Paris-based private equity firm Astorg said it acquired Parkeon, a Paris-based global leader in urban mobility industry, payment solutions and public transport ticketing solutions, from London-based Intermediate Capital Group (ICG) plc (LSE: ICP) and European Capital, a wholly-owned affiliate of American Capital, Ltd. (NASDAQ: ACAS). Financial terms of the deal have not been disclosed.

Parkeon, founded in 2003, is a French company currently active in 50 countries, and quickly branching out into emerging nations in Eastern Europe, Asia and Latin America. With 900 employees mainly in France and the UK, Parkeon had a sales turnover of 225 million euros in 2015, serving more than 4000 municipalities over the world.

In its smart city division, Parkeon operates across the whole value chain of the parking payment sector, from the design and sale of parking meters, and their recurring maintenance and upgrade, to the management of payment processing and solutions for infrastructure management.

On the transport division, Parkeon manufactures ticketing equipment, validation terminals and associated software systems for public transport (railways, metro, and bus).

“This deal opens an exciting new chapter for the company. It will allow us to accelerate and reinforce our strategy of innovation and internationalization to serve increasing needs of municipalities all over the world to deal with congestion and pollution,” said Bertrand Barthelemy, CEO of Parkeon.

“Parkeon, as a global leader in its market, is well positioned to capture future opportunities in the industry with its strong focus on innovation and technology,” said Francois de Mitry, partner of Astorg. “The management team successfully implemented the transition from a hardware company to a technology company providing municipalities with turnkey services as management of payment processing and solutions for infrastructure management.”

“ICG is proud to have supported Parkeon and its management team since 2007, accompanying the group throughout its development from a hardware company to a truly global and digital player, providing daily value-added services and solutions to its clients’ needs,” said ICG Head of France Mezzanine Investments, Hadj Djemai. “ICG now leaves the company in very sound shape and wishes everyone at Parkeon and Astorg the best of luck for the future of the group”.

Rothschild and D&A acted as Astorg’s financial advisers in this transaction, Ayache Salama provided legal advice, and KPMG and ADL acted as due diligence advisors to Astorg.

Credit Suisse acted as financial advisor to ICG, Ashurst acted as lega advisor, and KPMG and BCG acted as ICG’s due diligence advisors in this tranaaction.

Astorg is an independent private equity fund management company, specializing in European mid-market buyouts, with total funds under management of over €4 billion. Although a multi-sector investor, Astorg has developed solid industry expertise in healthcare, business-to-business professional services and niche industrial companies selling differentiated, often technology-driven, products. Astorg is headquartered in Luxembourg with advisory offices in Paris and London, and senior advisors based in Holland, Switzerland and Germany.

ICG is a specialist asset manager with 27 years history in private debt, credit and equity. ICG has €21.2bn of assets under management globally (as at 31 December, 2015), and is regulated in the UK by the Financial Conduct Authority (FCA). Intermediate Capital Group, Inc. is a wholly-owned subsidiary of ICG and is registered as an investment adviser under the U.S. Investment Advisers Act of 1940.

European Capital, both directly and through its asset management business, invests in pan-European equity, mezzanine and senior debt investments. European Capital is a wholly-owned affiliate of American Capital, Ltd. (Nasdaq: ACAS). European Capital manages €0.9 billion of assets. European Capital invests in and sponsors management and employee buyouts, invests in private equity buyouts and provides capital directly to private and public companies headquartered predominantly in Europe.



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