Andera Partners in Conduent carve-out

Francesca Veronesi
26 April 2018

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Andera Partners has acquired a majority stake in the UK- and France-based off-street parking business of Conduent, a US-based provider of diversified business process services.

Andera confirmed it drew capital from its Winch Capital 3 vehicle, investing alongside the management team, who will become shareholders for the first time.

A unitranche debt package was arranged for the transaction, provided by Idinvest, Unquote understands.

Conduent plans to divest non-core assets with a total turnover of up to $500m this year. The Florham Park-based development company is the world's largest provider of diversified business services, including digital payments, claims processing, benefit administration, automated tolling, customer care and distributed learning.

The group was formed in 2017 as a carve-out from Xerox. Conduent's clients include a number of Fortune 100 companies and more than 500 government entities.

Andera's backing will help the business to continue its international expansion strategy.

Company
The off-street parking businesses of Conduent include the Conduent Multipark System in France and the UK, in addition to the US airport parking business. The company designs and manages installations and organises the maintenance of car-park ticketing systems. It serves blue chip and local clients such as car-park operators, municipalities and airports.

The businesses generate a turnover of approximately €30m, employing 150 people in total. The French business is based in Asnières sur Seine.

People
Off-Street Parking, Conduent – Laurent Gilles (director of operations).
Andera Partners – François-Xavier Mauron, Antoine Le Bourgeois, Arthur Milliard (partners).

Advisers
Equity – PwC, David Willems, Béatrice Vassy, Flore Simonet, Walid Bagga, Yoann Rouach, Aurelie Cluzel, Cécile Debin, Joanna Wereda, Sandrine Cullafroz-Jover, Audrey Mazarin-Bartholet (M&A, legal); CMI Stratégies, Nicolas Kandel, Hugo Périer, Edouard Lam, (commercial due diligence); Volt Associés, Emmanuel Vergnaud, François-Joseph Brix, Stéphane Letranchant, Lucille Pothet (legal).
Management – Dechert, François Hellot, Laurent Kocimski (legal).
Company – Bryan Garnier & Co; Guillaume Nathan, Jonathan Bohbot, Clément Décante (M&A); EY, Thibault Mignonac, Vikram Srinivas, Ankit Bansal (commercial due diligence); Osborne Clarke, Catherine Olive, Sara Valentine, Eve Huchon, Stephanie Delage, Josselin Nony-Davadie (legal).