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Parkeon completes a €140M refinancing to accelerate growth
Paris, February 2nd, 2006 - the shareholders of Parcopole, a holding company which owns 100% of the Parkeon Group of companies, a world leading provider of parking and transport ticketing solutions, performed a refinancing to support the 5-year growth plan, that Parkeon embarked upon at the end of 2005.
This 5-year plan aims at growing Parkeon’s revenues from € 130m in 2005 to € 200m by the year 2010 while increasing its operating margins. Top line growth will be fuelled by a combination of installed base expansion in the European on-street and off-street parking markets, in conjunction with the deployment of Pay & Display terminals in North America, and a wider offering in Automated Fare Collection.
This refinancing has been designed to facilitate external growth by providing Parkeon with the ability to seize and quickly finance attractive acquisition opportunities in its core markets. This complements the new internal organization by Business Unit which has been implemented as of January 31, 2006 and which is aimed at achieving ambitious but attainable organic growth targets.
The new financial structure involves a combination of Senior Bank Debt, Mezzanine Debt and Stand-by Credit Facilities to finance working capital requirements and future acquisitions, representing a total amount of €140m.
Following two years of sustained growth and increased profitability, the Funds managed by Apax Partners France will continue to support the group, re-committing substantial amounts of money in the transaction. Allied Irish Bank has arranged and underwritten the Senior Debt, the Mezzanine Debt and the Stand-by Credit Facilities.
Bertrand Pivin, Partner at Apax Partners, declared “Parkeon has demonstrated the effectiveness of its business model, generating sustained growth of the European installed
base and initiating the development of the high potential North American market. We are delighted to continue to support the growth of the group under the leadership of the management team who successfully leverages the strengths and skills inherited from Schlumberger”.
Yves Chambeau, President of Parkeon, added, “Parkeon can rely upon its solid European foundations to grow the top line, whilst seizing North-American on-street parking opportunities and extending its Parking and Transport offering. This refinancing provides us with the financial means to roll out our strategic plan.”
This refinancing has been designed to facilitate external growth by providing Parkeon with the ability to seize and quickly finance attractive acquisition opportunities in its core markets. This complements the new internal organization by Business Unit which has been implemented as of January 31, 2006 and which is aimed at achieving ambitious but attainable organic growth targets.
The new financial structure involves a combination of Senior Bank Debt, Mezzanine Debt and Stand-by Credit Facilities to finance working capital requirements and future acquisitions, representing a total amount of €140m.
Following two years of sustained growth and increased profitability, the Funds managed by Apax Partners France will continue to support the group, re-committing substantial amounts of money in the transaction. Allied Irish Bank has arranged and underwritten the Senior Debt, the Mezzanine Debt and the Stand-by Credit Facilities.
Bertrand Pivin, Partner at Apax Partners, declared “Parkeon has demonstrated the effectiveness of its business model, generating sustained growth of the European installed
base and initiating the development of the high potential North American market. We are delighted to continue to support the growth of the group under the leadership of the management team who successfully leverages the strengths and skills inherited from Schlumberger”.
Yves Chambeau, President of Parkeon, added, “Parkeon can rely upon its solid European foundations to grow the top line, whilst seizing North-American on-street parking opportunities and extending its Parking and Transport offering. This refinancing provides us with the financial means to roll out our strategic plan.”
About Parkeon (www.parkeon.com)
Parkeon is a global leading player in the fields of on-street and off-street parking and automated mass-transit ticketing equipment and systems.Its activities encompass the development, manufacture, installation and maintenance of equipment and systems, as well as related services, including systems management and hosting, which have leveraged a network of twelve data processing centres around the world.
Parkeon is leader of the on-street parking segment with a 58% global market share. With an installed base of 140,000 machines, the company’s parking terminals are a familiar sight in over 3,000 cities across 40 countries.
Its Pay & Display systems control over 3 million parking spaces around the world. Parkeon also has an installed base of 5,000 ticket vending machines for heavy and light rail, underground and multimodal transport operators in Europe, notably Belgium, Denmark, France, Sweden, Switzerland and the UK.
Based in Europe (Germany, Italy, Spain, Belgium, Scandinavia, the United Kingdom and France - where the Company is headquartered) and the United States, Parkeon employs over 850 people worldwide and generated revenues of €130 million in 2005. The company’s R&E center, production line and quality control centre are in Besançon, France. Its manufacturing facility has production capabilities of up to 2,000 Pay & Display units monthly and 1,000 ticket vending machines/access control systems annually.
Parkeon was formed in November 2003 after the spin-off of the parking & ticketing division of Schlumberger. Originally established in 1970, the Company has played a significant role in the development of Pay & Display technology, in which it has over 30 years experience.
More information: www.parkeon.com
Parkeon Press ContactNicolas Poirier
Parkeon SAS
+33 (0)1 58 09 81 10
npoirier@parkeon.com
Terry Walsby Media Relations for Parkeon
Terry Walsby
01628 639378
terry.walsby@btconnect.com
Apax Partners Press Contact
Agathe Heinrich
Apax Partners SA
+33 (0)1 53 65 01 35
agathe.heinrich@apax.fr
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