APCOA sells to Eurazeo in secondary deal(2)

Investcorp, a Bahrain-based alternative assets manager, has sold APCOA, a car park operator, to Eurazeo, the French investment group in its first deal outside of France.

Eurazeo, a quoted French buyout group, is buying APCOA, a German-based manager of parking services, from Investcorp, an alternative asset manager, for an enterprise value of €885 million.

Eurazeo saw off competition from Bridgepoint, TDR Capital, Macquarie and 3i-backed rival NCP.

It is the company’s first investment outside its domestic market. Patrick Sayer, chairman of the Eurazeo executive board, said: “This investment confirms our interest in the German market, where APCOA is the leading operator.”

APCOA has operations in 13 countries, primarily Germany, UK and Scandinavia. The group manages more than 3,300 car parks providing some 725,000 car parking spaces, and employs 2,900 staff. In 2006 APCOA had sales of €489 million, up seven percent on 2005.

Xavier Marin, member of the Eurazeo executive board added: “We will be working with the management to pursue this growth strategy and to further the group’s development in areas of Europe where it is not yet present.”

With more than €6 billion in diversified assets and a market capitalisation of €5.8 billion, Eurazeo is a majority or key shareholder in companies such as Europcar, Rexel, B&B Hotels and ANF.