
Andera Partners in Conduent carve-out
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).
Latest News
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater