The French affiliate of Apax Partners has agreed to sell Parkeon, a parking company, to Barclays Private Equity, for around €260 million (€354 million).
Parkeon is the former parking and ticketing division of global technology services company Schlumberger. The company has car-parks across Europe and it provides public transport tickets for organisations such as Docklands Light Railway in London and French national train operator SNCF.
Apax, alongside management, led the leveraged buyout in 2003 and the buyout firm carried out a €150 million refinancing of the company in February 2006.
The ticketing and car-park business became profitable during Apax’s ownership and it also entered the United States, where Apax claims Parkeon has high growth prospects.
Parkeon’s turnover increased by 20 percent to reach €150 million and its operating result nearly tripled. The stated intention of the company’s refinancing was to increase the company’s turnover to €200 million by 2010.
The deal must be approved by antitrust authorities.
The deal follows the £790 million ($1.6 billion, €1.2 billion) sale of British parking group NCP to Australian bank Macquarie by UK-buyout firm 3i in March and the €885 million sale of German parking group APCOA to French buyout firm Eurazeo in February, both this year.
Paris-based Apax Partners operates independently of Apax Partners in London and raises and invests its own funds. It has over €2 billion under management and invests in various sectors including media, health and financial services.