Investcorp parks up at APCOA

Investcorp, the global buyout investor based in Bahrain, has acquired APCOA Parking, the Stuttgart-based parking management company, for an undisclosed sum.

APCOA Parking, a European parking management operator, has been sold by Salamander, a subsidiary of EnBW Energie Baden Wuerttemberg, the German utility, to private equity firm Investcorp.

Investcorp has acquired a 98.26 percent stake in the business. Details of the price paid along with other terms and conditions of the transaction were not disclosed. In line with German securities legislation, Investcorp will tender a mandatory offer to acquire the shares held by minority shareholders. 

Established in 1970, APCOA manages 2,400 parking locations representing 691,000 parking spaces across Europe. It employs 3,200 staff and has an annual turnover of more than €400 million.

The firm manages off-street parking in parking buildings, basement garages and car parks covered by leases or contracts for services. Its largest operations are in Germany and the UK, where it also offers on-street parking enforcement to local authorities. Other markets include Norway, Denmark, Netherlands, Sweden, Belgium, Poland, Italy, Austria and the Czech Republic.

“APCOA’s strong management team and established international businesses means that it is well positioned to benefit from the rapidly expanding European parking management industry,” said Thomas Middelhoff, head of European corporate investment at Investcorp.

A number of private equity-backed car parking deals have been completed in recent years. In 2002, a fiercely competitive auction saw Cinven acquire NCP, the UK car park operator, from Cendant for £820 million. Meanwhile, mid-market investor Bridgepoint Capital owns CarPark, the Nordic car park operator it acquired in 2001.  
Established in 1982, Investcorp has offices in Bahrain, London and New York and has since completed transactions worth a total $25 billion. Its European portfolio companies include Minimax, Hilding Anders and Gerresheimer Glas, while in the US it owns Aero Products International, PlayPower and MW Manufacturers.