Astorg acquires Parkeon in €450m deal, nears close on 6th fund

The deal, of which rumours had surfaced in January, was finalised and confirmed earlier this week.

In the SBO, Astorg acquired the group from ICG and European Capital, which had both originally invested in 2013, taking over from Equistone Partners Europe.

The estimated €450m EV deal – representing an 11x multiple of Parkeon's EBITDA – is the second investment made with Ardian's sixth buyout fund Astorg VI, which launched in September 2015 with double the commitments of Astorg's previous fund. Astorg VI recently held a second close on €1.7bn and is expected to close on its €2.1bn hard-cap in May.

According to media reports, the transaction, headed by Credit Suisse, also saw interest from trade buyers such as Xerox, Danaher and Cubic.

Company
Parkeon's history dates back to 1968 when its very first parking terminal was developed.

It currently offers parking management and public transport ticketing services in nine countries spread across different continents.

Parkeon's turnover for 2015 was €225m – up 15% from the previous year – and its EBITDA reached an estimated €40m.

People
Astorg Partners – François de Mitry, Stéphane Epin (partners); Thomas Carbonel, Benjamin Dierickx (associate directors); Emmanuel Berdugo (associate).

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• Topics
• Buyouts
• Infrastructure
• France
• France
• Astorg Partners
• Secondary buyout