parkeon is now a world leader in integrated parking solutions with 60% market share, as well as a major European player in the off-street parking access management and transport ticketing markets.
The company strengthened its core business, pay-and-display parking systems, turned its two other activities profitable and grew them, and entered a new territory, the United States, which offers very promising growth prospects. In 4 years, Parkeon's turnover increased by 20% to reach €150m and its operating result almost tripled. The number of employees rose to 900 from 800.
“Parkeon is a superb illustration of the effectiveness of the LBO model applied to high tech companies. The combination of a high-potential company, a world-class management and a sector-specialist fund helped establish Parkeon as an undisputed world leader. The company growth prospects led Apax Partners to reinvest alongside Barclays, the management and all the employees” said Bertrand Pivin, Partner at Apax Partners.
“During the 4 years spent alongside Apax Partners, Parkeon was able to firmly anchor its technological and commercial leadership. With Barclays and Apax Partners, Parkeon is in a position to continue implementing its development and external growth plan. The company will rely on its transversal positioning, giving it a unique capability to develop integrated solutions that respond to converging market evolutions” declared Yves Chambeau, Chairman of Parkeon.
“We were particularly convinced by the highly-motivated management team to pursue this adventure as well as by the growth opportunities of the company. Yves Chambeau and his team undertook remarkable development work on Parkeon which they intend to pursue for this future growth stage” said Gonzague de Blignières, Chairman of Barclays Private Equity.
This is the fourth acquisition transaction carried out by Barclays Private Equity this year in France.
*Apax Partners SA manages several funds including Altamir, a company listed on the Eurolist at Euronext Paris.
About Parkeon (www.parkeon.com)
Parkeon is the worldwide leader in the field of on-street parking, off-street parking access control and public transport ticketing systems.
The company constantly monitors the parking market and the evolving payment method requirements in order to develop new sales opportunities. It also offers global management solutions to establish parking policy and infrastructure management.
Its activities encompass the development, manufacture, installation and maintenance of equipment and systems, as well as related support services.
Parkeon is the global leader in the on-street parking segment with in excess of 60% market share. With an installed base of 150,000 on-street parking terminals and 800 off-street parking management systems, the company's products and systems make light work of mobility management in over 3,000 cities across 40 countries.
Parkeon also has an installed base of 5,000 ticket vending machines (TVMs) enabling national, regional and local rail network operators to better manage their customer relations in Europe, and more particularly in France, Belgium and the United Kingdom.
Parkeon employs 900 people worldwide and generated revenues of €140 million in 2006. The company has its head office in France, and has operations in Belgium, Germany, Italy, Scandinavia, Spain, UK, Australia and the United States. It relies on an international network of partners to cover other markets.
Parkeon was incorporated in November 2003 following the sale of the parking and ticketing division of Schlumberger. Originally established in the seventies, with over 30 years of experience in the sector the company has played a significant role in the development of Pay & Display technology.
About Altamir & Cie
Altamir & Cie is a listed company that co-invests with the private equity investment funds managed by Apax Partners SA and Amboise Investissement, a company listed on Euronext Paris.
Altamir leverages Apax Partners' know how and investment strategy, which involves backing fast-growing companies across its sectors of specialization: Tech & Telecom, Retail & Consumer, Media, Healthcare, Business & Financial Services.
Altamir is a SCR (Société de Capital Risque) listed on the Euronext Paris Eurolist market, Compartment C, Ticker: LTA, ISIN: FR0000053837.
As a reminder, Apax Partners created a second listed vehicle in 2006, Amboise Investissement, with the intention to merge Altamir and Amboise Investissement when their portfolios have converged.
Altamir and Amboise Investissement have announced that the merger option was being studied and that it might be followed by a capital increase, in order for both companies to continue their dynamic investment pace and to maintain their level of co-investment with the funds managed by Apax Partners SA.
For further information: www.altamir.fr
Apax Partners SA – Marketing Department
Tel: + 33 (0)1 53 65 01 35
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