Centerbridge-backed Apcoa Parking acquires Xpert

Apcoa aims to continue its geographical expansion in Europe via the acquisition, according to a statement. Xpert's former owners, Zoran Ackovski and Klime Taskoski, will join Apcoa.

Unquote sister publication Mergermarket reported in July 2019 that Centerbridge was working with Goldman Sachs and JP Morgan to assess exit options for Apcoa. The company was forecast to generate €85m in EBITDA in 2019. According to Reuters, the sale of Apcoa could be valued at more than €1bn, equivalent to an entry multiple of more than 12x.

According to its website, Germany-headquartered Apcoa manages 1.4 million car parking spaces across approximately 9,000 sites in 13 countries. It generates revenues of SEK 800m.

Xpert is one of several add-on acquisitions made by Centerbridge during its investment period. According to Mergermarket, Apcoa acquired Ireland-based NCPS (National Controlled Parking Systems) and Denmark-based Onepark in May 2019.

Previous funding
Centerbridge acquired Apcoa from Eurazeo in 2014 as part of a debt restructuring process. The refinancing took place in August 2014, reducing the company's debt by €440m and extending its refinanced facilities for six years.

Investcorp acquired 98.26% of Apcoa from trade in 2004; the company underwent a refinancing of Apcoa in July 2006 and sold the business to Eurazeo in February 2007 for an EV of €885m.

Company
Xpert is based in Malmö and manages more than 40,000 car parking spaces in the southern Skåne region of Sweden. The company also offers parking-related services, including planning and remodelling of parking facilities, as well as servicing and repair of parking ticket machines. It has a staff headcount of 11-50 and was founded in 2015, according to LinkedIn.

People
Apcoa Parking – Philippe Op de Beeck (CEO).
Xpert – Zoran Ackovski (CFO); Klime Taskoski (manager).

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• Topics
• Nordics
• Industrials
• Portfolio management
• Build-up
• Sweden